5.01
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| Competition | The rivalry between two or more business to attract scarce customer dollars.
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| Discount Store | A retail store competing on the basis of low prices and offering limited customer service
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| Exchange Price | the amount of money that a buyer is willing to pay and the seller is willing to accept for a good or service
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| Market | A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
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| Market Share | An organizations portion of the total industry sales in a specific market
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| 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 company.
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| Marketing Mix | The combination of the four elements of marketing-product, place, promotion, and price
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| Marketing Research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
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| Medium | The message channel used by a seller to promote a good, service, or idea
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| Place | marketing element focusing on considerations in getting a selected product in the right place at the right time
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| Pricing | A marketing function that involves determining and adjusting prices to maximize return and meet customers perceptions of value
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| Pricing Objectives | Goals a company hopes to accomplish through its pricing strategies
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| Product Decisions | Marketing element referring to what goods, services, or ideas a business will offer its customers
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| Profit Margin | A ratio of net profit divided by net sales that reflects the net profit per dollar of sales.
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| 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
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| Promotional Budget | The amount of money a business plans to spend on promotion its goods and services during a certain period of time.
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