About one half of every dollar you spend pays for marketing costs.

The customer service gap is the difference between ______________ and the service that is actually received.

Everyone belongs to several different _______________.

________ purchases take place when individuals make purchases based on careful thought and sound reasoning.

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

A market segment is a group of consumers within a larger market who share one or more _______________.

____________ segmentation focus on characteristics that cannot be measured physically, such as values, interests, and lifestyle choices.

____________ segmentation focuses on a customer’s attitude toward products and services.

Retailers have a limited budget and have to submit purchase orders for merchandise at least a year in advance, so they must develop a buying plan based on projected market expectations.

__________________ is the capability to produce products or services more efficiently and economically than the competition.

The number one goal of customer service is comparative advantage.

Market share is the percentage of total sales of a product/service that a company expects to capture in relation to its competitors.

__________ purchases are when consumers spend money with little thought during emotional highs or lows.

_________ purchases are based on consumer loyalty to a particular brand or product.

______________ is the value people believe they receive from a product or service.

________ segmentation divides markets into physical locations.

____________ segmentation focuses on information that can be measured, such as age, income, profession, gender, education, marital status and size of household.

The best strategy for a business to rise above the competition is to provide uncompromising, outstanding _________________.

Opportunity cost is the value of the next best alternative that you pass up when making a choice.