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

Marketing - management process through which goods and services move from concept to the customer 4 P's of Marketing 1) Product: identification, selection and development 2) Price 3) Place: selection of a distribution channel to reach the customers 4) Promotion:development and implementation of a promotional strategy Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brand Identity - visible elements of a brand (colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind Promotion - marketing function that communicates information about goods, services, images, and ideas to achieve desired outcome Types of Promotion - discounts - flash sale - loyalty points - coupons - price-match Promotional Mix - allocation of resources among 5 primary elements 1) advertising 2) public relation / publicity 3) sales promotion 4) direct marking 5) personal selling Advertising - nonpersonal promotions - paid media communications Public Relation / Publicity - promote positive image Sales Promotion - in store displays and price incentives Direct Marketing - advertising directly at target ex) coupons on mail phone Personal Selling - face to face communication Direct Distribution Channel - goods and services move directly from the producer to the consumer or industrial user Indirect Distribution Channel / Wholesale Distribution - goods and services move from the producer to the channel members and then to consumers or industrial users Intermediaries - a person who acts as a link between people in order to try to bring about an agreement or reconciliation - a mediator Retailers - organizations that sell products directly to final consumers Wholesalers - organizations that purchase products from suppliers, such as manufacturers or other wholesalers, and in turn sell these to other resellers, such as retailers or other wholesalers Industrial Distributors - Firms that work mainly in the business-to-business market selling products obtained from industrial suppliers Resellers - generally purchase or take ownership of products from the marketing company with the intention of selling to others - also known within some industries as intermediaries, distributors or dealers Economic Service - intangible activity that is performed by other people for a certain amount of money - productive acts that satisfy economic wants Flow Charts - explain relationships Benefit of Insurance - protects a business against financial loss Accrual Method - records transaction at the time they occur even if no money changes hands at that time - likely used by large businesses - type of accounting method Cash Method - work best with small companies that do not offer customer credit or have large outstanding debt - type of accounting method Equity - assets a company already owns and can use to finance a new venture Dividends - sums of money paid to investors or stockholders as earnings on investments Accounts Receivable - all the money owed to the business Decision Problem - problem from the manager's persepective Research Objectives - formal statements about what the marketing-research study will achieve Situation Analysis - exploratory research that uncovers more information about the problem and the business environment