DECA MARKETING

Explain legal considerations for pricing

o Price fixing- competitors agree on certain price ranges within which they set their own prices. o Price discrimination- a firm charges different prices to similar customers in similar situations. o Unit pricing- allows consumers to compare prices in relation to a standard unit or measure. o Price advertising- FTC's price advertising forbid a company to advertise a price reduction unless the original price was offered to the public on a regular basis. o Sherman anti-trust Act: no price fixing o Clayton Anti-trust act: no unfair pricing or monopolies o Robinson-patman act: no price discrimination

Explain the nature and scope of the product/service management function (PD)

-Important component of marketing mix. Responsible for the creation and growth of product. Businesses could miss out on opportunities and let threats ruin a product if not used effectively. -Developing, obtaining, maintaining and improving a good/service in response to market opportunities. -(1) New product development -(2) Monitoring old products -(3) Eliminating weak products-Increase profits, improve market share, get new customers, reduce risk of bad products.

Determine the nature of organizational goals

- 2 types: official (general and long term) vs operative (specific and short term steps) should be: - SMART (Specific Measurable Attainable Relevant Time-bound) - guide employee efforts - clear and concise - overall benefit the company as a whole / result in profit and success

Assess personal interests and skills needed for success in business

- communication skills - technology skills - leadership - creative and innovative

Utilize resources that can contribute to professional development (e.g., trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors)

- make good use of resources = increase your success - attending seminars - participating in leadership development conferences - internet resources (ex LinkedIn Learning Webinars)

Identify sources of error in a research project

- when respondents are not truthful- leading questions- nonresponse- unclear format Flawed Survey Design - improper design may lead to inaccurate conclusions Survey Nonresponse - many participants may choose not to participate Survey Bias - participants may be inclined to answer in a certain way Observational Errors - observational studies can be erroneous if not conducted meticulously

Describe the use of technology in the product/service management function

-(1) New Product: helps them decide the best new products (decision-making modules) helps with market research and analyzing. -(2) Monitoring Existing Products: track sales of new product and firm can conduct market research and store information. -(3) Elimination of Weak Products: managers can determine success in terms of sales and market share; market research/technology helps them know if product is viable in market or needs to be removed.

Describe factors used by businesses to position corporate brands

-1.) By attribute or benefit: like toothpaste helps with targeting tartar control or specific taste. -2.) By use or application: strategy focuses on ease or flexibility of use (user-friendly) like a phone has tons of functions (Mac computers can design really well for graphics designers) -3.) By user: dependent on the user's experiences with the type of product (like skis for expert skiers) -4.) Product/service class: involves product being in a different "class" than competitors (like healthy cereals being different class than Trix cereal) -5.) By competitors: BMW often positions itself above all competitors ("No other compares")- 6.) By price or quality: Tiffany's and Costco both sell diamonds, but Tiffany's claims to be the better quality one (even though it's not) and so people pay more for them.

Identify consumer protection provisions of appropriate agencies

-Consumer protection laws: designed to ensure fair competition and free flow of true information in marketplace. -Protect interest of consumers (govt. regulation) -Govt. requires them to disclose important information like allergies (food) (PUBLIC HEALTH)-Federal govt. regulates little details (cheese holes) and big deals (credit repair, bankruptcy, and contracts that protect consumers) -Laws enforced by the Federal Trade Commission (FTC) and the U.S. Department of Justice

Explain business ethics in product/service management

-Ethical pitfall: no testing of product = hurt customers -No market-ready safety = illegal dangers -Putting a product that the company knows won't work well (stupid)-ETHICS ARE IMPORTANT

Describe the uses of grades and standards in marketing

-Grades and standards: uniform understanding of quality/characteristics of product (reliability) -Stars: universal symbol for reviewing (movies, restaurants, hotels, etc.) -Grades: like food (Grade A eggs)

Identify methods/techniques to generate a product idea

-Six Thinking Hats: method to brainstorm; discuss ideas of different topics -Mind Mapping: diagram to visually organize concept ideas -Opportunities are found and searched for --> initiative -Marriage of an opportunity with a viable/realistic idea -Determined by observing market, doing research, connecting with people (customers) -To bring idea to life: tests are run, focus groups, and experts are consulted.

Describe the nature of product bundling

-Supplier sells 2+ products for a single price (laptop bundles, TV bundles) -Significant savings individually (higher price but cheap for what they get) -Customer benefits: convenience (buying in bulk=saves time), saves money, one central source for all of their needs-Promotes customer loyalty

Describe data mining tools and techniques.

-constituted of research of various resources, such as govt reports and databases, to deduce new logical info-after taking a large data set, Association/Relation: make simple correlation between two or more items often of same type to identify patterns Using software Data cleaning and preparation. Tracking patterns. Classification. Association. Outlier detection. Clustering. Regression. Prediction.

Maintain customer records.

-data about customers and their buying habits is kept in a computer program called a database -data can be about customer's contact or other personal info, or about purchase and account history -this data can be developed from face-to-face sales, direct mail responses, phone or email purchases, service requests, website visits, customer comment cards, or can be purchased from a third party -database programs act like filing cabinets that allow you to sort, find, choose, and organize info

Discuss the nature of data mining

-data mining: process of examining large databases to gather new info -computational process of discovering patterns in large data sets ("bigdata") involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems

Discuss the importance of ethics in data mining

-data that is mined must be kept confidential to ensure privacy of clients -large data sets must not be disclosed to unauthorized people

Identify ways that technology impacts business.

-improved communication -small businesses increase productivity -computer programs and software allow more info to be processed than manual ways -tech can reduce amount of human labor(small businesses can avoid labor costs and employee benefits) -expand operations with technology not employees if technology gives better production output

Demonstrate basic presentation applications

-presentation applications (Keynote, Powerpoint, Google Slides, etc) can be used to organize info in a visually appealing format that can be presented to an audience to make the info clear

Demonstrate basic spreadsheet applications

-spreadsheet applications (Google Sheets/Microsoft Excel) can be used to organize info and compile into charts, graphs, and tables

Explain the principles of data analysis

1. Process is a way of thinking, not a substitute for thinking 2. Data needs to be thought about and reported in context 3. Look before you leap (is the data reasonable and accurate? can i propose a hypothesis from this?) 4. Question everything (how big was the sample? does this make sense?)--data quality 5. Do a gut check (does it make sense?) 6. Coincidence is not the same as casualty (correlation is not causation, not cause and effect? 7. Just because the data exists doesn't mean the data are relevant

Interpret data mining findings.

1. organize mass statistics into histograms, etc for visual representations -Clustering -classification 2. based on existing data, one can deduce info from connections between sets of data -prediction -sequential patterns (cause and effect)

Explain warranties and guarantees

A warranty is a guarantee (often written) that specific facts or conditions are true or will happen or that a product will work in the way promised. Fixing. A guarantee is an agreement assuming responsibility to perform, execute, or complete something and offering security for that agreement. It is a promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Replacing. Warranties can be implied, express (oral or written), and extended (costs extra).

Explain the nature of channels of distribution

A channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer. Direct distribution is when the producer sells the product to the end user. Indirect distribution involves one or more intermediaries who aid in moving the product from producer to end user. Factors including whether it is a consumer or industrial product affect what channel of distribution is selected.

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. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information.

Evaluate questionnaire design

A market research questionnaire should provide data that are valid and reliable. Questions should measure what is intended in the market research problem and be clear, properly written, formatted, and conducted. Another major decision in questionnaire development is to select questions. A questionnaire may have open-ended and/or forced-end questions. Questions should be selected based on the goal of market research. Questions should be about things the respondent would be comfortable sharing such that response bias is eliminated or diminished. The wording should be clear and simple and questions should be sequenced by category. Questions should not belong and the interface should be smooth and user-friendly. If needed, question routing should be used to derive new questions tailored specifically to the respondent based on their answers to previous questions.

Explain the nature of marketing plans

A marketing plan is a detailed file that guides marketing strategy for a period of time. Elements of a marketing plan include an executive summary, situation analysis, objectives, marketing strategies, implementation decisions, evaluation measures and appendices.

Identify the impact of product life cycles on marketing decisions

A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. There are four stages in a product's life cycle—introduction, growth, maturity, and decline. -Few products actually follow the cycle because many fail in the introduction stage and spend ages "maturing"-Introduction: focus on brand awareness ("buzz")-Decline: marketers drop prices and "reinvent" the image of the product.

Explain the concept of product mix

A product mix is all the products that a company makes or sells. This includes the width, length, depth, and consistency of the product mix. Width: total # of lines of products. Length: total # of products in each line. Depth: variations of each product (e.g. color, size). Consistency: similarity between different products in use, function, etc. -Product lines (like a line of clothes) offered for sale by a particular seller (collection of products) -Referred to as "product assortment": (1) Number of product lines offered(2) Number & types of products offered(3) Relevance to customers (like seasonal holiday offerings) -Less risky but lower profit margin (better for things like Walmart, whereas niche markets like Apple would not use this)

Explain the nature of sales forecasts

A sales forecast makes an effort to predict future sales for an existing product. To conduct a sales forecast, a marketer must determine the size of the market and analyze competitor information.

Interview for a job.

An interview is a series of questions asked by a human resources employee to assess the competence of an employee to work in a certain position at a company. 1.screening interview - candidate meets the basic qualification 2.selection interview 3.confirmation interview

Conduct an environmental scan to obtain business information.

An environmental scan is an analysis of outside influences that may have an impact on an organization. It is a methodical look at the world that includes political, economic, socio- cultural, and technological areas. It is important to understand how each of these areas may be changing in order to determine the potential for opportunity or threat to a business. Political factors include the stability of a government and its laws and regulations that affect business. Economic factors include infrastructure, quality and cost of labor, employee wages and benefits, taxes, the standard of living, and possibly foreign exchange rates. In international business, socio-cultural factors include understanding another country's language, values, traditions, and social/business etiquette. Keeping up to date with technology and using it properly are other factors of an environmental scan.

Explain the role of information systems

An information system is a set of procedures and methods that generate, store, analyze, and distribute information for use in making business decisions. Such systems organize, collect, and store data for current use or future decisions. Most information systems rely on data about current customers, sales reports, and inventory levels. Businesses use this information to make decisions about advertising, product planning, and pricing. Information can be secured through the use of primary data, including company records or government data, or secondary data, such as customer surveys.

Use an integrated business software application package (CS)

An integrated business software application package (ex. Google Apps for Business) combines activities such as word processing, presenting, and spreadsheets for businesses.

Explain legal and ethical considerations in selling

Avoid bribery, inaccurate information, say something that is untrue about other businesses, or lying about the product

Use networking techniques to identify employment opportunities

Be authentic. In any job search or networking situation, being yourself—the real you—should be your goal. ... Be considerate. ... Ask for advice, not a job. ... Be specific in your request. ... Tap into your strong ties. ... Think about where you want to go. ... Make the process of connecting a priority. Using effective networking techniques will help you to identify employment opportunities.- go to events (ex meetings / charity events) and network- interact with people / establish relationships with professionals- exchange info/business cards and develop contacts- exchange business cards- maintain communication

Monitor internal records for business information.

Business information records include financial data/trends, legal documents, promotional strategies, customer records, information technology documents, etc.

Discuss the nature of business records

Businesses record dealings that occur to help with business operations. For this, they can use Management Information Systems (MIS). These are used to gather, store, analyze, and report data. Data can be external (financial institutions or government organizations) or internal (from accounting, inventory, or sales figures).

Monitor/measure customer "buzz"

Buzz marketing is a viral marketing technique focused on word of mouth. It can spread through, social media, ambassadors, or employees. Generate buzz by getting opinions early, being revolutionary, turning product launch into events, preorders, and releasing products customers want to show off. Monitor buzz by asking how people heard about your product. Measure buzz my engagements and increases in sales.

Analyze product information to identify product features and benefits

By being aware of the the product purpose, benefits, and features sales reps can match them to customers

Access information in the database system.

By opening the database and checking a set of data for a certain client, necessary information can be accessed.

Adhere to company protocols and policies

Company policies and protocols should be meticulously read and properly followed.

Explain company selling policies

Company selling policies guide the rules for training, compensation, legal and ethical issues and sales quotas. Company policies for training ensure that sales representatives know the product or service they are selling and present those in a way reflective of the business. Compensation and sales quotas of a company are communicated through various policies to ensure clear expectations for the sales force. Company sales policies also instruct sales representatives on how to conduct legal contracts and ethical sales practices.

Discuss principles of computer systems.

Computer systems include software and hardware. More powerful hardware allows a computer to perform more calculations per unit of time, and software includes operating systems, web browsers, and computer applications.

Demonstrate basic spreadsheet application

Database applications allow companies to store information for future use.

Describe the use of technology in the marketing-information management function

Database programs can be used to store marketing information management data. This data can be analyzed using spreadsheet programs, and presented through word processing and slideshow programs. Track customer behavior

Explain employment opportunities in business

Employment opportunities in business includes marketing, accounting, market research, sales, finance operations, business operations, human resource management, etc. in the fields of technology, hospitality, tourism, sports/entertainment etc.

Identify data monitored for marketing decision making

Demographics - age, sex, race, etc. Geographics - location, culture, etc. Psychographics - attitudes, lifestyles, etc.

Explain the use of descriptive statistics in marketing decision making

Descriptive statistics quantitatively describe the main features of a collection of data. Descriptive statistics measure central tendencies and variability. They help marketers make sense of data thus leading to informed decisions. A descriptive statistic is a summary statistic that quantitatively describes or summarizes features from a collection of information, while descriptive statistics is the process of using and analysing those statistics.

Explain the role of customer service as a component of selling relationships

Effective and respectable customer service leads to repeat business and stronger selling relationships

Explain characteristics of effective data-collection instruments

Effective data-collection instruments are often digital and are easy-to-use. If it involves human interaction, the researcher should be well-equipped with strong communication skills.

Demonstrate collaborative/groupware applications (CS)

Employees can work together digitally over platforms like Google Docs, Microsoft Word Online, at the same time on the same task.

Follow chain of command.

Employees follow managers who follow senior managers who follow vice presidents who follow C-level executives.

Explain the rights of workers

Employees have the right not to be discriminated on because of age, disabilities, gender, genetic predispositions, race, religion, sexual orientation, etc. They should be able to support unions, take medical leaves, file complaints and report unsafe conditions without retaliation. http://www.aflcio.org/Issues/Civil-and-Workplace-Rights/Your-Rights-at-Work

Use basic operating systems.

Employees should know how to type, log in, open browsers, use integrated software, use email and social media, etc.

Analyze employer expectations in the business environment

Employers expect a lot of things from their employees, including cooperation, initiative and a strong work ethic. Employees need to display a willingness to follow directions, to learn job tasks and skills

Explain the role requirements of entrepreneurs and owners

Entrepreneurs and owners should be good leaders and well-versed in business.

Describe the nature of entrepreneurship (EN)

Entrepreneurship is a dynamic activity which helps the entrepreneur to bring changes in the process of production, innovation in production, new usage of materials, creator of market etc. It is a metal attitude to foresee risk and uncertainty and do something new in an effective manner to achieve certain goals.

Describe the role of business ethics in pricing

Ethical practices as it relates to pricing include understanding price fixing, price discrimination, and unit pricing. Price fixing happens when competitors agree to sell their product at a certain price. Price discrimination occurs when different customers in similar situations are charged different prices. Unit measure lets consumers determine the unit cost of items. All these situations require a business to make fair decisions for the consumer and not work with other businesses to take advantage of the market.

Explain possible advancement patterns for jobs

Explain possible advancement patterns for jobs. In many industries, jobs can be categorized based on skill level. One can advance from one level to the next through experience, education, attrition, and promotion. Entry level jobs usually require no prior experience and involve only limited decision making. Career-sustaining jobs are the next level, requiring more skill and experience. Specialist positions often involve a demonstration of leadership and decision making ability, and are often long-term positions. Supervisory positions require good management skills and hold much responsibility. Top management is usually the highest level. People at this level are capable of running entire companies or divisions. They are skilled in a large number of areas and are responsible for the final success of the business or division.

Describe methods used to design marketing research studies

Exploratory- The exploratory market research approach attempts to discover general information about a topic that is not well understood by the marketer. Descriptive marketing research- is a form of conclusive research used to describe both the composition of a group in such terms as income, gender, age and education and the characteristics of group members in regards to both current and future behavior. Causal Research is the most sophisticated research market researchers conduct. Its goal is to establish causal relationships—cause and effect—between two or more variables. With causal research, market researchers conduct experiments, or test markets, in a controlled setting.

Describe factors used by marketers to position products/services

Factors used by marketers to position a product or service include price, quality, features, benefits, competition and relation to another product.

Demonstrate personal information management/productivity applications.

Presentation and spreadsheet software (Microsoft PP and Excel) allow employees to compile, store, and present information

Write a follow-up letter after job interviews

Follow-up letters should demonstrate the applicant's interest in the company as well as the request for an additional interview.

Explain the nature and scope of the selling function (SE)

Function: communicating directly with potential customers to determine and satisfy their needs, using planned and personalized communication to influence customer decisions Scope: sales people can interact with consumers at different levels and also with the final consumer

Demonstrate basic data mining techniques

Government data, such as the Federal Census Bureau, can be analyzed to make deductions based on existing information. Data cleaning and preparation. Tracking patterns. Classification. Association. Outlier detection. Clustering. Regression. Prediction.

Describe the use of business ethics in entrepreneurship

Honesty. Integrity. Promise-Keeping & Trustworthiness. Loyalty. Fairness. Concern for Others. Respect for Others. Law Abiding.

Describe options businesses use to obtain marketing research data

Primary research is research conducted by the business. Secondary research is research obtained through another party.

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.

Discuss the nature of Information management

Information management is the concept of storing information on various data and applying it to business sectors such as marketing and finance.

Identify sources of career information

Information on possible careers can be found in a variety of easily accessible resources. - friends/family - Occupational Outlook Handbook -the Internet / LinkedIn - career fairs/centers Personal Contacts. Families and friends can be extremely helpful in providing career information Libraries and Career Centers. Counselors. Organizations Education and Training Information

Explain the need for innovation skills

Innovation and creativity is necessary in any employee as pivotal ideas can lead to major breakthroughs in a company's financial success.

Explain the role of ethics in information management

It is important to remain ethical when managing information. Keep all information confidential, allow no authorized sharing, and always ask for consent from the customer to share any of their information.

Complete a job application

Job applications require applicants to fill in personal information as well as prior experience. Before you start. Provide your personal details. Provide your education history. Provide your work history. Explain work history gaps. Show your skills to match the job. How to choose references. After you complete your form.

Utilize job-search strategies

Jobs can be searched using the Internet or by attending a career fair to network with professionals.

Explain the nature of marketing planning

Market planning relates to analyzing key factors such as PEST and SWOT, as well as determining strategies of touch points and positioning to effectively sell a product/service.

Describe the need for marketing data

Marketing data can be used to analyze various metrics of consumers within a market, such as: Demographics Psychographics Geographic Businesses can then use market segmentation based on these factors in order to determine a target market, to whom they will tailor their marketing strategies.

Explain the nature and scope of the marketing-information management function

Marketing information management is one of the functions of marketing in which businesses use surveys, observational studies, or experiments to collect data on a potential market. After conducting an analysis of the data, marketing information managers can make recommendations and/or decisions on marketing strategies that can be used to appeal to an identified target market.

Discuss the nature of marketing research problems/issues

Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.

Explain the nature of marketing research

Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.

Explain the concept of marketing strategies

Marketing strategies are plans that identify target markets and coordinate marketing mix activities in order to effectively sell the product/service. The product positioning and key points of difference must be taken into account when developing these strategies.

Describe data-collection methods (observations, mail, telephone, Internet, discussion groups, interviews, scanners)

Observations simply involve viewing a population. Mail-in surveys are voluntary and sent straight to the participant's mailing address. Telephone surveys, conducted by telemarketers, involved calling participants' phone numbers. The Internet can be used to send out surveys. Discussion groups involve multiple people meeting with a market researcher to discuss their values, demographics, and other metrics. Tracking tools involve letting participants go about their daily lives as their habits are monitored.

Explain employment opportunities in marketing. (PD)

One could manage quality control and inventory, market research, and their databases are market planner, pricing economist, product/service manager, promotional specialist, or professional salesperson.

Explain techniques for processing marketing data.

One could use a spreadsheet to sort participants into categories, calculate proportions, and design visual aids to represent the findings. These findings could then be presented in a report or slideshow presentation.

Explain the need for professional and ethical standards in marketing

One must not release customer data without consent. All market activities should fulfill the core principles of business ethics: making a profit while bringing meaningful goods/services to the world. There is a need for professional and ethic standards in all professions without them, companies might engage in deceptive marketing techniquesMisrepresentation (false statement of fact), omission (leaving out important shit), misleading practice. Leads to an unhappy customer, stop relying on marketing information from companies ultimately makes it more difficult to sell thingsSooo, marketers need to have ethical standards in their advertising so that they don't **** themselves over.

Acquire product information for use in selling

Product information can be found through four channels: direct experience, written publications, other people, and formal training. In addition, product demonstrations or product manufacturing can help a salesperson acquire product information. Printed materials can include user guides, warranties, catalogs and labels. Formal training is considered the method for information gathering about a product.

Explain the nature of product/service branding

Product/service branding is how a product interacts with its customers through design, logo and messaging and how its distinguishes itself from competitors. Branding can identify one product, a family of products, or all products of a company. Brands connote various benefits, (e.g. quality and reliability or fun and excitement.) The importance of branding is to build product recognition and customer loyalty, ensure quality and consistency, and capitalize on brand exposure.

Assess information needs. (NF)

Relevance Improve Performance Make a difference Organizational problems Overall Goal (determine what training is relevant to your employees' jobs, determine what training will improve performance, determine if training will make a difference, distinguish training needs from organizational problems, and link improved job performance with the organization's goals and bottom line.) must include several data sets for comparison to brainstorm promotional strategies, useful for marketers

Describe the nature of selling regulations

Selling regulations are growing in local and state governments. Regulations can include related to sales tax, where products may be sold and how promotions can be communicated.

Write a letter of application.

Review information about the company and position Use a professional format Create the heading Address the letter to the hiring manager Open the letter by describing your interest Outline your experience and qualifications Include aspects of your personality Express appreciation Close the letter

Follow rules of conduct.

Rules of conduct direct appropriate, professional behavior and should be meticulously read and properly understood/followed.

Prepare a résumé

Résumés should include all prior experience and qualifications that support the candidate. Start by choosing the right resume format. ... Include your name and contact information. ... Add a resume summary or objective. ... List your soft and hard skills. ... List your professional history with keywords. ... Include an education section. ... Consider adding optional sections. ... Format your resume.

Discuss the nature of sampling plans

Sampling plans are used to determine the sample population to be used in a marketing research study. More participants means less variability, but more impracticality. Those chosen should be likely consumers within a business' market, and the business should perform a random selection of these consumers in order to obtain a variety of participants.

Store information for further use

Save information on electronic spreadsheets or physical documents, however, remember the importance of backing up all electronic documents to a cloud and/or hard drive in case of an event which could make you lose your information.

Set personal goals. (PD)

Setting goals gives you long-term vision and short-term motivation. It focuses your acquisition of knowledge and helps you to organize your time and your resources so that you can make the most of your life. When a company sets goals, it makes its priorities clear for everyone involved in the organization. The purpose of goal setting is to show employees what they need to focus on the most during the upcoming quarter, which then helps them to be able to prioritize their tasks.

Identify skills needed to enhance career progression

Since the corporate ladder is very competitive, employees should possess strong negotiation skills, conflict management skills, emotional intelligence, and related skills to enhance career progression. - emotionally intelligent- productive, efficient, and effective- technology skills- communication skills- leadership skills- creative and innovative

Interpret statistical findings

Statistics are used to describe and summarize data in order to make the date more meaningful and easier to understand. Commonly used statistics in business include distribution, central tendency, and dispersion. Distribution is a summary of the frequency of values for a variable. The central tendency is an estimate of the center of a distribution of values, including mean, median, and mode. Dispersion is the spread of values around the central tendency, measured with the range.

Demonstrate systematic behavior (PQ)

Systematic behavior is the process of accomplishing interconnected tasks sequentially or simultaneously, whichever is most efficient. Be efficient.

Describe current business trends

Technological innovation continues to grow and the stock prices of tech giants (such as Google or Apple) continue to rise, indicating continual profit due to innovation.

Explain the use of technology in the pricing function

Technology allows marketers access to a wealth of information that can affect the price of a product using both internal data and competitor data in the marketplace. Technology can provide real-time prices to consumers online or by scanning bar codes in retail stores. Retailers can also change prices for products using technology effectively.

Assess appropriateness of marketing research for the problem/issue (e.g., research methods, sources of information, timeliness of information, etc.)

The information should be recent such that it represents current trends in the market. Furthermore, methods of research should be ethical and compliant with law regarding marketing information management. Reliable sources include government reports and verified business data.

Describe the use of technology in the selling function

The Internet allows us to interact with customers and find prospects

Describe the scope of the Internet (PQ)

The global communication network that allows almost all computers worldwide to connect and exchange information.

Describe the role of customer voice in branding (PM)

The goal of marketing is to help a business to gain a competitive advantage. This competitive advantage is based on the type of image the company wants to promote its brand. If they promote a type of brand that does not agree with the interests of the customers, they won't be the most successful business in the market So, if customer's voices, in one way or another, their interests, needs, and wants, businesses can tailor the images of their brand to suit the respective needs and wants of the customers. This way businesses will experience more sales, and customers will have a larger selection of things that align with their interests.

Explain legal issues associated with information management.

The main legal issue that could be a concern is that the subject of any information handled improperly may have the right to file a lawsuit.

Explain the nature and scope of the pricing function

The pricing function includes all activities that determine how much to charge for a good or service. This is an important business activity as it directly impacts the financial success for the company. The price of a good or service can affect brand image, market share and profits. The goal of pricing a product is to earn a return on investment (ROI), gain market share, and face competition.

Explain the selling process

The selling process includes the following steps: Approaching the customer Determining the customer's needs Presenting the product to the customer Overcoming customer objections Closing the sale Suggestion selling Relationship building

Explain factors affecting pricing decisions

There are 4 key factors that must be considered when making pricing decisions. Cost and expenses will take away from a business' gross profit, so companies must try to reduce these as much as possible. Supply and demand deals with how much businesses are willing to offer and how much customers are willing to buy at a given price point, which is very important when determining the price. Consumer perceptions about the quality of the product or the service will also impact the effectiveness of prices. Finally, prices being charged by the competition must be taken into account, especially if price is the only differentiating factor.

Describe the regulation of marketing-information management

There are laws in place pertaining to marketing information management in order to protect consumer privacy. The government regulates what information certain entities can release. However, it is not a heavily regulated sector.

Explain career opportunities in entrepreneurship.

There is opportunity to make a lot of money, be your own boss, have total authority, make an impact on the economy and on society, to leave a legacy, and to know that you have done a great accomplishment. http://www.inc.com/ilya-pozin/10-best-reasons-to-be-entrepreneur.html

Describe small-business opportunities in international trade

They can find new markets, increase revenues and it will create jobs

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. -Connection with people (focus groups) so they relate to company. -Observe market (through research, surveys, people observing) -Cooperation and collaboration with other people.

Explain the nature of corporate branding

Trade names or corporate branding are used to identify and promote an entire company or department in a business. A trade name is the legal name of the business and is used to promote its various activities as an organization.

Draw conclusions based on information analysis (NF)

Use findings from research and information gathered to create conclusions which the business can use and act upon.

Explain the nature of tools that can be used to access information in a database system

Using a computer you can...-add new data to a database (new item in an inventory)-edit existing data in database (change current location of an item)-delete info (if item sold or discarded)-organize and view data in different ways-share data with others via reports, emails, an intranet, or the internet

Describe techniques for obtaining work experience (e.g., volunteer activities, internships)

Volunteer, freelancing, internship

Create and post basic web page (SP)

Websites are generally comprised of CSS, JavaScript, HTML, or other programming codes to create user interfaces which can be used to market and sell a business. However, modern day web page builders, like Weebly, have replaced the need to learn the codes listed above or a web designer.

Explain key factors in building a clientele

When building a clientele, there are 3 main factors that must be considered. The first factor is making the sale, which includes all activities that sales representatives perform when interacting with consumers during the selling process. The second factor is after-sales activities, which includes order processing and payment, the customer's departure from the store, follow-up after the purchase, customer service and tracking, and evaluation of employee performance. The third factor is customer relationship management, which involves seeking out customers and keeping them satisfied with the use of technology and customer loyalty techniques.

Identify tentative occupational interest

When determining what career you want to go into, it is critical that you identify your occupational interests and explore career possibilities. Explore possibilities: - take a career interest assessment / career exploration course to define interest - meet with a Career Advisor to create a plan Develop a Plan: - develop tentative career goals and make a strategic plan to achieve those goals - attend Job & Internship Fairs (to find out more about prospective careers)

Collaborated on and aggregate complex internal documents to create a common voice

When multiple documents and data from several employees is combines into one common voice, it has a stronger and bigger impact, which sends a powerful message

Ascertain employee's role in meeting organizational goals

When trying to meet an organizational goal, employees should be aware of their role in helping the business reach this goal. - spread motivation / determination- contribute and help others contribute- give / receive feedback

Demonstrate basic word processing skills (PQ)

Word processing applications (such as Google Docs) can be used to type, edit, and print documents. Ensure to use an easy to use and share word processor. Recommend Microsoft Word. Open new documents, make use of available templates, save documents, share documents, print documents

Explain the role of ethics in marketing-information management

Written consent must be obtained for experiments, and data cannot be disclosed without the consent of those involved in the data collection. -Large amount of information must be kept safe and not fall into the wrong hands

Translate research findings into actionable business.

by analyzing past trends, businesses can enact policies and strategies to complement its mission of profit-research findings should focus on past trends and consumer preferences (best ways to recommend next action of business)

Explain the role of situation analysis in the marketing planning process

helps marketers understand influences on marketing strategy both within the business and in the marketplace. examples are swot analysis and environmental scan.

Identify customer touch points

touch points are any way a consumer can interact with a business. examples: online, person to person, on the phone, or any other way of communication