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CUSTOMER SERVICE

TermDefinition
Productivity is the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized.
Break Even Point The minimum sales required to cover all expenses of organizing, promoting, and running an event.
Opportunity Cost Is the value of the next best alternative that you pass up when making a choice.
Economic Market Includes all of the consumers who will purchase the product
Benefits Derived Refers to 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.
Emotional Purchases When a customer spends money with little thought during emotional highs or lows
Rational Purchases These types of purchases take place when individuals recognize needs and wants, asses their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful thought and sound reasoning.
Patronage Purchases Based on customer loyalty to a particular brand or product
Target Market A specific group of consumers a business wants to reach
Market segment A group of consumers within a larger market who share one or more characteristics
Mass marketing An attempt to appeal to a large, general group of consumer
Market share The percentage of total sales of a product or service that a company expects to capture in relation to its competitors
Customer Service Is the support a business or company provides before and after the purchase and use of their product or service
Outstanding Customer Service Culture Is one that treats the customer with fairness and dignity
Customer Service Gap The difference between customer expectations and the service that is actually received
Value Based Culture Communicates values through high performance and excellent customer service
Created by: user-1988609
 

 



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