Marketing: 2.1 -2.2 chapters 2.1 and 2.2

Term Definition
Economic Market Includes all of the customers who will purchase a good or service.
Benefits Derived The value people believe they receive from a product or service.
Comparative Advantage the capability to produce products or services more efficiently and economically than the competition. (pass along lower prices to consumer.
Abraham Maslow A psychologist who is noted for his theory of the hierarchy of needs.
Physiological Needs Basic needs: food, shelter, water, sleep
Self-Actualization Realize your potential
Emotional Purchases Buying goods and services with little thought during emotional highs and lows.
Rational Purchases Thinking about the purchase before you buy it – look at your needs and wants, your budget, conduct research
Patronage Purchases Buying goods and services based on loyalty to a particular brand, product or store.
Internal sources of information the business's own records – customer records, sales records, production records
External sources of information Information gained outside of the business – government reports, professional magazines, competitors' websites
Primary data obtained for the first time. Surveys, observations
Secondary data data that already been collected for some other purpose.
Marketing Concept Satisfying customers needs and maintaining relationships with customers.
Productivity the rate at which companies produce goods or services in relation to the amount of materials and number of employees used.
Breakeven point the lowest amount of sales required to cover all of the expenses of the goods or services sold
Opportunity Cost The cost of missing out on your second choice.

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