SEM4e Chapter 2 Putting the Customer First

Focus on satisfying customer needs; requires maintaining important relationships with customers

% of total sales of a product that a company expects to capture in relation to its competitors

A specific group of consumers a business wants to reach

Info. from business publications, trade and professional organizations and government reports

Data that has already been collected

Needs Pyramid: Physiological , Security , Social , Esteem , Self actualization

Consumers make purchases based on careful thought and sound reasoning

Purchases based on consumer loyalty to a particular brand or product

The value people believe they receive from a product or service

The difference between customer expectations and the service that is actually received

Capability to produce products/services more efficiently and economically than the competition

When consumers spend with little thought during emotional highs or lows

All of the consumers who will purchase a product or service

A group of consumers within a larger market who share one or more characteristics

Realization of one's self potential

Minimum sales required to cover all of expenses of organizing, promoting, & running the event

Value of the next best alternative that you pass up when making a choice

An attempt to appeal to a large, general group of consumers

Segmentation based upon age, income, education, and other distinguishing characteristics

Rate which companies produce goods in relation to amount of materials & # of employees utilized

A culture that communicates values through high performance and excellent customer service

Segmentation divides markets into physical locations, such as regions of the U.S.