DECA Spaced Repetition

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.

Market Segmentation  

Dividing a market into groups based on shared characteristics.

Brand Identity

The visual and emotional elements that represent a brand.

Brand Loyalty

When customers repeatedly choose the same brand over competitors.

SWOT Analysis

A tool analyzing strengths, weaknesses, opportunities, and threats.

Market Research

Collecting data to understand customers and market conditions.

Primary Research

Data collected firsthand through surveys, interviews, or observations.

Secondary Research

Using existing data from reports, articles, or databases.

Supply Chain

The network involved in producing and delivering a product.

Distribution Channel

The path a product takes from producer to consumer.

Promotion

Activities that communicate product value to customers.

Public Relations

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

Advertising 

Paid, non‑personal promotion of goods or services.

Sales Promotion 

Short‑term incentives like coupons or discounts.

Personal Selling  

Direct interaction between salesperson and customer.

Customer Relationship Management  

Strategies to build and maintain customer loyalty.

Break‑Even Point

Where total revenue equals total costs.

Fixed Costs 

Costs that do not change with production levels.

Variable Costs 

Costs that change depending on production volume.

Profit Margin 

Percentage of revenue that becomes profit.

Return on Investment 

A measure of profitability comparing gain to cost.

Liability 

A financial obligation or debt owed by a business.

Asset 

Anything of value owned by a business.

Equity 

Ownership value in a business after liabilities.

Income Statement 

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

Cash Flow 

Movement of money into and out of a business.

Budget 

A financial plan for expected income and expenses.

Entrepreneurship 

Starting and managing a business venture.

Business Plan 

A written document outlining goals and strategies.

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.

Corporate Social Responsibility  

A company’s commitment to ethical and sustainable practices.

Hospitality

Businesses providing lodging, food, and entertainment services.

Service Quality 

How well a service meets customer expectations.

Front‑of‑House  

Areas where employees interact directly with guests.

Back‑of‑House

Operations not visible to guests, like kitchens or offices.

Yield Management  

Adjusting prices based on demand to maximize revenue.

Customer Satisfaction

How well a product or service meets customer expectations.

Competitive Advantage 

A unique factor that sets a business apart from competitors.

Economies of Scale 

Cost advantages gained from producing at larger volumes.

Opportunity Cost 

The value of the next best alternative not chosen.

Gross Pay

The total amount an employee earns before any deductions

Net Pay

The amount of money an employee makes after all deductions

Liquidity

How easily an asset can be converted into cash without losing value

Capital Investment

Money a business spends on long-term assets

Unit of Measure

A standard quantity used to describe and compare amounts