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Marketing Glencoe
Chapter 1 Essay Review
Question | Answer |
---|---|
Explain the differences between wants and needs. Give an example. | wants are things you don't have to have in order to survive, but would like to have. Needs are things that you must have in order to survive. Examples of needs: food, shelter, medicine, clothing Wants: vary |
List the five essential steps of the decision-making process | 1. identify the situation 2. Identify possible courses of action 3. Determine the pros and cons 4. make a decision 5. evaluate your decision |
What is the fundamental difference between personal decision making and business decision making? | not all personal decisions require the five-step decision-making process. However, business managers must make thoughtful decisions that are consistent with their companies' goals, not just their own |
How do businesses affect communities? | the wealth created by businesses benefits the entire community because they pay taxes and provide jobs |
How do consumers affect businesses? | consumers decide what kinds of goods and services they want and where they will buy them. When consumers choose not to purchase a business's products or services, the business usually fails. |