deca marketing hard words

Market segmentation

Dividing a market into groups with similar characteristics

Market positioning

How a brand wants customers to view it compared to competitors

Value proposition

The main benefit or reason a customer should choose a product

Unique selling proposition (USP)

What makes a product different or better than competitors

Brand equity

The value a brand gains from being recognizable trusted and respected

Customer lifetime value (CLV)

The estimated total value a customer provides over their relationship with a company

Customer acquisition cost (CAC)

The cost of gaining a new customer

Market penetration

Increasing sales of an existing product in an existing market

Market development

Selling an existing product to a new market

Product development

Creating a new product for an existing market

Diversification

Introducing a new product into a new market

Cannibalization

A new product taking sales away from the company's existing products

Disintermediation

Removing intermediaries from the distribution process

Omnichannel marketing

Creating a connected customer experience across multiple marketing channels

Impression

One instance of an advertisement being displayed

Reach

The number of unique people exposed to an advertisement

Frequency

The average number of times people see an advertisement

Conversion rate

The percentage of people who complete a desired action

Click-through rate (CTR)

The percentage of people who click an advertisement or link after seeing it

A/B testing

Comparing two versions of something to determine which performs better

Remarketing/Retargeting

Advertising to people who have previously interacted with a business

Earned media

Exposure a business receives without directly paying for the placement

Brand extension

Using an existing brand name for a new product or category

Line extension

Adding variations to an existing product line

Psychographic segmentation

Dividing customers based on personality values interests lifestyles or attitudes