Buisness Flashcards
opportunity cost
Value of the next best alternative that you pass up when making a choice
Economic market
all of the consumers who will purchase a product or service
benefits derived
the value people believe they receive from a product or service
comparative advantage
the ability to produce a specific product more efficiently than any other product
Patronage Purchase
Purchases based on loyalty to a particular brand or product
Marketing concept
The idea that you must satisfy a customers' needs and wants in order to make a profit
market segment
a group of consumers within a larger market who share one or more characteristics
Mass Marketing
Using a single marketing strategy to reach all customers
market shares
Its percentages of the total sales volume generated by all companies that compete in a given market
values based culture
business culture rooted in high performance and excellent customer service
Target Market
A specific group of customers on whom an organization focuses its marketing efforts
Productivity
the quantity of goods and services produced from each unit of labor input
marketing concept
states that businesses must satisfy customers' needs and wants in order to make a profit
breakeven point
the point at which the costs of producing a product equal the revenue made from selling the product
emotional purchases
when consumers spend with little thought during emotional highs or lows
Rational Purchases
Purchases based upon careful thought and sound reasoning
Target Market
A specific group of customers on whom an organization focuses its marketing efforts
values-based culture
a culture that communicates values through high performance and excellent customer service