deca marketing role play vocab

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