Lesson 4 Flashcards
A business that keeps focus of satisfying customer needs is said to be following the
Marketing concept
Is the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
Productivity
The minimum attendance and sales required to cover all of the expenses of organizing, promoting, no running the event
Breakeven point
May be defined as. The cause of the next best alternative that you forgo when making a choice
Opportunity cost
Includes all of the consumers who will purchase a product or service
Economic market
Refers to the value people bell e they receive fro am product or service
Benefits derived
The capability to produce products or services more efficiently and economically than the competition
Comparative advantage
When they spend with little thought during emotional highs or lows
Emotional purchase
Take loads when individuals recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases base upon careful thought and sound reasoning
Rational purchase
Are based on loyalty to a particular brand of product
Patronage Purchase
Is a specific group of consumers you want to reach
Target market
Is a group of consumers within a large markets who share one or more characteristics
Market segment
Is the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Market share
Is the difference between customer expectations and the service that is actually received
Customer service gap
Business culture rooted in high performance and excellent customer service
Values-based culture
