DECA Marketing Terms – Flashcards
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Adaptablility
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The ability to make changes to be a better match or fit in new situations.
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Advertising Campaign
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A coordinated series of linked ads with a single or theme.
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AIDA
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Acronym for customer: Attention, Interest, Desire and Action
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Assets
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Property or items of value owned by a business
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Attitude
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How a person feels about something or the way a person looks at the world and responds to events.
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Bait and Switch
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Practice of advertising one product with the intent of persuading a customer to buy a more expensive item when they arrive in the store
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Barter
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Exchange of one good or service for another good or service
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Benefit
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Attribute of a product that will be an advantage for the customer
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Brand
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Name, term or design that sets a product or a business apart from its competition
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Brand Equity
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Value of having a well-known brand name
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Brand Loyalty
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Situation in which the customer will only buy a certain brand of product
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Break-Even Point
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The point at which revenue from sales equals the costs.
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Business Cycle
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Cycle that consists of alternating periods of expansion and contraction in the economy.
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Business Plan
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Written document that describes a new business, how it will operate and make a profit.
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Buyer
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The person responsible for planning and ordering inventory
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Collateral
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An asset pledged that would be claimed by the lender if the loan were not repaid
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Collusion
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A situation that occurs when business leaders work together to eliminate their competition, set prices and control distribution
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Competition Based Pricing
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Strategy based primarily on what the competitors charge
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Competitive Advantage
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Offering better value, features or sercie than the competition
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Consumer
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Person who buys products or services and also uses them
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Consumer Market
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Customers who buy products for their own use
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Corporate Culture
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How the owners and employees of a company think, feel and act as a business.
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Credit Risk
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Potential of credit not being repaid
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Creditor
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Individual or business to whom money is owed for goods or services provided.
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Customer Profile
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Detailed description of the typical consumer in a market segment
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Database Marketing
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Gathering, storing and using customer data for marking directly to them based on their histories.
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Demand- Based Pricing
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Pricing strategies based on what customers are willing to pay
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Demand-Pull Inflation
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Inflation that occurs when increasing demand pulls up prices
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Demographics
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Qualities such as age, gender and income of a specific group of people
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Direct Mail
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Advertising message sent through the US Postal Service to current or potential customers
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Discrctionary Income
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Remaining take-home pay after life necesities are paid for
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Elastic Demand
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Product demand in which the percent change in demand is greater than the percent change in price
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Entrepreneurship
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Willingness and ability take on the risks and responsibilities of starting a new business
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Equity Financing
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Raising money for a business in exchange for a percentage of the ownership
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Ethics
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Set of rules of behavior based on ideas about what is the right and wrong
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Feasible
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A term that means that something can be done successfully
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Fixed Assets
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Items of value that may take time to sell
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Fixed Expense
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An expense that does not change and is not affected by the number of products produced or sold
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Form Utility
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Value that is added when a business changes the form of something to make it more useful
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Four P's of Marketing
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Product, Price, Place, Promotion
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Franchisee
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Person who buys the right to sell the brand products
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Franchisor
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Company or person who owns the business and the brand
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Frequency
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Number of times the ad appears before the customer
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Globalization
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State that occurs when nations become connected through freely moving goods, labor and capital across boarders
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Goodwill
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Advantage a business has due to its good reputation
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Gross Profit
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Amount of profit before subtracting the costs of doing business
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Growth Stage
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Stage of the product life cycle during which product sales increase rapidly
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Hook
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Aspect of an ad that grabs attention
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Income Statement
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Financial report that shows the revenue and expenses for a business during a specific period of time
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Indirect Competitors
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Companies that offer different, but similar products or services that could also meet the customer needs
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Inelastic Demand
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Demand for a product that is not affected by price
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Infaltion Rate
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Rate of change of prices calculated on a monthly or yearly basis.
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Insurance Premium
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The payment cost of an insurance policy
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Intangible
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Something that cannot be touched tried out before purchase or return
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Jingle
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A tagline or slogan set to music
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Job Shadowing
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Following a person while he or she does a job
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Law of Diminishing Marginal Utility
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Idea that consuming more units of the same product decreases the marginal utility from each unit
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Law of Supply and Demand
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Law that says that the greater the demand for a given supply of a product, the price will be higher
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Line of Credit
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Specific dollar amount that a business can draw against as needed
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Liquid Assests
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Cash and the items of a business owns that can be wasily turned into cash
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Marginal Utility
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Additional satisfaction gained by using one additional unit of the same product
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Market Risk
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Potential that the target market for new products or services much less than originally thought
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Market Segmentation
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Process of dividing a large market into smaller groups
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Market Structure
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How a market is organized based on the number of businesses competing for sales in an industry
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Marketing
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Dynamic activities that identify anticipate and satisfy customer demand while making a profit
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Marketing Mix
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Plan of action for marketing a product; it consists of the decisions made about each of the four P's for that product
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Marketing Plan
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Document describing business and marketing objectives and the strategies and tactics to achieve them
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Marketing Strategy
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Decision made about product, price, place and promotion
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Markup
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Amount added to the cost of a product to determine the base price
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Mass Product
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Overall market or group of people who might buy a product or service
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Net Worth
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Value of a company
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Networking
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Process of making connections with people in the working world
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Opportunity Cost
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Value of the best option you did not choose
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Overselling
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Promising more than the product or the business can deliver
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Peer Pressure
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Social influence exerted on individuals via a website
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Perishability
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The idea that services are instangible and cannot be stored for later use
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Planned Absolescence
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Evaluating and updating current products or adding new ones to replace older ones
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Press Kit
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Packet of information distributed to the media about a new business opening or other major business events.
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Press Release
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A story featuring useful company information written by the company PR contact
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Price Competition
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When a lower price is the main reason for customers to buy from one business over another
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Price Discrimination
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When a company sells the same product to a different customer at different prices based on personal characteristics
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Price Gouging
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Rasing prices on certain kinds of goods to an excessively high level during an emergency
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Price Strategy
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Business decision about pricing and how prices are set to make a profit
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Product Life Cycle
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Stages a product or a product category goes through from its begining to end
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Product Mix
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All of the products and services that a business sells
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Profit Motive
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When business owners earn profits and are motivated to start and expand business
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Promotion
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Process of communicating with potential customers in an effort to influence their buying behavior
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Promotion Strategy
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Decision about selling, advertising, sales promotion and public relations activities to pursue in the promotional mix
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Promotional Mix
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Combination of the elements used in a promotional compaign
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Psychographics
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Data about the preferences or choices of a group of people
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Push Promotional Concept
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Taking the product directly to the cutsomer
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Quick Response (QR) Codes
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Bar codes that when scanned with a smart phone connect the user to a website or other digital information
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Recession
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Period of great decline in total output, employment, trade or income
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Repackaging
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Using new packaging on the same product, is another common way to create a new product
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Retailer Channel
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Path of selling goods from the producer to the retailer then the retailer to the consumer
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Return on Investment (ROI)
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Ratio that shows the efficiency of an investmentby comparing the gains from the investment to its cost.
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Return on Marketing Investment (ROMI)
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A measurment showing the overall effectiveness of a marketing campaign or yearly budget
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Revenue
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Money that a business takes in for the products or services it sells
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Sales Forecast
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Prediction of future sales based on past sales and a market analysis for a specific time period
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Scarcity
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Event that occurs when demand is higher than the available resources
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Sole Proprietor
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The one person who owns a business and is personally responsible for all its debts
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Specialization
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Worker or group of workers who perform a specific task for increased efficiency
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Stereotyping
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Classifying or generalizing about a group of people with a given set of characteristics
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Suggestive Selling
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The technique of suggesting additional items to go with merchandise requested by a customer
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Tagline
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Phrase or sentence that summerizes some essential part of the product or business
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Target Marketing
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Using unique marketing mixes for different target markets
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Trade Deficit
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State that occurs when a nation has some importants that exports which results in a negative balance
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Trade Show
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Large gathering of business for the purpose of displaying products for sale
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Variable Expense
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An expense that changes based on the activities of the business
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Volume Pricing
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Lowering the list price based on the higher number of units purchased at the same time.
