DECA PERFORMANCE INDICATORS EXAM STUDY QUESTIONS AND ANSWERS SCORE 100% LATEST UPDATE 2023/2024

DECA PERFORMANCE INDICATORS EXAM STUDY QUESTIONS AND ANSWERS SCORE 100% LATEST UPDATE 2023/2024. Explain the concept of market and market identification. - A market is a group of consumers who have a common interest, need or want of a given good or service. This group of consumers also must be able to purchase the product. Identifying a market is an important activity in marketing as products will not appeal to everyone. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information. Examples of this information include age, income, education, zip code, buying behavior, and leisure activities. Identify the elements of the promotional mix. - There are five main elements of the promotional mix, which can be remembered using the acronym PPADS. Personal selling is when sales representatives sell products by communicating directly with the consumer. Public relations involve managing the company's perceived image through non-paid advertising and different media channels. Advertising is any paid, nonpersonal activity that serves to promote the product. Direct marketing is advertising that is targeted at groups of potential consumers, using market segmentation. Sales promotion involves limited time offers that are used to promote sales. The elements of the promotion mix are personal selling, advertising, public relations, and sales promotion. Personal selling is direct contact between a salesperson and customer. Advertising is a form of nonpersonal promotion. Public relations is the development of a favorable image for a company, its products or its policies. Sales promotion includes activities that are used to create purchases and sales not related to the other types of promotion. Coordinate activities in the promotional mix. - For our company, I'd like to propose the following promotional plan. For personal selling, we will have employees stationed in every department of our store. For public relations, we will release updates regarding our product lines in the form of press releases every 6 months. For advertising, we will utilize traditional media (e.g. TV and radio ads, newspaper, etc.) as well as social media via our Facebook page and Twitter feed. For direct marketing, we will promote a 30% discount for seniors during the Monday-Friday 9am-4pm period. Finally, for sales promotion, we will hold a 3-week contest for a Caribbean cruise, for customers with purchases over $50. By releasing these promotions over a time period of approximately 4 months, we can regulate the flow of customers and steadily draw in potential customers for the business. Explain the types of promotion. - There are 2 main types of promotion. The first type is trade promotion, which is focused on building support from intermediaries in the distribution channels. An example would be setting up a booth at a trade show. The second type is consumer promotion, which is focused on getting the final consumer to buy the product. An example would be giving out coupons. Both promotion types are necessary in order to increase the number of distribution channels and the size of the consumer base. Describe factors used by marketers to position products/services. - When choosing how to present a product, several factors must be taken into account. The first is the price and quality desired; the low prices or the high quality may be stressed. Another factor is the features and benefits of the product; a desirable trait that consumers would believe they would gain from using the product would be stressed. As well, the product in relation to competing products could be a key point; if the product is superior due to design, it would help to solidify the company's advantage. Finally, the connections to other products in the product line could be a factor that would help to promote more than one product at a time. Explain the nature and scope of the product/services management function. - Product/service management involves any activities that focus on obtaining, developing, maintaining, and improving products and services based on market research. This includes creating a product mix and continuously updating it throughout the product life cycle. Product/service management is very important when ensuring that everything in the product mix is optimal for the target market. Explain management's role in the achievement of quality. - Management has 3 main functions that outline its role in the company. Planning involves developing steps to aid employees with carrying out their tasks. Organizing involves overseeing all employee tasks and offering help when needed, to ensure completion of everything. Controlling involves analyzing past performances and making decisions that will improve future tasks. By carrying out these functions, management can work towards higher quality from all employees.