Business and Marketing Terms

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Competition

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

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Discount Store

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

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Exchange Price

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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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Market Share

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An organization’s portion of the total industry sales in a specific market.

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Marketing Research

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The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern.

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Pricing Objectives

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Goals a company hopes to accomplish through its pricing strategies.

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Profit Margin

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A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales.

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Promotional Budget

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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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Qualitative Forecasting

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Sales forecasting that is based on expert opinion and personal experience.

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Quantitative Forecasting

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Sales forecasting that is based on the analysis of hard facts or numerical data.