SEM - chapter 2

An opportunity cost is the value of

Employees need to remember that customer service is everyone's responsibility.

The best strategy for businesses to rise above the competition is to provide uncompromising customer service

The ______ is the difference between what customers expect and the service they receive from a business.

Economic uncertainty has a direct impact on consumer purchases.

Outstanding customer service may be the reason why consumers select one company over numerous similar competitors

Each of the following is an example of market segment except

Producers are the driving force behind the marketing concept.

______ purchases are made with little thought during emotional highs and lows.

Geographic segmentation is based upon age, income, education, and other distinguishing characteristics .

Companies that have a comparative advantage are able to pass savings to their customers in the form of lower prices.

The marketing concept requires maintenance of important relationships with customers.

About half of every dollar that consumers spend on products pay for marketing costs.

_______ is the capability to produce products or services more efficiently and economically than the competition

Teenagers in the United States spend billions of dollars annually, making them a desirable target market.

Secondary data

Maslows' Hierarchy of Needs Pyramid includes ____ major human areas of need

The ______ is focused on satisfying customer needs

Young families often spend entertainment dollars to attend sporting events for their children.

Emotional purchases are more likely not to occur when

Mystery guests are sometimes hired to determine how well companies are performing customer service.

The increased standard of living in the United States has resulted in less discretionary income for consumers.

Realization of one's self potential is referred to as the _____ need in Maslow's Hierarchy of needs.

Purchases based on careful thought and sound reasoning are _________ purchases.

_________ segmentation divides markets , such as Eastern, Northern, Southern, and Western regions of the U.S.

External sources of information for businesses do not come from

Most consumers

The ______ represents the minimum sales required to cover all of the expenses

_________ is the value that people believe they receive from a product or service.

Today's consumers

The first step in marketing a product is to determine

Market share is the percentage of total sales of a product or service that a company expects to capture.

Mass marketing is used by companies when they are trying to appeal to a diverse group of consumers with different needs.

Marketers should never group consumers based on the benefits derived from products or services.

Two major goals of marketing are to determine what consumers want and how much they are willing to pay.

A value based culture communicates values through high performance and excellent customer service.

_____ is not part of Maslow's Hierarchy of Needs.

The _________ is a specific group of consumers that a company wants to reach.

_______ purchases are based upon loyalty to a particular brand or product.

Physiological needs include recognition and respect from others.

The marketing concept

Manufacturing-the rate of production of goods and services in relation to materials and employees utilized.