DECA

Marketing Mix

The four elements of marketing—product, price, place, promotion—used to meet customer needs

Target Market

A specific group of customers a business aims to reach.This market is defined by demographics, interests, and behaviors.

Brand Identity

The visual and emotional elements that represent a brand.

Brand Loyalty

When customers repeatedly choose the same brand over competitors.

Maturity Stage

Which stage of the product life cycle brings in the most profit via the product?

Strengths

The S in SWOT stands for

Weaknesses

The W in SWOT stands for

Opportunities

The O in SWOT stands for

Threats

The T in SWOT stands for

Supply Chain

The network involved in producing and delivering a product.

Distribution Channel

The path a product takes from producer to consumer.

Public Relations

Managing a company’s public image through media and communication.

Break‑Even Point

Where total revenue equals total costs.

Profit Margin

Percentage of revenue that becomes profit.

Primary Research

Data collected firsthand through surveys, interviews, or observations.

Secondary Research

Using existing data from reports, articles, or databases.

Coupons & Discounts

Used as short term promotional incentives

Fixed Costs

Costs that do not change with production levels.

Variable Costs

Costs that change depending on production volume.They typically include expenses like raw materials and labor.

Sole Proprietorship

A business owned and operated by a single individual, who is responsible for all aspects of the business. This structure allows for complete control but also personal liability for debts.

Asset

Anything of value owned by a business.

Income Statement

A report showing revenue, expenses, and profit over time.

Entrepreneurship

Starting and managing a business venture.

Business Plan

A written document outlining goals and strategies.It typically includes market analysis, financial projections, and operational plans.

Mission Statement

A company’s purpose and core values.

Vision Statement

A long‑term goal describing what a company aims to become.

Ethics

Moral principles guiding business decisions.

Hospitality

Businesses providing lodging, food, and entertainment services.

Opportunity Cost

The value of the next best alternative not chosen.

Competitive Advantage

A unique factor that sets a business apart from competitors.

Economies of Scale

Cost advantages gained from producing at larger volumes.This results in a lower per-unit cost due to spreading fixed costs over more units.

Market Segmentation

Dividing a market into smaller group based on similar characteristics

Forecasting

Predicting future sales or trends using data and analysis

Corporate Social Responsibility

A company’s commitment to ethical behavior and community impact

Capital Investment

Money spent on assets that are expected to generate future economic benefits.

Liquidity

How easily assets can be converted to cash

Yield Management

Adjusting prices based on demand to maximize revenue.

Companies without an HR department

Other managers and supervisors participate in HR activities.

One Benefit of Whole Life Insurance

Builds up Cash Value

Competence

The ability to perform a job effectively, demonstrating the necessary skills and knowledge.

Freedom in the marketplace

One of the benefits of private enterprises. It allows for competition and consumer choice, leading to better products and services.

Ethnocentrism

The belief in the superiority of one's own culture or ethnic group, often resulting in a lack of understanding or appreciation for other cultures.

Balance ($)

Deposits minus Withdrawals

Important part of Accounting

Gathering financial information

Efficiency

The ability to accomplish a task with minimal resources or time while maximizing output.

Debit Card

A payment card that deducts money directly from the user's checking account to pay for a purchase.

Credit Card

A payment card that allows users to borrow funds from a pre-approved limit to pay for purchases or withdraw cash.

Credit Score

A numerical representation of a person's creditworthiness, determined by credit history and used by lenders to evaluate the likelihood of timely repayment.

Variable Expenses

Monthly costs that can fluctuate, such as groceries and entertainment, that are not fixed.

Fixed Expenses

Monthly costs that remain constant, such as rent or mortgage payments, insurance premiums, and loan payments.

brokerage firm

A financial institution that facilitates the buying and selling of securities for clients, including stocks, bonds, and mutual funds.

Product Manager

A professional responsible for the development, marketing, and lifecycle management of a product, ensuring it meets customer needs and aligns with company goals.

Beneficiaries

Individuals or entities entitled to receive benefits or payments from a trust, will, or insurance policy.

Gross Pay

The total amount of money earned by an employee before any deductions, such as taxes and retirement contributions, are taken out.

Net Pay

The amount of money an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from their gross pay.

Income Tax

A tax imposed by the government on an individual's or entity's income, typically calculated as a percentage of earnings, which can vary based on income level and jurisdiction.

Unit of Measure

The reason we can infer a $17,000 car is worth more than a $15,000 car is because money is a…