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Nature of pricing
5.01
| Term | Definition |
|---|---|
| Competiton | The rivalry between two or more businesses to attract scare customer dollars |
| Discount store | A retail store competing on the basis of low prices and offering limit 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 financially able and willing to satisfy that desire. |
| Market share | An organization's portion of the total industry sales in a specific market |
| Marketing research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern |
| Marketing mix | The combination of the four elements of marketing-product, place, promotion, and price |
| 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 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, 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 | Th amount of money a business plans to spend on promoting its goods and services during a certain period of time. |
| Marketing | An organizational function and a set of processes for creating, communicating, and delivering value to customers and or managing customer relations in ways that benefits the organization and its stakeholders |
Created by:
Zannah.h449
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