Chapter 2 Putting the Customer First

Front

The value people believe they receive from a product or service

Back

Benefits derived

Front

Segmentation based upon age, income, education, and other distinguishing characteristics

Back

Demographics

Front

Consumers make purchases based on careful thought and sound reasoning

Back

Rational purchases

Front

Purchases based on consumer loyalty to a particular brand or product

Back

Patronage purchases

Front

When consumers spend with little thought during emotional highs or lows

Back

Emotional purchases

Front

Segmentation divides markets into physical locations, such as regions of the U.S.

Back

Geographic segmentation

Front

An attempt to appeal to a large, general group of consumers

Back

Mass marketing

Front

Minimum sales required to cover all of expenses of organizing, promoting, & running the event

Back

Breakeven point

Front

All of the consumers who will purchase a product or service

Back

Economic market

Front

Capability to produce products/services more efficiently and economically than the competition

Back

Comparative advantage