Study Guide - Exam 2

Study Guide - Exam 2 - Marketing Study Guide Exam 2 Chapter...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Marketing Study Guide Exam 2 Chapter 5 Gross domestic product (GDP) – the total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents Birthrate – the number of babies born per 1000 people (has fluctuated greatly in the last 50 years) Metropolitan statistical area (MSA) – an integrated economic and social unit with a large population nucleus Disposable income – what is left after taxes Discretionary income – what is left of disposable income after paying for necessities Empty nesters – people whose children are grown and who are now able to spend their money in other ways Senior citizens – people over 65 Chapter 6 Economic buyers – people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money Economic needs – concerned with making the best use of a consumers time and money (as the consumer judges it) Economy of purchase or use, convenience, efficiency in operation or use, dependability in use, improvement of earnings Needs – the basic forces that motivate a person to do something Wants – are needs that are learned during a person’s life Drive – a strong stimulus that encourages action to reduce a need (a product purchase results from a drive to satisfy some need) Physiological needs – concerned with biological needs (food, drink, rest, and sex) Safety needs – concerned with protection and physical well-being (health, food, medicine, exercise) Social needs – concerned with love, friendship, status, and esteem – things that involve a person’s interaction with others Personal needs – concerned with an individual’s need for personal satisfaction, unrelated to what other think or do Perception – how we gather and interpret information from the world around us Selective exposure – our eyes and minds seek out and notice only information that interests us Selective perception – we screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs Selective retention –
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/09/2008 for the course BCOR 2400 taught by Professor Rexmoody during the Fall '08 term at Colorado.

Page1 / 4

Study Guide - Exam 2 - Marketing Study Guide Exam 2 Chapter...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online