Unit 4 Flashcards Preview

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Flashcards in Unit 4 Deck (100):
1

about half of every consumer dollar spent pays for marketing costs

the marketing concept

2

satisfying customer needs is the most important aspect of marketing

the marketing concept

3

keeping the focus on the customer's needs for a product or service

marketing concept

4

successful customer relationships are critical to the marketing concept

maintain relationships

5

customer satisfaction is the bottom line for maintaining successful marketing relationships

maintain relationships

6

U.S. citizens have more discretionary income than in the past

increasing sports and entertainment options

7

drives up the demand for sports and entertainment

increasing sports and entertainment options

8

increases competition

increasing sports and entertainment options

9

productivity

customer focus

10

rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized

customer focus

11

needs

successful marketing strategy

12

location

successful marketing strategy

13

provide products perceived as superior

successful marketing strategy

14

maintain successful customer relationships

successful marketing strategy

15

off the appropriate marketing mix

successful marketing strategy

16

product

successful marketing strategy

17

price

successful marketing strategy

18

promotion

successful marketing strategy

19

place

successful marketing strategy

20

breakeven point

weekend entertainment choices

21

the minimum sales and attendance required to cover all of the expenses of organizing, planning, and promoting the event

breakeven point

22

revenue earned beyond the breakeven event

profit

23

the value of the next best alternative that you forgo when making a choice

opportunity cost

24

the value is measured in terms of the benefits that you are giving up

opportunity cost

25

all of the consumers who purchase a product or service

economic market

26

financially stable

economic market

27

willing to purchase

economic market

28

have a need/want

economic market

29

the value people believe they receive from a product or service

benefits derived

30

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

comparative advantage

31

identifies five human area of needs

hierarchy of needs

32

realize potential

self-actualization

33

respect and recognition

esteem

34

friends, love, belonging

social

35

physical and economic

security

36

food, sleep, water, shelter, air

physiological

37

spending with little thought during emotional times

emotional purchases

38

define wants and needs

rational purchases

39

assess priorities and budget

rational purchases

40

conduct research

rational purchases

41

compare alternatives

rational purchases

42

make a well though out purchase

rational purchases

43

demographics

info about consumers important to consider

44

geographics

info about consumers important to consider

45

psychographics

info about consumers important to consider

46

behavior

info about consumers important to consider

47

economic uncertainty reduces consumer music

business environment impacts consumer spending

48

marketplace competition provides consumers with choices

business environment impacts consumer spending

49

technological advances have impacted how consumers research and buy products

business environment impacts consumer spending

50

a business's own customer records, sales, records, production records, and operation records

internal sources

51

government reports, trade and professional organizations, business publications, commercial data, and information services

external sources

52

obtained for the first time and specifically for the particular problem or issue being studied

primary data

53

information previously collected for another purpose but is now found useful in the current study

secondary data

54

specific group of consumers you want to reach

target market

55

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

market segment

56

consumer belong to multiple

market segments

57

marketers must identify the market segment to which the

want to sell

58

market segmentation data can improve

business decision making

59

number of potential customers

market segmentation data can improve business decision making

60

customer income level

market segmentation data can improve business decision making

61

level of interest in product or service

market segmentation data can improve business decision making

62

divides markets into physical locations

geographic segmentation

63

country

geographic segmentation

64

region

geographic segmentation

65

city

geographic segmentation

66

state

geographic segmentation

67

information that can be measured

demographic segmentation

68

age

demographic segmentation

69

income

demographic segmentation

70

profession

demographic segmentation

71

gender

demographic segmentation

72

education

demographic segmentation

73

marital status

demographic segmentation

74

household size

demographic segmentation

75

characteristics that cannot be physically measured

psychographics segmentation

76

values

psychographics segmentation

77

interests

psychographics segmentation

78

lifestyle choices

psychographics segmentation

79

focuses on a customer's attitude toward products and services

behavioral-based segmentation

80

what products you use and how often

product usage

81

the positive experiences or associations people derive from using a product or service

product benefits

82

0

non-user

83

1

light-user

84

few

moderate-user

85

all

heavy-user

86

percentage of total sales of a product or service that a company expects to capture in relation to its competitors

market share

87

business success depends on excellent customer service

outstanding service

88

customer relationships should continue after the sale of goods and services

outstanding service

89

the difference between customer expectations and the services actually received

customer service gap

90

customers are likely to tell at least 10 people about their poor customer service experiences

customer service gap

91

individuals hired for customer service positions should have a positive attitude and look forward to meeting the public

training programs

92

proper employee training in proactive, efficient and courteous customer service is critical to providing a pleasant experience for customers

training programs

93

demonstrate a values-based culture that is rooted in high performance and excellent customer service

values based culture

94

follow the "FAST" (Focus, Action, Search, Tenacity) strategy

values based culture

95

passion results in energy

values based culture

96

demonstrate pride in every sale

values based culture

97

remember the value of long-term positive relationships

values based culture

98

"It's not my department" should be replaced with "How may I help you?"

How may I help you?

99

hired by an outside firm to have an individual assess the performance of a business

mystery guest

100

feedback on the individual's experience as a customer is provided to the hiring business

mystery guest