| A | B |
|---|
| marketing concept | a business that is set on fulfilling a customers needs is following the... |
| productivity | the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized |
| breakeven point | the minimum attendance and sales required to cover all of the expenses organizing, promoting and running the event |
| opportunity cost | may be defined as the next best alternative that you forgo when making a choice |
| economic market | includes all of the consumers who will purchase a product or service |
| `benefits derived | refers to the value people believe they recieve from a product or service |
| comparative advantage | the capability to produce products or services more efficiently and economically than the competition |
| emotional purchases | spending with little thought during emotional highs or lows |
| rational purchases | take place when individuals recognize needs and wants, asses their priorities and budget, conduct research, compare alternatives, and then make purchases based upon careful thought and sound reasoning |
| patronage purchases | based on loyalty to a particular brand or product |
| target market | specific group of customers that you want to reach |
| market segment | group of consumers within a larger market who share more than one characteristic |
| market share | percentage of sales a company expects to capture in relation to its competitos |
| customer service gap | difference between expectation and what is recieved |
| values based culture | rooted in high performance and excellent customer service |
