WorksheetsSEM Vocabulary List 2
Total questions: 16
Worksheet time: 8mins
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
Target market
a specific group of consumers a business wants to reach
a group of consumers within a larger market who share one or more characteristics
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
the difference between customer expectations and the service that is actually received
Market segment
a specific group of consumers a business wants to reach
a group of consumers within a larger market who share one or more characteristics
an attempt to appeal to a large, general group of consumers
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Mass marketing
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
the value people believe they receive from a product or service
an attempt to appeal to a large, general group of consumers
rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
Market share
a specific group of consumers a business wants to reach
purchases made with little thought during emotional highs or lows
keeping the focus on satisfying customer needs; requires maintaining important relationships with customers
the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Customer service gap
purchases based on consumer loyalty to a particular brand or product
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
the difference between customer expectations and the service that is actually received
Values-based culture
keeping the focus on satisfying customer needs; requires maintaining important relationships with customers
a culture that communicates values through high performance and excellent customer service
value of the next best alternative that you pass up when making a choice
the value people believe they receive from a product or service
