Vocab Glossary

2. objectives- Goals a company hopes to accomplish through its pricing strategies
3. budget- The amount of money a business plans to spend on promoting its goods and services during a certain period of time
4. 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
6. decisions- Marketing element referring to what goods, services, or ideas a business will offer its customers
8. - A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
9. A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value
10. share - An organization’s portion of the total industry sales in a specific market
11. (Distribution)- Marketing element focusing on considerations in getting a selected product in the right place at the right time
12. mix- The combination of the four elements of marketing—product, place, promotion, and price
13. margin- A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales

1. store- A retail store competing on the basis of low prices and offering limited customer service
4. research- The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
5. price- The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service
7. The rivalry between two or more businesses to attract scarce customer dollars
10. The message channel used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines)
13. decisions- Marketing element referring to selection of the various types of communications that marketers use to inform, persuade, or remind customers of their products