deca marketing role play vocab – Flashcards
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advertising
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form of paid companies promote an idea, good or service through a variety of media
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channel management
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involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user
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closing the sale
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salesperson gains an agreement to purchase from a consumer
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competition oriented pricing
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a pricing method in which a seller uses prices of competing products as a benchmark i
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cost-plus pricing
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a type of pricing that includes the variable costs associated with goods as well as a portion of the fixed costs of operating the business
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customer service
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process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made
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data collection instrument
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to gather information, marketers can use surveys,interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications
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demand oriented pricing
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a pricing method which the price the product is changed according to its demand/ product
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direct marketing channels
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advertising that sends a promotional message to a targeted group of customers rather than a mass audience
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distribution
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the function of moving and selling goods from producer to consumer
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feature benefit selling
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selling teq the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
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greeting approach
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when a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions
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guarantee
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a promise that a product has a certain quality or will provide satisfaction
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headline
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a phrase in an advertisement that grabs the consumers attention, creates interest and encourages them to read a promotional message
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illustration
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a photograph, drawing or other graphic that is used in a promotional message
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market indentification
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process of marketer in identifying the most profitable areas to offer a new product or service
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marketing
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process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business
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marketing info management
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process and methods that generates, stores, analyzes and distributes info to promote good decision making for a business
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marketing plan
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formal document that specifies a company's activities for a determined amount of time
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marketing research
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process of gathering info, conducting analysis and presenting findings for a product or service to make marketing decisions
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mark-up pricing
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the practice of adding a constant percentage to the price of an item to determine its selling price
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objections
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a concern or doubt that a consumer has for not making a purchase
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open-ended questions
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a question that encourages the consumer to respond with a yes or no answer
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personal selling
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any form of direct contact between a salesperson and customer to fulfill their wants and needs
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pricing
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the value placed on a good or service
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primary research
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gathering data for the first time for a specific product, service and or business
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product knowledge
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information about a good or service that can include its application, function, features, and use
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product life cycle
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stages that a product goes through in its life introduction, growth, maturity and decline
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product mix
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all of the different products and/or services a company makes or calls
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promotion
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choices made about advertising, personal selling, sales promotion and public relations used to be communicate, inform and persuade potential and current customers
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product service managemnt
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the process of creating and changing the info about a company's catalog of offerings
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promotional mix
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the combination of advertising , personal selling, sales promotion and public used to accomplish an overall marketing strategy
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promotional plan
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an outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service
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selling
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when a buyer exchanges, sales quotes , sales commission, and legal and ethical issues
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selling policy
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decisions of a business regarding forms of payment, returns and exchanges, sales quota
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service close
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when a salesperson encourages a consumer to purchase with information regarding services available
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public relations
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promotional activities that are designed to create a good image with the public
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situation analysis
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the study of internal and external factors that affect marketing strategy
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ROMI (return on marketing investment)
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a financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers
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slogan
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a catchy phrase of words that identify a product or business
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sales promotion
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all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales
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statistics
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numbers that represent a fact or presents a view of a situation
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secondary research
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data that has been previously collected for non marketing activity and is available for business' use
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target marketing
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the process of communicating with a particular group who is most likely to become customers. - usually defined by demographic, geographic and psychographic characteristics
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warranty
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a promise that is given to a consumer that a product will meet certain standards
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balance of trade
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the difference in value between exports and imports of a nation
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business analysis
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investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business
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business risk
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the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investment
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CMMI ( capability Maturity Model Integration
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a process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers
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controlling
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the process of setting standards and evaluating performance
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data mining
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reviewing very large amounts of data for useful information. this activity often uses advanced statistical tools to determine trends, patterns and relationships. data mining can also be referred to as data surfing.
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directing
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the process of building an effective work climate and creating opportunity for motivation, supervising, scheduling and discipling
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economics
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attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction
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embargo
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a complete ban on specific goods coming into or leaving a country
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export
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products that leave for another country
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free trade
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commercial trade between nations through free market principles and without regulationq
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global trade
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worldwide business that involves making and collecting payments for transactions in goods and services, and transporting those products to various markets
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import
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products that come in from another country
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information management
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the process of collecting and analyzing data that can be used in the strategic decision making process for a business
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information technology infrastructure library
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a comprehensive set of documents, which defines best practice and accepted techniques in the information technology community
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inventory Management
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process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage
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knowledge management
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strategy designed to identify, document and share an organization's intellectual assets to benefit performance
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managerial control
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process of achieving defined goals within an established timetable, and usually understood to have three components: setting standards, measuring actual performance and taking corrective action
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organizational control
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the process of establishing and maintaining authority over and throughput a business
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organizational goals
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the overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees
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organize
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state of being efficient or methodical
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planning
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setting goals and determining how to reach them
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process control
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activities involved in ensuring a process is predictable, stable and consistently operating at the target level of performance with only normal variation
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project
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planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
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negotiation
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bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern
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project management
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project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently
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project management software
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software used for project planning, scheduling budgeting and documentation. -used for collaboration and communication between project participants
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project team
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a group of individuals assembled to perform activities that contribute toward achieving a common task related goal
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purchase order
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a legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery
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purchasing
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to acquire goods or services to accomplish the goals of an organization
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quality management framework
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the act of overseeing all activities and tasks needed to maintain a desired level of excellence
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quota
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a limit on either the quantity or value of a product that may be imported
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research report
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a document prepared by an analyst or strategist. research reports generally have "actionable" recommendations
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risk management
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monitoring the opportunity for loss within a business
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self-understanding
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awareness of and ability to understand ones own actions and reactions
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staffing
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the selections and training of individuals for specific job functions, and delegating them the associated responsibilities
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strategic management
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analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices
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tariff
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a tax on imports
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TQM ( total quality management)
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a overall approach to long-term success that views continuous improvement in all aspect of an organization as a process and not as a short-term goal - aims to transform an organization through changes in the attitudes, practices, structures and systems
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accounting
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a system that monitors and individual, business or other organizations financial standing
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budgeting
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process of determining a time specific financial plan for an individual
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capital
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money invested in a business to generate income
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capital expenditures
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amount spent to acquire pr upgrade an asset that will increase the efficiency of the production or operations of a business for the long term
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capital market
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market for demand and supply of debt and equity capital. made up of three major parts -the stock market -the bond market - the money market
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client services
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a activity provided by a vendor on behalf of a client
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commodities exchange
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an open and organized marketplace where ownership title or standard units of commodities are traded by its members
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compliance
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verification that a vendor meets the requirements of accepted practices, regulations, legislation, rules,standard and/or the terms of a contract
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cost of goods sold
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line of an income statement which shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer
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costing
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process to determine the cost of production or operation of a business by assigning expenses to various stages of production or operations of a firm
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CRM ( customer relationship management
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this is a database of customer contacts, purchase history and technical support . can include -profiles of potentials clients
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data
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information in an unorganized from (alphabets, numbers or symbols ) that have a relationship with current conditions, ideas of knowledge
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database
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the systematic organization of information that allows easy updating and analysis of data
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economic of scale
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an internal or external reduction in long term costs when production or operation increases in size
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external risk
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the possibilities of loss, damage or injury outside of a business or other organization
