2.1 The Marketing Concept

Cross promotion

is a form of marketing promotion where customers of one product or service are targeted with promotion of a related product

Marketing concept

keeping focus on satisfying customer needs; requires maintaining important relationships with customers

How can businesses maintain repeat business

no hassles, quality products, fair price, maintained customer enjoyment of product/service

Marketing costs include

product development, packaging, advertising and sales expenses

breakeven point

the minimum sales required to cover all the expenses of organizing, promoting and running an event or producing a product

Producivity

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

opportunity cost

the value of the next best alternative that consumers pass up when making a choice

Businesses that follow the marketing concept

will focus on satisfying customer needs

The reason for growth in the sports/entertainment industry

higher standard of living and increased discretionary income