Entrepreneurship I - 5.01 Vocabulary Quiz

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

• Marketing Research

• Competition

• Marketing Mix

• Market

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

• Market

• Distributor

• Wholesaler

• 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.

• Exchange Price

• Pricing Objectives

• Pricing

• Promotional Budget

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

• Marketing Mix

• Market

• Distribution

• Agent

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

• Market Share

• Market Research

• Profit Margin

• Competition

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

• Market Research

• Profit Margin

• Pricing Objectives

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

• Market

• Marketing Research

• Market Share

• Marketing Mix

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

• Marketing Mix

• Market

• Marketing Research

• Pricing Objectives

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

• Promotional Budget

• Medium

• Promotion Decisions

• Marketing Research

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

• Price

• Place (Distribution)

• Product

• Promotion Decisions