Chapter 2

1. group of consumers within a larger market who share one or more characteristics
5. point of sales at which all of the expenses are covered
7. an attempt to appeal to a large, general group of consumers
11. the value of the next best alternative that you pass up when making a choice
14. the capability to produce products or services more efficiently and economically than the competition
15. a specific group of consumers a business wants to reach

2. purchases made by consumers with little thought
3. the value people believe they receive from a product or service
4. a focus on satisfying customer needs
6. purchases based on consumer loyalty to a particular brand or product
8. all of the consumers who will purchase a product or service
9. difference between customer expectations and actual service received
10. rate of which companies produce goods and services in relation to the amount of materials and number of employees utilized
12. a business culture that communicates values through high performance and excellent customer service
13. purchases based on careful thought and sound reasoning