What is the most important aspect of marketing?
satisfying customer needs
What is critical to the marketing concept?
Successful customer relationships
What are successful marketing Strategies?
Identifying customer needs and location, provide products perceived as superior, maintain successful customer relationships, and offer the appropriate marketing mix
What is the breakeven point?
Minimum sales and attendance required to cover all of the expenses
What is profit?
Revenue earned beyond the breakeven point
What is opportunity cost?
The value of the next best alternative that you forgo when making a choice
What is economic market?
All of the consumers who will purchase a product or service
What is benefits derived?
The value people believe they receive from a product or service
What is comparative advantage?
The capability to produce products or services more efficiently and economically than the competition
What are buying motives?
Emotional purchases or rational purchases
What are patronage purchases?
Based on loyalty to a particular brand of product
What is the information needed for marketing decisions?
demographics, shopping behaviors, how consumers spend money, product and brand preference, frequency of purchases
What are the sources of information for businesses?
Internal sources and external sources
What is a target market?
Specific group of consumers you want to reach
What is a market segment?
A group of consumers within a larger market who share one or more characteristics
What is market share?
Percentage of total sales of a product or service that a company expects to capture in relation to its competitors
What does business success depend on?
Excellent customer service
Customers are likely to tell who what?
tell at least 10 people about their poor customer service experiences
what training program makes an impact?
What does Gallery furniture have?
effective customer service principles
whats a mystery guest?
hired by an outside firm to have an individual assess the performance of a business