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Unit 5

Consumer Behavior & Competition.. Understanding consumer behavior

QuestionAnswer
__________ ____________ is the study of consumers and how they make decisions. Consumer Behavior
Why study Consumer Behavior? Understanding __________ behavior will help marketers make sure their products and services match customer needs. Consumer
The primary focus of the business should be on the customer's _____ and ______. Needs, Wants
A _______ is an unfulfilled desire. Products purchased to satisfy a want are not essential for living, but needed to maintain a certain lifestyle. Want
A _________________ want is a desire that cannot be satisfied with a purchase. Non Economic
A _________ is anything you require to live. Need
_____________ income is the amount of income left after paying taxes, it is available for saving and spending. Disposable
_____________ income is the amount of income left after paying basic living expenses and taxes. Discretionary
_______________ ____________ was an American physiologist who studied needs and determined that people satisfy their needs in a rank order with lower level needs being satisfied. Abraham Maslow
Maslow said that people are on __________ levels of his hierarchy. some people feel safety needs as more important to them, than social or esteem needs. Different
Physiological Needs: Food, Sleep, Water, Shelter, Air
Security Needs: Physical Safety, and Economic Security
Social Needs: Friends, Love, Belonging
Esteem Needs: Respect, and Recognition
Self- Actualization Needs: To Realize Your Potential
___________ is he history, beliefs, customs, and traditions of a group. Cultural
A ___________ __________ is a group of people or an organization that an individual admires, identifies with, and wants to be part of. Reference Group
Created by: marnold1765
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