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5.01G The Nature
| Term | Definition |
|---|---|
| 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 willling to pay and seller is willing to accept for a good or service |
| Market | A customer or a potenial customer who has an unfulfilled 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 organizational function and set of processes fro creating communicating, and delivering value to customers and for managing customer relations in ways that benefits 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 cocern |
| 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 focusing on considerations in getting a selected product in the right place at the right time |
| Pricing | A market function that involves determining and adjusting prices to maximize return and meet customer' perceptions of value |
| Pricing objectives | Goals a company hopes to accomplish through its pricing strategies |
| Product decisions | Marketing elements referring to what goods , services , 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 |
| Promotion decisions | Marketing element referring to selection of the various types of communications that marketers use to inform ,persuade , or remind customers of their products |
| Promotional budget | The amount of money a business plans to spend on promoting its goods and services during a certain period of time |
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ashley.p709
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