| A | B |
|---|
| Brand | the name, symbol, or design used to identify a product |
| Competition-based pricing | pricing that is determined by considering what competitors charge for the same good or service |
| Cost-based pricing | pricing determined by using the wholesale cost of an item as the basis for the price charged |
| Demand-based pricing | pricing that is determined by how much customers are willing to pay for a product or service |
| Discount pricing | offers customers a reduced price, encouraging them to buy |
| Features | product characteristics that will satisfy customer needs |
| Market share | business’s percentage of the total sales generated by all companies in the same market |
| Marketing | all of the processes—planning, pricing, promoting, distributing, and selling—used to determine and satisfy the needs of customers and the company |
| Marketing concept | uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service |
| Marketing mix | blending of the product, price, distribution, and promotion used to reach a target market |
| Marketing plan | defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and identifies and anticipates change |
| Marketing strategy | plan that identifies how marketing goals will be achieved |
| Positioning | creating an image for a product in the customer’s mind |
| Product mix | different products and services a business sells |
| Psychological pricing | pricing strategy based on the belief that certain prices have an impact on how customers perceive a product |
| Return on investment | amount earned as a result of the investment, usually expressed as a percentage |
