5.01 Word Scramble

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Term	Definition
Competition	The rivalry between two or more business 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 a 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 is financially able and willing to satisfy that desire
Market Share	An organizations 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 company.
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
Place	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 divided by net sales that reflects the net 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 promotion its goods and services during a certain period of time.

Created by: zackary.a480