DECA basics
What does DECA stand for?
Distributive Education Clubs of America
What are the 4 Ps of marketing?
Product, Price, Place, Promotion
What is a brand?
The identity and reputation of a product/company
What is a promotional mix?
A blend of advertising, public relations, sales promotion, personal selling, and direct marketing
Define supply and demand.
Supply = amount available; Demand = desire to buy
Name one DECA competition type (event cluster)
Marketing, Business Management, Hospitality & Tourism, Finance.
What does “Product” refer to?
The good/service offered to meet customer needs
What is brand loyalty?
When customers repeatedly choose the same brand over competitors
Define “target audience.”
The group of consumers a business aims to reach
What is a profit?
Revenue minus expenses
What is a role-play event?
A short and memorable phrase used to identify a brand
What does “Price” include besides cost?
Discounts, psychological pricing, perceived value, competitor pricing any
What is a brand slogan?
A short and memorable phrase used to identify a brand
Give one example of sales promotion.
Coupons, discounts, contests, samples, loyalty programs (any one)
What is market share?
A company’s portion of total sales in a market
What is a written event?
A written business plan or report submitted and presented to judge
What is “Place” in marketing?
Where and how the product is distributed to customers
What is brand equity?
The added value a brand name gives compared to a generic version
What is a call-to-action (CTA)?
A phrase encouraging the audience to take immediate action
What is competition in business?
Rivalry between businesses selling similar products
What is the 5th P some marketers add?
A written business plan or report submitted and presented to judges
What is the 5th P some marketers add?
People (sometimes also Process or Physical Evidence)
What is co-branding?
When two brands partner on a product or marketing campaign
What is guerrilla marketing?
Low-cost, unconventional marketing tactics that get attention
What is a monopoly?
When only one company controls an entire market