ENTR 1 Module 5 Vocabulary

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

• Competition

• Pricing

• Medium

• Marketing

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

• Pricing

• Place

• Market

• Discount Store

The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service

• Promotion Decisions

• Pricing

• Exchange Price

• Promotional Budget

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

• Market Share

• Market

• Medium

• Place (Distribution)

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

• Marketing

• Marketing Mix

• Market

• Market Share

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

• Marketing

• Marketing Mix

• Market Share

• Marketing Research

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

• Marketing

• Market Share

• Marketing Mix

• Marketing Research

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

• Marketing

• Marketing Mix

• Marketing Research

• Market Share

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

• Competition

• Medium

• Exchange Price

• Profit Margin

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

• Pricing Objectives

• Pricing

• Profit Margin

• Place (Distribution)