SEM Vocabulary List 2

Marketing Concept

• value of the next best alternative that you pass up when making a choice

• keeping the focus on satisfying customer needs; requires maintaining important relationships with customers

• minimum sales required to cover all of the expenses of organizing, promoting, and running the event

• purchases based on consumer loyalty to a particular brand or product

Productivity

• an attempt to appeal to a large, general group of consumers

• a group of consumers within a larger market who share one or more characteristics

• a culture that communicates values through high performance and excellent customer service

• rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized

Breakeven point

• purchases based on consumer loyalty to a particular brand or product

• an attempt to appeal to a large, general group of consumers

• minimum sales required to cover all of the expenses of organizing, promoting, and running the event

• the difference between customer expectations and the service that is actually received

Opportunity cost

• value of the next best alternative that you pass up when making a choice

• the capability to produce products or services more efficiently and economically than the competition

• purchases made with little thought during emotional highs or lows

• a specific group of consumers a business wants to reach

Economic market

• a specific group of consumers a business wants to reach

• purchases based on consumer loyalty to a particular brand or product

• all of the consumers who will purchase a product or service

• the percentage of total sales of a product or service that a company expects to capture in relation to its competitors

Benefits derived

• the capability to produce products or services more efficiently and economically than the competition

• the value people believe they receive from a product or service

• when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning

• a culture that communicates values through high performance and excellent customer service

Comparative advantage

• rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized

• value of the next best alternative that you pass up when making a choice

• an attempt to appeal to a large, general group of consumers

• the capability to produce products or services more efficiently and economically than the competition

Emotional purchases

• purchases made with little thought during emotional highs or lows

• value of the next best alternative that you pass up when making a choice

• keeping the focus on satisfying customer needs; requires maintaining important relationships with customers

• the difference between customer expectations and the service that is actually received

Rational purchases

• purchases made with little thought during emotional highs or lows

• purchases based on consumer loyalty to a particular brand or product

• the percentage of total sales of a product or service that a company expects to capture in relation to its competitors

• when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning

Patronage purchases

• when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning

• purchases made with little thought during emotional highs or lows

• purchases based on consumer loyalty to a particular brand or product

• an attempt to appeal to a large, general group of consumers