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5.01 Glossary

Business Management 1

TermDefinition
Competition The rivalry between two or more businesses to attract scarce customer dollars
Discount store A retail store competing on the basic of low prices and offering limited customer service
Exchange price The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service
Market A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
Marketing An organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relations in ways that benefit the organization and its stakeholders
Marketing mix The combination of the four elements of marketing-product, place, promotion, and price
Marketing research The systematic gathering, recording, and analyzing of data about a specific issue, situation or concern
Medium The mess
Created by: ahmauri.a643
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