Curriculum Test Year 1- DECA

Market

A group of customers who have an unfulfilled desire, are financially able, and willing to buy a product.

Target Market

A specific group of consumers a business chooses to serve.

Market Segmentation

Dividing the total market into smaller groups with similar needs or characteristics.

Demographics

Segmenting the market by age, gender, income, education, etc.

Geographics

Segmenting by location such as region, city, climate.

Psychographics

Segmenting by lifestyle, values, attitudes, and interests.

Behavioral Segmentation

Segmenting by buying behaviors and product usage.

Mass Marketing

One marketing plan aimed at everyone.

Segment Marketing

Marketing tailored to specific customer groups.

Micromarketing

Creating individualized marketing for each customer.

Industrial Market

Businesses buying products for operations, resale, or production.

Consumer Market

Individuals buying products for personal use.

Targeting

Selecting the specific market segment(s) to serve.

Market Identification

Finding the group of customers whose needs a business can satisfy.

Marketing

The process of creating, communicating, delivering, and exchanging offerings that have value.

Market Planning

Setting goals, strategies, budgets, and analyses to reach target customers.

Product/Service Management

Developing, improving, and managing a product or service throughout its life cycle.

Product Mix

All the products a company offers.

Product Life Cycle

Stages a product goes through: introduction, growth, maturity, decline.

Marketing-Information Management

Gathering, analyzing, and using data to make marketing decisions.

Primary Data

Data collected firsthand for a specific purpose.

Secondary Data

Data collected previously for other purposes.

Pricing (Function)

Determining and adjusting prices to maximize return and meet customer perceptions of value.

Channel Management

Determining how products will be moved, stored, and delivered to customers.

Distribution Channel

The path a product takes from producer to consumer.

Direct Channel

No intermediaries between producer and consumer.

Indirect Channel

Uses intermediaries such as wholesalers or retailers.

Intermediaries

Businesses involved in moving products from producer to consumer.

Promotion

Communicating with customers to inform, persuade, or remind them about products.

Advertising

Paid, non-personal promotion.

Publicity

Non-paid communication from the media about a business or product.

Sales Promotion

Promotional activities such as coupons, contests, and samples.

Selling

Personal communication that helps customers make buying decisions.

Pricing

Determining an exchange price where buyers and sellers perceive optimum value.

Exchange Price

The value agreed upon by buyer and seller.

Optimum Value

A balance where both buyer and seller feel satisfied with the price.

Price Flexibility

The ability to adjust prices to respond to economic conditions.

Competitive Pricing

Setting prices based on competition.

Price Skimming

Setting a high price initially to maximize profit.

Penetration Pricing

Setting a low price to enter a competitive market quickly.

Psychological Pricing

Prices that appeal to customers’ emotions (e.g., $9.99).

Prestige Pricing

High prices to create a quality or luxury image.

Cost-Based Pricing

Setting price based on product cost.

Demand-Based Pricing

Setting price based on what customers are willing to pay.

Value-Based Pricing

Setting price based on perceived value.

Selling Price

The amount a seller charges for a good or service.

Markup

The difference between the cost of a product and its selling price.

Profit

The money left after all costs are paid.

Operating Expenses

Costs required to run a business (rent, utilities, payroll).

Sales-Oriented Pricing

Setting prices to increase total sales revenue.

Profit-Oriented Pricing

Setting prices to maximize profit or earn a specific return.

Return on Investment (ROI)

Profit expressed as a percentage of the investment.

Market Share

The portion of total sales a company has in a market.

Competitive Advantage

An edge that allows a business to outperform competitors.

Ethical Pricing

Pricing that is fair, honest, and considers customer well-being.

Price Gouging

Charging extremely high prices during emergencies.

Price Fixing

Competitors illegally agreeing to set prices.

Bait-and-Switch

Advertising a low price to lure customers, then pushing a higher-priced product.

Predatory Pricing

Setting prices extremely low to force competitors out of the market.

Price Discrimination

Charging different prices to different people unfairly.

Spirit of the Law

The intended purpose behind a law.

Letter of the Law

The exact wording of the law.

Value Perception

How much satisfaction a customer believes a product will provide.

Consumer Trust

Confidence customers have in a business, strengthened by ethical pricing.

Warranty

A seller’s promise to repair or replace a product that does not work as expected.

Express Warranty

A written or spoken statement about a product’s quality.

Implied Warranty

An unstated expectation that a product will work as intended.

Full Warranty

Covers the entire product with refund or replacement allowed.

Limited Warranty

Covers only certain parts, repairs, or time periods.

Guarantee

A promise to refund the purchase price if not satisfied.

Unconditional Guarantee

Guarantee with no rules, limitations, or requirements.

Refund

Returning customer money if the product is unsatisfactory.

Product Liability

Legal responsibility of businesses for product harm or defects.

Standard

A specification used to judge or compare products.

Grade

A rating assigned to show how well a product meets standards.

Quality Standard

Criteria that define the excellence of a product.

Industry Standard

Rules or guidelines set by a particular industry.

Government Standard

Standards created by government agencies.

ISO 9000

International quality assurance standards for products.

UL Certification

Safety certification for electrical products.

USDA Grade

Government grade for food products such as meat and produce.

Uniformity

Consistency among products of the same type.

Product Rating

Evaluation of a product based on standards.

Decision-Making

Choosing among alternatives to reach a goal.

Routine Decision

Everyday decisions requiring little thought.

Limited Decision

Requires some evaluation and comparison.

Extensive Decision

Major choices requiring research and time.

Problem-Solving

Fixing an undesirable situation.

Objective

A goal or purpose that guides decisions.

Alternative

A possible choice or option.

Decision Fatigue

Mental exhaustion from making too many decisions.

Intuition

A gut feeling that influences decisions.

Risk Tolerance

A person’s comfort level with uncertainty or potential loss.

Experience

Prior knowledge that influences choices.

Evaluation Criteria

Standards used to compare options.

Trade-Off

Giving up one option in favor of another.

Consumer

A person who buys goods or services.

Producer

The business that creates goods or services.

Wholesaler

A business that buys large quantities from producers and sells to retailers.

Retailer

A business that sells goods directly to consumers.