2.1 The Marketing Concept

Marketing concept
keeping focus on satisfying customer needs; requires maintaining important relationships with customers
Producivity
the rate at which companies produce goods or services in relation to the amount of material and number of employees utilized
opportunity cost
the value of the next best alternative that consumers pass up when making a choice
breakeven point
the minimum sales required to cover all the expenses of organizing, promoting and running an event or producing a product
Businesses that follow the marketing concept
will focus on satisfying customer needs
The reason for growth in the sports/entertainment industry
higher standard of living and increased discretionary income
How can businesses maintain repeat business
no hassles, quality products, fair price, maintained customer enjoyment of product/service
Cross promotion
is a form of marketing promotion where customers of one product or service are targeted with promotion of a related product
Marketing costs include
product development, packaging, advertising and sales expenses