DECA Marketing Cluster Study Sheet — Essential Terms

A collection of key terms and definitions related to marketing, business, economics, finance, emotional intelligence, and ethics from the DECA Marketing Cluster Study Sheet.

Marketing

The process of creating, communicating, delivering, and exchanging offerings that provide value to customers.

Marketing Concept

A philosophy that businesses should satisfy customer needs while achieving company goals.

Customer Satisfaction

The degree to which a product meets or exceeds customer expectations.

Market

A group of potential buyers with shared needs and the ability to purchase.

Target Market

A specific group of customers that a business aims to serve.

Product

Goods or services offered to satisfy customer needs.

Price

The amount customers pay for a product.

Place (Distribution)

Activities that make the product available to customers.

Promotion

Communication that informs, persuades, or reminds customers.

Form Utility

Value created by making a product.

Time Utility

Value from offering a product when it is wanted.

Place Utility

Value from offering a product where it is wanted.

Possession Utility

Value from easy purchase or ownership (e.g., financing).

Information Utility

Value from communication and product information.

Segmentation

Dividing a market into smaller groups.

Demographics

Age, gender, income, education, etc.

Psychographics

Values, attitudes, lifestyles.

Geographics

Location-based characteristics.

Behavioral Segmentation

Buying patterns, loyalty, usage rates.

Product Life Cycle

Stages: introduction, growth, maturity, decline.

Brand

A name, symbol, or design identifying a product.

Brand Positioning

Creating a distinct image in the customer's mind.

Feature

A characteristic of a product.

Benefit

The advantage a customer receives from a feature.

Cost-Based Pricing

Setting prices based on production costs.

Value-Based Pricing

Setting prices based on customer perception.

Competition-Based Pricing

Pricing relative to competitors.

Markup

The difference between cost and selling price.

Discounts & Allowances

Price reductions used to influence buying.

Advertising

Paid, non-personal promotion.

Sales Promotion

Short-term incentives (coupons, contests).

Public Relations (PR)

Managing a business’s public image.

Personal Selling

Direct interaction with customers to influence purchases.

Direct Marketing

Targeted messages to a specific customer (email, mail).

Channel of Distribution

Path a product takes from producer to consumer.

Wholesaler

Buys large quantities from producers and resells to retailers.

Retailer

Sells directly to consumers.

Logistics

Planning and controlling transportation and storage of goods.

Supply Chain

Network involved in creating and delivering a product.

Consultative Selling

Sales approach that focuses on customer needs.

Objection

Concerns a customer raises about a product.

Closing the Sale

Getting a customer to agree to purchase.

Relationship Marketing

Building long-term customer relationships.

CRM (Customer Relationship Management)

Using data to manage customer interactions.

Primary Research

Data collected firsthand for a specific purpose.

Secondary Research

Existing data collected for another purpose.

Qualitative Data

Descriptive information (opinions, attitudes).

Quantitative Data

Measurable numerical information.

SWOT Analysis

Assessment of strengths, weaknesses, opportunities, threats.

Forecasting

Predicting future sales or trends based on data.

Marketing Information Management

The function of collecting, analyzing, and distributing marketing data for decision-making.

Sample

A small subset of a population selected to represent the whole.

Sampling Plan

The strategy for selecting respondents in a study.

Survey Method

Data collection technique using questionnaires or interviews.

Observation Method

Collecting data by watching behaviors.

Experimental Research

Testing variables in controlled conditions to determine cause and effect.

Data Mining

Using software to extract patterns or trends from large datasets.

Database Marketing

Using customer information stored in databases to tailor marketing efforts.

Data Visualization

Presenting data in charts/graphs to identify insights easily.

Predictive Modeling

Statistical techniques to forecast future behaviors.

Validity

Degree to which data measures what it is intended to measure.

Reliability

Consistency and accuracy of the data over time.

Market Intelligence

Ongoing, everyday data about the marketplace.

Ethical Data Use

Following guidelines when collecting and storing customer information.

Privacy Regulations

Laws that protect customer data (e.g., opt-in consent).

Product/Service Management

Managing a product through its life cycle to meet consumer needs.

Product Mix

All products a company offers for sale.

Product Line

A group of related products under the same brand.

Product Development

Creating a new product or improving an existing one.

Idea Generation

Brainstorming possible new products or features.

Screening

Evaluating ideas to determine feasibility.

Prototype

A working model of a new product used for testing.

Test Marketing

Introducing a product in a limited area to gauge customer reactions.

Product Positioning

How a product is perceived relative to competitors.

Branding

Creating a unique name, symbol, or image for a product.

Brand Equity

The added value a brand name gives to a product.

Brand Extension

Using an existing brand name to launch a new product category.

Product Modification

Improving or adjusting an existing product.

Product Portfolio Analysis

Evaluating all products to decide where to invest or discontinue.

Product Depth

Number of variations within a product line.

Product Width

Number of product lines a company sells.

Packaging

The container or wrapper used for a product; part of branding.

Labeling

Product information printed on the package.

Warranty

A written guarantee promising quality or repair.

Guarantee

A promise of customer satisfaction.

Quality Assurance

Ensuring a product meets specific standards.

Economics

The study of how people use limited resources to satisfy unlimited wants.

Scarcity

Limited resources versus unlimited wants.

Opportunity Cost

The value of the next best alternative not chosen.

Economic System

The method a society uses to allocate resources (e.g., market economy).

Market Economy

Decisions made by consumers & businesses with little government control.

Command Economy

Government controls resources and decision-making.

Mixed Economy

Combination of market and government involvement.

Supply

Quantity producers are willing to offer at various prices.

Demand

Quantity consumers are willing to buy at various prices.

Equilibrium Price

Price where supply equals demand.

Business Cycle

Economic pattern: expansion, peak, contraction, trough.

Inflation

Rise in general price levels.

Deflation

Decrease in price levels.

Competition

Rivalry among companies to attract customers.