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| 1. Competition: The rivalry between two or more businesses to attract scarce customer dollars |
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| 2. Discount store: A retail store competing on the basis of low prices and offering limited customer service |
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| 3. 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 |
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| 4. 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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| 5. Market share: An organization’s portion of the total industry sales in a specific market |
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| 6. 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 |
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| 7. Marketing mix: The combination of the four elements of marketing—product, place, promotion, and price |
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| 8. Marketing research: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern |
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| 9. Medium: The message channel used by a seller to promote a good, service, or idea, e.g., radio, television, newspapers, magazines |
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| 10. Place (Distribution): Marketing element focusing on considerations in getting a selected product in the right place at the right time |
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| 11. Pricing: A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value |
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| 12. Pricing objectives: Goals a company hopes to accomplish through its pricing strategies |
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| 13. Product decisions: Marketing element referring to what goods, services, or ideas a business will offer its customers |
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| 14. Profit margin: A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales |
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| 15. 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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| 16. 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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