Chapter 2 Vocab S&EM

4. The value people believe they receive from a product or service
7. Purchases made by consumers with little thought
11. Group of consumers within a larger market who share one or more characteristics
14. The capability to produce products or services more efficiently and economically than the competition
15. Purchases based on careful thought and sound reasoning
16. A focus on satisfying customer needs

1. Point of sales at which all of the expenses are covered
2. Rate at which companies produce goods and services more efficiently and economically than the competition
3. A specific group of consumer a business wants to reach
5. All of the consumers who will purchase a product or service
6. The percentage of total sales of a product or service that a company expects to capture in relation to its competitors
8. culture A business culture that communicates values through high performance and excellent customer service
9. Difference between customer expectations and actual service received
10. An attempt to appeal to a large, general group of consumers
12. The value of the next best alternative that you pass up when making a choice
13. Purchases based on consumer loyalty to a particular brand of product