DECA Practice 1 Marketing Cluster

Product Life Cycle Stages

Introduction, Growth, Maturity, Decline.

Branding

Brand Name, Logo, Slogan, Brand Equity.

Penetration Pricing

A pricing strategy that sets a low price to attract customers and build market share quickly.

Price Skimming

A pricing strategy where a high price is set initially to maximize revenue, and the price is gradually lowered to attract more customers.

Psychological Pricing

A pricing strategy where prices are set just below a round number (e.g., $9.99 instead of $10) to make the product seem cheaper.

Cost-Plus Pricing

A pricing strategy where a fixed markup is added to the production cost to determine the selling price.

Competitive Pricing

A pricing strategy where the price is set based on the prices of competitors.

Direct Distribution

Selling products directly to the consumer, bypassing intermediaries like wholesalers and retailers.

Indirect Distribution

Using intermediaries (like wholesalers and retailers) to distribute products to the customer.

Multi-Channel Distribution

Using both direct and indirect distribution channels to sell products (e.g., online store + retail store).

Sales Promotions

Short-term incentives like discounts, coupons, or limited-time offers designed to encourage customer purchases.

Advertising

Paid communication through media (TV, radio, social media, etc.) designed to inform and persuade customers.

Public Relations (PR)

Managing a company's image and building relationships with the public through media, sponsorships, and events.

Personal Selling

Direct interaction between a salesperson and a customer, typically used for more expensive or complex products.

Direct Marketing

Reaching customers directly through methods like email, catalogs, or telemarketing.

Demographic Segmentation

Dividing the market based on characteristics like age, gender, income, education, and occupation.

Geographic Segmentation

Dividing the market based on location, such as country, city, or climate.

Psychographic Segmentation

Dividing the market based on lifestyle, personality, and values.

Behavioral Segmentation

Dividing the market based on consumer behavior, such as purchasing habits, brand loyalty, and usage.

Customer Service

Providing quick, helpful, and personalized service to resolve customer issues effectively.

Customer Loyalty Programs

Programs designed to reward customers for repeat purchases or engagement, like earning points for discounts.

Product Differentiation

The process of distinguishing a product from others to make it more attractive to a particular target market.