PI-001 Vocabulary

3. A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
4. A retail store competing on the basis of low prices and offering limited customer service
8. The combination of the four elements of marketing—product, place, promotion, and price
9. Marketing element focusing on considerations in getting a selected product in the right place at the right time
11. 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
13. The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
14. The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service

1. Marketing element referring to what goods, services, or ideas a business will offer its customers
2. The rivalry between two or more businesses to attract scarce customer dollars
5. The amount of money a business plans to spend on promoting its goods and services during a certain period of time
6. Goals a company hopes to accomplish through its pricing strategies
7. The message channel used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines)
10. A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales
11. An organization’s portion of the total industry sales in a specific market
12. A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire