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5.01 Nature of Prici

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 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
Market A 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 a set of processes for creating, communicating, and delivering value to customers and for managing customer relations in ways that benefit them
Marketing mix Combination of the four elements of marketing--product, place, promotion, and price
Marketing research Systematic gathering, recording, and analyzing of data about a specific issue, situation or concern
Medium Message channel used by the seller to promote a good, service, or idea
Place (distribution) Marketing element focusing on getting a select product to the right place at the right time
Pricing 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 strats
Profit decisions Marketing element referring to what goods, services, or idea a business will offer its customers
Profit margin 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 various types of communications that marketers use to inform, persuade, or remind customers of their product
Promotional budget They amount of money a business plans to spend on promoting its goods and services during a certain period of time
Created by: Jstew04
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