DECA Marketing

The dynamic activities that focus on the customer to generate a profitable exchange

To meet customers' 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

constantly changing

an individual or group who buys products

The specific group of customers whose needs a company will focus on satisfying

Product, Place, Price, and Promotion

Anything that can be bought or sold

A physical item

An action that is done for you

A concept, cause, issue, image, or philosophy that can be marketed

The process of making products available to customers

the process of physically delivering goods to customers

The amount of money requested or exchanged for a product

A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan

An analysis of a company's strengths, weaknesses, opportunities, and threats

A prediction of future sales or revenue

Something that is necessary for survival

Something a person desires but could function without

Needs and wants that you can satisfy by buying something

The products that you buy to satisfy economic needs

To trade something of value for something you want

A consistent item people accept in exchange for goods or work

How much something is worth

The greater potential worth in the future than it does today

Money's ability to keep and store wealth for long periods of time.

The general term for all the activities involved in the development and exchange of products

The money that a business has left after all the expenses and costs of running the business are paid

A business owned by one person [who] has all the responsibility and gets all the profits from the business

A business owned by a small number of people, usually two or three

An artificial person that exists separately from [other people]

A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued

People who own a corporation

The right of partial ownership in a corporation

For-profit and not-for-profit

A business organization whose goal is to make a profit for the owners

A legal entity whose goal is to benefit society

Social services, recreation and sport, arts and culture, food and health, housing, religion, and education

Production, Finance, Marketing, and Management

Any activity related to making a product

All activities involving money

All activities required to plan, organize, lead, and control a business

Making a product more useful or accessible

An approach to business that says that the way to make a profit is to focus on customer satisfaction

The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations

The idea that all company employees can have an effect on the customers

Customer satisfaction, Total Company Approach, Profit

The function a company takes to learn about customer needs and wants through production, finance, and management

Handles activities involved in getting products from producers to customers

Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers.

This function is used to determine and target marketing strategies to select audiences

All activities involved in setting prices for products

The function of developing new products and improving an old product

the nonpersonal communication with customers that is designed to influence them to purchase products

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

A condition in which there are not enough resources to meet needs

An economy in which people perform activities the way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices.

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

An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance.

Private property, economic freedom, and market forces are properties of this type of economy.

The right of individuals to own land, goods, and make products.

The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell.

Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy.

The drive to earn more money

The economic principle that says when prices fall, demand rises.

The economic principles that says when prices are high, supply will rise.

The amount of product a worker produces per hour

The rivalry between two or more businesses to attract scarce (limited) customer dollars

The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product.

A plan developed to reach a goal

The specific group of customers whose wants and needs you will try to meet with a specific marketing mix

Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable

The decisions made about the product, place, price, and promotion for one product

All decisions made about what product to offer

All the decisions made about pricing a product

All decisions made about where the product will be sold

All the decisions made about how to tell customers about the company and the product

All the customers for a specific type of product

The development of only one marketing mix for a specific product [...] assumed everyone has exactly the same wants and needs for the product

Diverse, consisting of many groups of consumers with different needs

The development of a unique marketing mix for a specific market

(1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product

A small segment of the market whose needs are not being met

The process of dividing a large market into smaller parts

A customer characteristic that is used to segment a market

Geography, Demographics, Psychology, Behavioral

Segmenting a market based on where customers live

A count of the people in a country made by the government

Statistics that describe the characteristics of a population

A group of people born during a particular period of history

The income left after taxes and after the necessities of life have been paid for

Segmenting a market based on psychological characteristics of customers

Segmenting a market based on the way customers use a product

A detailed description of the typical consumer in a market segment

(1) Psychological, (2) social, (3) situational

The influences that come from within a person

The reason that a customer seeks a product

The influences that come from the society in which you live

(1) Culture, (2) family, (3) friends and coworkers

The people who influence your buying decisions

The social influence that comes from the people your age with whom you interact daily