SE Marketing Chapter 2

5. the capability to produce products or services more efficiently and economically than the competition
6. an attempt to appeal to a large, general group of consumers
11. when consumers spend with little thought during emotional highs or lows
12. keeping the focus on satisfying customer needs; requires maintaining important relationships with customers
13. rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
14. the percentage of total sales of a product or service that a company expects to capture in relation to its competitors
16. a specific group of consumers a business wants to reach

1. value of the next best alternative that you pass up when making a choice
2. a group of consumers within a larger market who share one or more characteristics
3. a culture that communicates values through high performance and excellent customer service
4. minimum sales required to cover all of the expenses of organizing, promoting, and running the event
7. all of the consumers who will purchase a product or service
8. the difference between customer expectations and the service that is actually received
9. when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning
10. the value people believe they receive from a product or service
15. purchases based on consumer loyalty to a particular brand or product