DECA Marketing 2024 exam study guide questions and answers(100% accurate)

Marketing "The dynamic activities that focus on the customer to generate a profitable exchange" (Page 5) The Goal of Marketing "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" (Page 5) Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:09 / 0:15 Full screen 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 fut