Chapter 2 Vocab

1. buying based on loyalty to brand or product
6. group of consumers within larger market who share one or more characteristics
10. Value people believe they receive from a product or service
11. buying based on needs, wants, priorities, budget, research, alternatives,thought, and reasoning
14. specific group of consumers business wants to reach
15. attempt to appeal to large,general group of consumers
16. capability to produce products or services more efficiently and economically than competition

2. all consumers who will purchase a product or service
3. percentage of total sales of product or service that company expects to capture in relation to its competitors
4. difference between customer and service that is actually received
5. Keep focus on satisfying customer needs during all activities
7. an organizations' values are what support its' vision, shape its' culture, and reflect what is important to the organization.
8. value of next best alternative that you pass up when making a choice
9. buying with little thought during emotional highs or lows
12. rate at which companies produce goods or services in relation to amount of materials and number of employees utilized
13. Minimum sales required to cover all of expenses of organizing, promoting, and running the event