DECA Marketing Communications Vocab

SWOT
a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.
utility
The added value in economic terms
market share
percentage of the total sales volume generated by all companies that compete in a given market.
industrial market
business-to-business (B-to-B) market includes all businesses that buy products for use in their operations.
target market
The group that is identified for a specific marketing program
Marketing Mix (4 P’s)
Price, Place (distribution), Promotion, Product. These are parameters the marketer controls to best appeal to the target market.
Goods
tangible items that have monetary value and satisfy your needs and wants
Services
intangible items that have monetary value
Stakeholder
an accountant, group, organization, member, or system that affects or can be affected by an organization’s action
market place
commercial environment in which trade happens
business law (marketing core function)
Understand business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions
communications (marketing core functions)
Understand the concepts, strategies, and systems used to obtain and convey ideas and information
customer relations (marketing core functions)
Understand the various techniques and strategies used to foster positive, ongoing relationships with
economics (marketing core functions)
Understand the economic principles and concepts fundamental to business operations
emotional intelligence (marketing core functions)
Understand techniques, strategies, and systems used to foster self-understanding and enhance
entrepreneurship (marketing core functions)
Understand theconcepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture
financial analysis (marketing core functions)
Understand tools,strategies, and systems used to maintain,
monitor, control, and plan the use of financial resources
human resouce managment (marketing core functions)
Understand the tools techniques, and systems that businesses use to plan, staff, lead, and organize its human resources
Information Management (marketing core functions)
Understand tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business`
marketing (marketing core functions)
Understand the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives
operations
Understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning
Unique Selling Proposition
The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition
professional development
Understand concepts, tools, and strategies used to explore, obtain, and develop in a busi-
ness career
strategic management
Understand tools, techniques, and systems that affect a business’s ability to plan, control, and organize an organization/department
channel management
is the process of deciding how to get goods into customer’s hands. Physically moving and storing goods is part of distribution planning.
market planning
involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.
marketing information management
rely on good information about customers, trends, and competing products. Gathering this information, storing it, and analyzing it are all part of marketing information management.
pricing
dictate how much to charge for goods and services in order to make a profit.
product/service management
obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.
promotion
the effort to inform, persuade, or remind potential customers about a business’s products or services.
selling
provides customers with the goods and services they want. This includes selling in the retail market to you, the customer, and selling in the business-to-business market to
wholesalers, retailers, or manufacturers.
marketing concept
marketing concept the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm. The focus is on the customer. For an
organization to be successful, all seven marketing core functions need to support this idea.
customer relationship management
an aspect of marketing that combines customer information (through database and computer
technology) with customer service and marketing communications.
form utility
involves changing raw materials or putting parts together to make them more useful.
place utility
having a product where customers can buy it.
time utility
having a product available at a certain time of year or a convenient time of day.
possession utility
the exchange of a product for money
information utility
involves communication with the consumer.
market
A market is any place where buyers and sellers meet to trade products
customer profile
a clear picture of their target market