| A | B |
|---|
| half | This much money is spent on marketing costs |
| marketing segment | THIS includes specific groups of people but not a general category like ALL men |
| benefits derived | Marketers often group people by their buying habits or what they gain from a product called THIS |
| Marketing Concept | Customers are the driving force behind this concept |
| Marketing | Two major goals of THIS are to determine what the consumers want and what they are willing to pay |
| Esteem | Your need for this includes respect and recognition from others on Maslow's Hierarchy |
| Customer service | Mystery guests are sometimes hired to determine how well companies are performing THIS |
| today's consumers | This group is more mobile than before, want more benefits derived, and have more choices for their discretionary income |
| Maslow's Hierarchy of Needs | Includes self-actualization, esteem, social, security, physiological |
| Geographic | Segments the market by physical locations |
| Self-actualization | Realization of one's self potential |
| Emotional Purchases | These purchases are made when customers spend little thought during emotional highs and lows, but not every day things |
| consumers | This group has limited financial resources and use decision making to decide how dollars are spent |
| External | these sources of information come from things like government reports, trade and professional organizations and business publications OUTSIDE the business |
| Secondary data | This has already been collected for another purpose |
| First step | what step in marketing a product is the consumer identified? |
| Marketing Concept | Focuses on satisfying customer needs and exchange relationships but NOT maximizing profit |
| Rational | Purchases based upon careful thought and sound reasoning |
| Marketing Concept | THIS is focused on satisfying customer needs |
| Customer service gap | The difference between what a customer expects and what they receive |
| Comparative Advantage | The capability to produce products or services more efficiently and economically than the competition |
| Breakeven point | the minimum sales to cover expenses |
| Maslows Heirarchy of Needs | Includes 5 major human areas of need. |
| Patronage | Purchases based upon loyalty to a particular brand or product |
| Demographic | This segment is based on age, income, education |
| Market share | the percentage of total sales or a product or service the company captures in relation to competitors |
| Productivity | The rate at which companies produce goods or services in relation to materials and employees utilized |
| Target Market | A specific group of consumers OF a market segment |
| Benefits Derived | The value that people believe they receive from a product or service |
