DECA Performance Indicators\NEWEST VERSION
WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS \VERIFIED 100% ALREADY
GRADED A+
Identify product's/service's competitive advantage. A product's/service's competitive advantage is the difference between it
and
the competitor's products/services. It allows the company to
build brand loyalty, increase price due to the perceived higher
value, and increase its market share due to the popularity of
the products/services.
Identify factors affecting a business' profit. There are 3 main factors that affect a business' profit. The efficiency of
the
production includes the number of product units made in a certain
amount of time, and increasing efficiency can increase profits as
well. Losses include
production damage and loss, HSE (health, safety, and environment)
losses to employees, and loss of market reputation. Costs and
expenses of the business will also deduct from the net profit.
Explain the nature of positive customer relations. Customer relations involve finding customers and keeping them satisfied.
It
provides companies with the means to develop and nurture customer
relationships, including lead generation, sales support, customer
service, and other after-sales activities that generate a positive
overall image of the
company.
,Identify the impact of the product life cycles on There are four stages of the product life cycle: introduction, growth,
maturity, marketing decisions. and decline. Depending on the stage in which the product is in,
marketer must
adjust their product mix and marketing strategies to ensure continued
sales. Different stages of the life cycle demand different focuses. In
the introduction phase, companies focus their efforts on promotion
and production to draw customer attention and increase product
awareness using special promotions.
During the growth stage, companies focus on customer satisfaction and
introducing new models to compete against competitors. During the
maturity stage, the company focuses on fighting off the
competition and deciding
whether or not to improve the product to gain additional sales. During
the
decline stage, management must decide how long it will continue to
support the product, when to drop the product, or what product mix
strategies to use (selling or licensing the product, recommitting to the
product line, discounting the product, regionalizing the product,
altering the product).
Describe the use of technology in the product/service Technology can create opportunities for new
products, make production of management function. products more efficient, make products easier to use, and
make products
obsolete.
Explain business ethics in product/service management. Business ethics in product/service management involves making
customers
aware of product information that can affect safety and health when the
product is used. E.g. product recalls, allergy information and labeling,
and clear instructions on how to use the good or service.
Identify product opportunities. Identifying product opportunities uses marketing information to find
problems that can be solved using a product. A product opportunity
exists when there is a gap between what is currently on the market
and the possibility for new or
significantly improved products that result from emerging trends.
Product
generation then stems from ideas on how to solve the problem. (E.g.
devices getting stolen in cars: compartment to put devices in).
New product opportunities can come from a variety of sources
including consumers,
competitors, manufacturers, wholesalers, and internal research and
development teams. The use of creativity is an inherent part of this
process. Ideas can be generated during the market research process
through both customers and competitive analysis. Internal teams
may be put together to evaluate new product decisions including all
departments of the business.
, Identify methods/techniques to generate a product New product ideas can come from a variety of sources: customers,
idea. competitors, channel members and company employees. Focus
groups or idea sessions are often used my companies to involve
customers in generating
product ideas. In addition, companies that manufacture consumer
packaged goods use a task force approach to new product
development. This approach involves gathering employees from
various departments to take a new concept and run it through the
steps of product development. Companies that
manufacture and sell industrial products establish venture teams that
develop new products not part of the existing business.
Generate product ideas. Tools used to generate product ideas can include brainstorming,
creative thinking processes and problem solving sessions. A
company can generate product ideas by conducting consumer
and sales force focus groups.
Describe the uses of grades and standards in Standards are statements that specify a product's size, contents
and/or quality. marketing. Grades are ratings assigned to products that indicate to what extent
standards
are met. Grades and standards are used to compare and judge
different products. They help speed up consumers' buying
decisions because
consumers do not need to spend time to inspect the product.
Consumer rely on grades and standards for product information.
WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS \VERIFIED 100% ALREADY
GRADED A+
Identify product's/service's competitive advantage. A product's/service's competitive advantage is the difference between it
and
the competitor's products/services. It allows the company to
build brand loyalty, increase price due to the perceived higher
value, and increase its market share due to the popularity of
the products/services.
Identify factors affecting a business' profit. There are 3 main factors that affect a business' profit. The efficiency of
the
production includes the number of product units made in a certain
amount of time, and increasing efficiency can increase profits as
well. Losses include
production damage and loss, HSE (health, safety, and environment)
losses to employees, and loss of market reputation. Costs and
expenses of the business will also deduct from the net profit.
Explain the nature of positive customer relations. Customer relations involve finding customers and keeping them satisfied.
It
provides companies with the means to develop and nurture customer
relationships, including lead generation, sales support, customer
service, and other after-sales activities that generate a positive
overall image of the
company.
,Identify the impact of the product life cycles on There are four stages of the product life cycle: introduction, growth,
maturity, marketing decisions. and decline. Depending on the stage in which the product is in,
marketer must
adjust their product mix and marketing strategies to ensure continued
sales. Different stages of the life cycle demand different focuses. In
the introduction phase, companies focus their efforts on promotion
and production to draw customer attention and increase product
awareness using special promotions.
During the growth stage, companies focus on customer satisfaction and
introducing new models to compete against competitors. During the
maturity stage, the company focuses on fighting off the
competition and deciding
whether or not to improve the product to gain additional sales. During
the
decline stage, management must decide how long it will continue to
support the product, when to drop the product, or what product mix
strategies to use (selling or licensing the product, recommitting to the
product line, discounting the product, regionalizing the product,
altering the product).
Describe the use of technology in the product/service Technology can create opportunities for new
products, make production of management function. products more efficient, make products easier to use, and
make products
obsolete.
Explain business ethics in product/service management. Business ethics in product/service management involves making
customers
aware of product information that can affect safety and health when the
product is used. E.g. product recalls, allergy information and labeling,
and clear instructions on how to use the good or service.
Identify product opportunities. Identifying product opportunities uses marketing information to find
problems that can be solved using a product. A product opportunity
exists when there is a gap between what is currently on the market
and the possibility for new or
significantly improved products that result from emerging trends.
Product
generation then stems from ideas on how to solve the problem. (E.g.
devices getting stolen in cars: compartment to put devices in).
New product opportunities can come from a variety of sources
including consumers,
competitors, manufacturers, wholesalers, and internal research and
development teams. The use of creativity is an inherent part of this
process. Ideas can be generated during the market research process
through both customers and competitive analysis. Internal teams
may be put together to evaluate new product decisions including all
departments of the business.
, Identify methods/techniques to generate a product New product ideas can come from a variety of sources: customers,
idea. competitors, channel members and company employees. Focus
groups or idea sessions are often used my companies to involve
customers in generating
product ideas. In addition, companies that manufacture consumer
packaged goods use a task force approach to new product
development. This approach involves gathering employees from
various departments to take a new concept and run it through the
steps of product development. Companies that
manufacture and sell industrial products establish venture teams that
develop new products not part of the existing business.
Generate product ideas. Tools used to generate product ideas can include brainstorming,
creative thinking processes and problem solving sessions. A
company can generate product ideas by conducting consumer
and sales force focus groups.
Describe the uses of grades and standards in Standards are statements that specify a product's size, contents
and/or quality. marketing. Grades are ratings assigned to products that indicate to what extent
standards
are met. Grades and standards are used to compare and judge
different products. They help speed up consumers' buying
decisions because
consumers do not need to spend time to inspect the product.
Consumer rely on grades and standards for product information.
