The Price is Right

Market

A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire

Discount Store

A retail store competing on the basis of low prices and offering limited customer service

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 a way that benefit the organization and its stakeholders

Pricing Objectives

Goals a company hopes to accomplish through its pricing strategies

Place (Distribution)

Marketing element focusing on considerations in getting selected product in the right place at the right time

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

Product Decisions

Marketing element referring to what goods, services or ideas a business will offer its customers

Pricing

Marketing function that involves determining and adjusting prices to maximize return and meet customers' perception of value

Promotional Budget

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

Profit Margin

The amount of money that a business earns on sales after expenses; expressed as a ratio

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

Marketing Mix

The combination of the four elements of marketing-product, place, promotion and price

Medium

The message channel used by a seller to promote a good, service or idea e.g.; radio, television, newspapers, magazine

Competition

The rivalry between two or more businesses to attract scarce customer dollars

Marketing Research

The systematic gathering, recording, and analyzing of data about a specific issue