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the nature of pricin
| 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 willing to pay and 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 |
| 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 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 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 divided by net sales that reflects the profit per dollar of sales |
| 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 |
| 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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valorie.b923
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