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PI-001 Glossary 1/2

AB
CompetitionThe rivalry between two or more businesses to attract scarce customer dollars
MarketingAn 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
Exchange priceThe amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service
Marketing mixThe combination of the four elements of marketing—product, place, promotion, and price
MarketA customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
Marketing researchThe systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Market shareAn organization’s portion of the total industry sales in a specific market
Discount storeA retail store competing on the basis of low prices and offering limited customer service


Business Marketing Teacher, Career Technical Education
CENTRAL CABARRUS HIGH SCHOOL
Concord, NC

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