Untitled Flashcards Set

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 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 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 (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

The amount of money a business plans to spend on promoting its goods and services during a certain period of time.