DECA Marketing Questions and Answers Rated A

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DECA Marketing Questions and Answers Rated A Marketing ✔✔"The dynamic activities that focus on the customer to generate a profitable exchange" (Page 5) The Goal of Marketing ✔✔"To meet cus... tomers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy" (Page 5) Dynamic ✔✔"constantly changing" (Page 5) Customer ✔✔"an individual or group who buys products" (Page 6) Target Market ✔✔"The specific group of customers whose needs a company will focus on satisfying" (Page 6) The Four Ps of Marketing ✔✔Product, Place, Price, and Promotion (Page 8) Product ✔✔"Anything that can be bought or sold" (Page 8) Good ✔✔"A physical item" (Page 8) Service ✔✔"An action that is done for you" (Page 8) Idea ✔✔"A concept, cause, issue, image, or philosophy that can be marketed" (Page 8) Place ✔✔The process of making products available to customers (Page 8) Retailer ✔✔"A business that buys products to resell to final customers" (Page 8) Distribution ✔✔"the process of physically delivering goods to customers" (Page 9) Price ✔✔"The amount of money requested or exchanged for a product" (Page 10) Promotion ✔✔"The process of telling people about the product and the company that offers it" (Page 10), "the most visible part of marketing" (Page 11) Marketing Mix ✔✔"A plan of action for marketing a product; it consists of the decision made about each of the Four Ps for that product" (Page 12) Marketing Plan ✔✔A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan SWOT Analysis ✔✔An analysis of a company's strengths, weaknesses, opportunities, and threats (Page 14) Forecast ✔✔A prediction of future sales or revenue (Page 15) Need ✔✔"Something that is necessary for survival" (Page 19) Want ✔✔"Something you desire but could function without" (Page 19) Economic Needs and Wants ✔✔"Needs and wants that you can satisfy by buying something" (Page 19) Economic Goods and Services ✔✔"The products that you buy to satisfy economic needs" (Page 19) Exchange ✔✔"To trade something of value for something you want" (Page 20) Money ✔✔"A consistent item people accept in exchange for goods or work" (Page 20) Value ✔✔"How much something is worth" (Page 21) Time Value of Money ✔✔"The greater potential worth in the future than it does today" (Page 21) Store of Wealth ✔✔Money's ability to keep and store wealth for long periods of time. (Page 22) Business ✔✔"The general term for all the activities involved in the development and exchange of products" (Page 22) Profit ✔✔"The money that a business has left after all the expenses and costs of running the business are paid" (Page 22/23) Sole Proprietorship ✔✔"A business owned by one person [who] has all the responsibility and gets all the profits from the business" (Page 23) Partnership ✔✔"A business owned by a small number of people, usually two or three" (Page 23) Legal Entitiy ✔✔"An artificial person that exists separately from [other people]" (Page 23) Corporation ✔✔"A legal entity established for the purpose of doing business [who] can buy propery, run a business, manufacture products, earn money, lose money, sue, and be sued" (Page 23) Stockholders ✔✔People who own a corporation (Page 23) Stock ✔✔The right of partial ownership in a corporation (Page 23) Two Categories of Business Organizations ✔✔For-profit and not-for-profit (Page 23) For-Profit ✔✔A business organization whose goal is to make a profit for the owners (Page 24) Not-for-Profit ✔✔A legal entity whose goal is to benefit society (Page 24) NPO Categories ✔✔Social services, recreation and sport, arts and culture, food and health, housing, religion, and education Functions of Business ✔✔Production, Finance, Marketing, and Management Production ✔✔"Any activity related to making a product" (Page 25) Finance ✔✔"All activities involving money" (Page 25) Management ✔✔"All activities required to plan, organize, lead, and control a business" (Page 26) Utility ✔✔Making a product more useful or accessible (Page 29) Marketing Concept ✔✔"An approach to business that says that the way to make a profit is to focus on customer satisfaction" (Page 30) Customer Satisfaction ✔✔"The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations" (Page 30) Total Company Approach ✔✔The idea that all company employees can have an effect on the customers (Page 30) Elements of the Marketing Concept ✔✔Customer satisfaction, Total Company Approach, Profit Marketing Function ✔✔The function a company takes to learn about customer needs and wants through production, finance, and management, (Page 31) Channel-Management ✔✔Handles activities involved in getting products from producers to customers (Page 31) Marketing-information Management ✔✔Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers. (Page 31/32) Market Planning ✔✔This "function is used to determine and target marketing strategies to select audiences" (Page 32) Pricing ✔✔"All activities involved in setting prices for products" (Page 32) Product/Service Management ✔✔The function of "developing new products and improving an old product" (Page 32) Promotion ✔✔"the nonpersonal communication with customers that is designed to influence them to purchase products" (Page 32) Selling ✔✔The function which "consists of personal communications with customers [...] including helping customers in a store, making sales presentations, answering questions on the phone, and demonstrating how a complex product works" (Page 32) Scarcity ✔✔"A condition in which there are not enough resources to meet needs" (Page 38) Traditional Economy ✔✔An economy in which people perform activities they way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices. (Page 38) Command Economy ✔✔An economy in which the national government answers economic questions.The goal of this economy is to ensure all members of the nation share limited resources, get a job, and receive other social services (Page 38) Market Economy ✔✔An economy in which individuals answer economic questions by deciding what and how to produce, as well as who get products. (Page 38) Mixed economy ✔✔An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance. (Page 39) Market Economy ✔✔Private property, economic freedom, and market forces are properties of this type of economy. (Page 40) Private Property ✔✔The right of individuals to own land, goods, and make products. (Page 40) Economic Freedom ✔✔The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell. (Page 40) Market Forces ✔✔Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy. (Page 43) Profit Motive ✔✔The drive to earn more money (Page 45) Law of Demand ✔✔The economic principle that says when prices fall, demand rises. (Page 43) Law of Supply ✔✔The economic principles that says when prices are high, supply will rise. (Page 43) Productivity ✔✔"The amount of product a worker produces per hour" (Page 45) Competition ✔✔The contest between two or more businesses to get customers. [Show More]

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