Sports and Entertainment Marketing - Chapter 4

A business that keeps the focus of satisfying customer needed is said to be following the

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

The event's planners and organizers need to know the or the minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event.

May be defined as the value of the best alternative that you forgo when making a choice.

Includes all of the consumers who will purchase or service.

Refers to the value people believe they receive from a product or service

The capability to produce products or services more efficiently and economically

The basic needs of food, water sleep and shelter are referred to as

Security is the second level of the hierarchy individuals want both physical safety and economic security

In the hierarchy include the desire for friends family and love

To gain recognition and respect from others and feelings of adequacy and competence in themselves.

The peak of the hierarchy pyramid represents or the realization of one's full potential and self-fulfillment

When spending $$$ with little thought during emotional highs and lows.

Take place when individuals recognize needs and wants assess their priorities and budget, conduct research, compare alternatives and then make purchase based upon careful thought and sound reasoning.

Are based on loyalty to a particular brand or product.

Of information about customer buying habits include a business's own customer records sales records production records and operation records

Of information used by businesses can be obtained through government reports trade and professional organizations business publications commercial data and information services.

Is obtained for the first time and specifically for the particular problem or issues

Has already been collected for some other purpose but is now found useful in the current study

Is a specific group of consumers you want to reach?

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

Divides markets into physical locations such as Eastern, Northern ,Southern and Western regions of the United States or the urban and rural areas of a state

Focus on information that can be measured, such as age, income, profession, gender, education, marital status, and size of household.

Focus on characteristic that cannot be physically measured, such as values, interests and lifestyle choice.

Focus on a customer's attitude toward products and service.

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

Is the difference between customer expectations and the service that is actually received?