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5.01

The Nature of Pricing

TermDefinition
Competition The rivalry between two or more businesses to attract scarce customer dollars
Discount store A retail store competing on the basis 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 of a potential customer has an unlimited desire and is financially able and willing to satisfy that desire
Market share An organization's portion of the total industry sales in a specific market
Marketing an organization function and a set of processes for creating, communicating, 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 message channel used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines)
Place(Distribution)) Marketing element referring to what goods, services, or ideas a business will offer its customers
Pricing A marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value
Pricing objectives Goals a company hopes to accomplish through its pricing strategies
Product decisions Marketing element referring to what goods, service, or ideas a business will offer its customers
Profit margin a ratio of net/profit (after taxes) divided by net sales that reflects the profit per dollar of sales
Promotional budget The amount of money a business plans to spend on promoting its goods and services during a certain period of time
Promotion decisions Marketing element referring to selection of the various types of communication that marketers use to inform, persuade, or remind customers of their products
Created by: spirit.w195
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