| A | B |
|---|
| marketing concept | a business keeps the focus of satisfying customer needs. |
| 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 of organizing, promoting, and running the event. |
| opportunity cost | the value of the next best alternative that you forgot when making a choice. |
| economic market | all of the consumers who will purchase a product or service. |
| benefits derived | the value people believe they receive from a product or service. |
| comparative advantage | the capability to produce products or services ore efficiently and economically than the competition. |
| emotional purchases | purchases made with little thought during emotional highs or lows. |
| rational purchases | purchases based upon careful thought and sound reasoning that take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, and compare alternatives. |
| patronage purchases | purchases based on loyalty to a particular brand or product |
| target market | a specific group of consumers you want to reach. |
| 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. |
| customer service gap | the difference between customer expectations and the service that is actually received. |
| values-based culture | business culture rooted in high performance and excellent customer service. |
