DECA Marketing(A collection of the terms and principles covered in Unit One of "Marketing Dynamics")

Marketing Correct Answer: The dynamic activities that focus on the customer to generate a profitable exchange The Goal of Marketing Correct Answer: 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 Dynamic Correct Answer: constantly changing Customer Correct Answer: an individual or group who buys products Target Market Correct Answer: The specific group of customers whose needs a company will focus on satisfying The Four Ps of Marketing Correct Answer: Product, Place, Price, and Promotion Product Correct Answer: Anything that can be bought or sold Good Correct Answer: A physical item Service Correct Answer: An action that is done for you Idea Correct Answer: A concept, cause, issue, image, or philosophy that can be marketed Place Correct Answer: The process of making products available to customers Distribution Correct Answer: the process of physically delivering goods to customers Price Correct Answer: The amount of money requested or exchanged for a product Marketing Plan Correct Answer: A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan SWOT Analysis Correct Answer: An analysis of a company's strengths, weaknesses, opportunities, and threats Forecast Correct Answer: A prediction of future sales or revenue Need Correct Answer: Something that is necessary for survival Want Correct Answer: Something a person desires but could function without