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DECA > Slides Vocabulary > Flashcards

Slides Vocabulary Flashcards

1
Q

The Production Concept

A
  • People prefer products/services that are easily available and affordable
  • Focus on mass marketing, keep costs low, and sell to a large customer base

Ex. McDonalds

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2
Q

The Product Concept

A
  • Focuses on a product’s quality, features, and benefits.
  • Seeks innovation/uniqueness over price
    -Constantly improving products, gathering data, and differentiating products from competitors

Ex. Apple

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3
Q

The Selling Concept

A
  • Suggesting customers won’t purchase an item unless persuaded (induced through promotional sales)
  • Excess inventory that they are looking to sell to make room for new products

Ex. Brands that participate in Black Friday/rely on email marketing

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4
Q

The Marketing Concept

A
  • Focuses on satisfying consumer needs/wants
  • Develop products to solve everyday consumer problems
  • Spend time to get to know customer likes by collecting data
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5
Q

The Societal Marketing Concept

A
  • Focuses on meeting customer needs & ensuring no harm comes to them
  • Concerned with ethics and the environment

Ex. Beauty products claim their products to be cruelty free

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6
Q

7 Ps of Marketing

A

Product, Price, Place, Promotion, People, Positioning, Packaging

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7
Q

Product

A
  • Physical goods/services sold
  • Assess for quality, features, benefits, potential add ons
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8
Q

Price

A
  • Depends on how customers value product
  • Competitors’ products/pricing strategies
  • Target audience - social economic class
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9
Q

Place

A
  • Putting the right product out at right place, right time
  • Physical vs online stores
  • Where competitors sell their products - differentiate yours
  • Establishing access to right distribution channels
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10
Q

Promotion

A
  • Tactics used to reach potential customers/distinguish products from others
  • In form of advertising, sales, events, social media
  • Make sure it aligns with company goals
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11
Q

People

A

Good employees - they’re the face of your company

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12
Q

Positioning

A

Where/how your product fits in the current marketplace and why it is better than alternatives

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13
Q

Packaging

A

First impression, distinguishable, and current

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14
Q

Target Market/Audience

A

Individuals that a busniess aims to reach/engage with during marketing campaigns

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15
Q

Market Segmentation

A

Dividing a market into distinct groups of consumers with similar wants/needs

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16
Q

Value Proposition

A

Distinctive/unique features and value that a product offers to its consumers, differentiating it from competitors

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17
Q

Branding

A

Establishing a unique and memorable identity of a product, service, or company name

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18
Q

5 Production Concepts

A
  1. Production
  2. Product
  3. Selling
  4. Marketing
  5. Societal Marketing
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19
Q

4 Is

A
  1. Introduce (1 min)
  2. Invert Indicators (1-2 min)
  3. Impress (no time)
  4. In conclusion (last min)
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20
Q

Introduce

A

(1 min)
- Greeting
- Good handshake
-Smile, maintain eye contact
- Don’t put hands in your lap
- “May I have a seat”
- Introduce name, position, purpose of presentation; sell yourself
- Thank judges
- Roadmap
- Provide outline using PI’s

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21
Q

Invert Indicators

A

(1-2 min)
- Organize PI’s in a way that makes sense to business
- Broadest concepts –> more specific concepts
- Explain PI’s using DECA method
- Use graphics

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22
Q

Impress

A

(while going through PIs)
- Include budget
- Evaluation Metric (measurement to show success/goal, timeline, keep up with news)

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23
Q

In Conclusion

A

(last min)
- Summarize presentation using PIs
- Highlight important points
- Thank judges
- Ask judges for questions
- Confirm next steps
- Include contact information

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24
Q

Pis: Nature and Scope

A

Nature: Explain the plan, describe how it focus on customer satisfaction through training employees, improving return policy, and enhancing technology for better communication
Scope: Define that the plan will be implemented in all stores across the state for 6 month and target specific geographic region

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25
Q

Channel Management

A
  • The process of delivering goods to your consumers
  • Reach the widest possible customer base → Gain more customers and profit
  • Maintain your distribution channels and a strong relationship with your current customers
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26
Q

Distribution Channel

A

Chain of businesses or intermediaries that are involved in getting the product/service to its final destination - the consumer.

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27
Q

Direct Distribution

A

Manufacturer –> customer

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28
Q

Indirect DIstribution

A

Involving intermediaries

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29
Q

Affinity Partner Relationships

A
  • Collaboration between businesses/organizations that share a common target audience or interest.
  • These partnerships aim to reach a vaster consumer base and attract more potential customers
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30
Q

Channel Intensity

A
  • Refers to the locations where products are offered OR the number of intermediaries involved in a distribution channel.
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31
Q

Exclusive Distribution

A

Product is sold at one store in a geographic area

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32
Q

Selective Distribution

A

Product is sold at a limited number of stores in a geographic area

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33
Q

Intensive Distribution

A

Product is distributed through all suitable outlets

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34
Q

Vertical Channel Conflicts

A

Occur within the same distribution channels on different levels
Ex. A wholesaler and manufacturer disputing over a product’s price

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35
Q

Horizontal Channel Conflicts

A

Occur within the same distribution channels on the same level
Ex. Two manufacturers competing for a wholesaler to only buy their products

36
Q

Longer Channel Of Distribution

A

Products with:
- Light, slow expiry date
- Can be mass marketed
- Cheap

37
Q

The Product Life Cycle

A
  • Series of growth and decline a product experiences
  • From when it’s introduced to consumers to when it’s removed from the shelves
  • Used to determine additional marketing efforts
  • Helps a company better understand how the product sits in their business

4 stages:
1. Introduction
2. Growth
3. Maturity
4. Decline

38
Q

Introduction Stage

A
  • Little to no competition
  • Sales are low
39
Q

Growth Stage

A
  • Growing demand for the product
  • Increased sales, higher revenue
  • Bigger competition
  • Invest in Advertising
  • Differentiate your product
40
Q

Maturity Stage

A
  • Most profitable stage and most competitors
  • Companies strive to stay at this stage
41
Q

Decline Stage

A
  • Company may choose to not pursue additional marketing efforts
  • Sale drops
42
Q

Product Mix

A
  • Total # of product lines and individual products of services offered by a company
  • Product lines are a brand/category marketed by the country
  • Helps a company figure out where their products/service stand in their company
43
Q

Product Mix Width

A

How many product lines a company offers

Ex. Milk and yogurt - 2 lines

44
Q

Product Mix Length

A

How many products that the company offers in the product mix/product line.

Ex. 10 products line each have 3 products - length = 30

45
Q

Product Mix Depth

A

Number of variations of this product in the product line

Ex. 4 sizes and 3 flavours - depth = 8

46
Q

Consistency

A

How product lines relate to one another

47
Q

Expansion

A

Increasing the width, length, or depth of the product mix. More variety!

48
Q

Contraction

A

Decreasing the width, length, or depth of the product mix. Simplifying the products offered!

49
Q

Product Improvement

A

Company improves a product instead of changing it entirely.

50
Q

Product Differentiation

A

Company differentiates its products from competitors.

51
Q

Target Market

A

A specific group of individuals that a business aims to reach and engage with during marketing campaigns

52
Q

Market Segmentation

A

Dividing a market into distinct groups of consumers with similar wants and needs, allowing for specific marketing strategies.

53
Q

Value Proposition

A

The distinctive/unique features and value that a product offers to its consumers, differentiating it from competitors.

54
Q

Branding

A

Establishing a unique and memorable identity of a product, service or company name(brand image)

55
Q

Market Share

A

the percentage of total sales in an industry generated by a company, calculated by dividing the company’s sales over a certain period by the industry’s total sales during the same period

56
Q

Product Bundling

A

Marketing technique in which several products are grouped together and sold as a single unit(often at a lower price, creates value for consumer). Used to encourage customers to buy more products and helps business get rid of stock.
Eg. McDonald’s Happy Meals

57
Q

Product Life Cycle

A

The cycle through which every product goes through from introduction to decline and eventually becomes obsolete.

58
Q

Product Mix

A

Used to help a business organize its products and services through product lines. 4 Components of the product mix include width, length, depth, and consistency.

59
Q

Big Q

A

Total quality management: an approach to improve quality beyond focusing on operations or production processes; to improve all aspects of the organization

60
Q

Newsletter

A

A tool used by businesses and organizations to share relevant and valuable information with their customers.

61
Q

Proposal

A

A document that outlines a proposed business plan, product or services to be provided, the costs associated with the project, and the expected outcomes

62
Q

Handbook

A

A list of of company policies and protocols, as well as employee legal rights and obligations, provides employees with information about the company.
Employee handbook, workplace code of conduct

63
Q

Memorandum(memo)

A

Used to communicate something important or casual within a business or organization.

64
Q

Electronic Data Interchange(EDI) Systems

A

A process which allows one company to send information to another company electronically rather than with paper.

65
Q

Economic Utility

A

Used to measure the total amount of satisfaction that someone experiences when they consumer a product or service. Enhances customer satisfaction and increase sales.

66
Q

Form Utility

A

Obtained by transforming customer needs into products or services.

67
Q

Time Utility

A

Company provides goods and services when consumers demand or need them.

68
Q

Place Utility

A

Making goods and services available in locations that allow consumers to easily access them.

69
Q

Possession Utility

A

Added value to a product or service because the customer is able to take actual possession. How easy it is for consumer to own the product (Eg. loans).

70
Q

Primary Marketing Research

A

Data is generated and used by the author of the source.

71
Q

Secondary Marketing Research

A

Data is produced by someone else, and then used by the author.

72
Q

Qualitative Marketing Research

A

Descriptive and depicts qualities or characteristics.

73
Q

Quantitative

A

Numbers-based, countable, or measurable.

74
Q

Exploratory Marketing Research(step 1)

A

Used to investigate a research problem that is not clearly defined or understood, provides groundwork for further research.

75
Q

Descriptive Marketing Research(step 2)

A

Used to describe an occurrence and its different characteristics, helps researchers gain a proper understanding of the problem.

76
Q

Casual Marketing Research(step 3)

A

Conclusive research that attempts to establish a cause-and-effect relationship between two or more variables

77
Q

Simpson’s Paradox (Marketing Research)

A

A statistical phenomenon in which a trend appears in several groups of data but disappears or reverses when the groups are combined.
A study showed that, overall, men were accepted more than women (44% vs 35%). However, looking at each department, women were usually accepted at a rate equal to or higher than the rate at which men were accepted

78
Q

Sugging (Marketing Research)

A

The act of selling or attempting to sell a product under the guise of conducting marketing research

79
Q

Shill/Buzz Marketing

A

Advertises a product to people without them knowing that they are being marketed. Generates a sense of excitement/urgency.

80
Q

Organic Marketing

A

Strategy used to gain customers over time rather than through paid advertising, building long-lasting business relationships. More authentic.
Eg. Content creation, social media

81
Q

Virtual/Mobile Marketing

A

Using digital or online techniques to promote products and services via mobile devices.

82
Q

Word of Mouth Marketing

A

Relies on existing customers referring your business to new customers. Hard to control because it depends on your customers.

83
Q

Just-in-time-marketing

A

Delivering the right content or message to the right person and the right time; ensuring campaigns and promotions are relevant and effective. Enhances customer satisfaction.

84
Q

Antitrustal Laws

A

Regulations that encourage competition and prevent monopiles by limiting the market power of any business

85
Q

Cooling-off Laws

A

During the Cooling-Off Period, buyers will be able to cancel their agreements of purchase and sale without reason or penalty.

86
Q

Zoning By Laws

A

Controls the use of land in your community. It states exactly;
- how land may be used.
- where buildings and other structures can be located
- the types of buildings that are permitted and how they may be used

DECA (8 decks)

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