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The Price Is Right
The Price Is Right
16
Marketing
9th Grade
12/16/2013

Additional Marketing Flashcards

 


 

Cards

Term
Competition
Definition
The rivalry between two or more businesses to attract scarce customer dollars
Term
Discount store
Definition
A retail store competing on the basis of low prices and offering limited customer service
Term
Exchange price
Definition
The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service
Term
Market
Definition
A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
Term
Market share
Definition
An organization’s portion of the total industry sales in a specific market
Term
Marketing
Definition
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
Term
Marketing mix
Definition
The combination of the four elements of marketing—product, place, promotion, and price
Term
Marketing research
Definition
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Term
Medium
Definition
The message channel used by a seller to promote a good, service, or idea, e.g., radio, television, newspapers, magazines
Term
Place (Distribution)
Definition
Marketing element focusing on considerations in getting a selected product in the right place at the right time
Term
Pricing
Definition
A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
Term
Pricing objectives
Definition
Goals a company hopes to accomplish through its pricing strategies
Term
Product decisions
Definition
Marketing element referring to what goods, services, or ideas a business will offer its customers
Term
Profit margin
Definition
A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales
Term
Promotion decisions
Definition
Marketing element referring to selection of the various types of communications that marketers use to inform, persuade, or remind customers of their products
Term
Promotional budget
Definition
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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