Benefits derived
the value people believe they receive from a product or service
Breakeven point
minimum sales required to cover all of the expenses of organizing, promoting, and running the event
Comparative advantage
the capability to produce products or services more efficiently and economically than the competition
Customer service gap
the difference between customer expectations and the service that is actually received
Economic market
all of the consumers who will purchase a product or service
Emotional purchases
when consumers spend with little thought during emotional highs or lows
Market segment
a group of consumers within a larger market who share one or more characteristics
Market share
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Marketing concept
keeping the focus on satisfying customer needs; requires maintaining important relationships with customers
Mass marketing
an attempt to appeal to a large, general group of consumers
Opportunity cost
value of the next best alternative that you pass up when making a choice
Patronage purchases
purchases based on consumer loyalty to a particular brand or product
Productivity
rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
Rational purchases
when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning
Target market
a specific group of consumers a business wants to reach
Values-based culture
a culture that communicates values through high performance and excellent customer service