| A | B |
|---|
| marketing costs | half of every dollar that individuals spend pays for |
| marketing concept | requires maintenance of important relationships with customers. |
| more discretionary income | decreased standard of living has resulted in what for consumers |
| esteem | include recognition and respect from others |
| Economic uncertainty | has a direct impact on consumer purchases |
| best way to rise above competition | to provide uncompromising, outstanding customer service |
| patronage buying motive | making a purchase because of brand loyalty is what type of buying motive |
| target markets | market segments are broken up into smaller more specific groups of customers called |
| Characteristics of today's consumers | are more mobile than ever before have more choices for their discretionary income consider benefits derived when making purchases |
| Maslow's Hierarchy of Needs | self-actualization, security, physiological needs, esteem, social |
| Geographic | divides markets into physical locations |
| self-actualization | Realization of one’s self potential |
| emotional purchases | type of purcahses refer to a time when consumers spend with little thought during emotional highs or lows |
| consumers | have limited financial resources,use the decision-making process to decide how to spend their limited resources |
| external sources | business publications trade and professional organizations government reports |
| Secondary data | data that has already been collected for some other purpose |
| step 1 in marketing a product | determining a target market for the specific product |
| marketing concept | focuses attention on satisfying customer needs involves satisfying exchange relationships between the consumer and producer |
| rational | Purchases based upon careful thought and sound reasoning |
| esteem | needs to gain recognition, concerned with image , or gaining respect from others |
| opportunity cost | if Miss Craft decides to go to the football game rather than go putt putting , then putt putting would be her what? |
| customer service gap | the difference between what customers expect and the service they receive from a business |
| comparative advantage | the capability to produce products or services more efficiently and economically than the competition |
| breakeven point | is the point at which all of the expenses for producing a product are covered |
| Maslow's Hierarchy of Need | includes the five major human areas of need |
| demographic | segmentation is based upon age, income, education, and other distinguishing characteristics of a particular market segmen |
| market share | the percentage of total sales of a product or service that a company expects to capture in relation to its competitors |
| productivity | the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized |
| target market | is a specific group of consumers that a company wants to reach |
| benefits derived | the value that people believe they receive from a product or service |
| opportunity cost | the value of the next best alternative that you forgo when making a choice |
