Marketing Study Guide_567

Marketing Study Guide_567 - Marketing Study Guide Chapter 5...

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Marketing Study Guide Chapter 5 Economic Buyers are people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money. Economic needs are concerns with making the best use of consumer’s time and money. Discretionary Income is what is left of income after paying taxes and paying for necessities. Needs are the basic forces that motivates a person to do something. Wants are the “needs” that are learned during a person’s life. Drive is a strong stimulus that encourages action to reduce a need. The PSSP Hierarchy of Needs Personal needs are concerned with an individual’s need for personal satisfaction unrelated to what others think or do. Social needs are concerned with love, friendship, status, and esteem. Safety needs are concerned with protection and physical well being. Physiological needs are concerned with biological needs such as food, drink, rest and sex. Perception is how we gather and interpret information from the world around us. Selective Processes: 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 -we remember only what we want to remember. Learning is a change in a person’s thought processes caused by prior experience. Cues are products, signs, ads, and other stimuli in the environment. Response is an effort to satisfy a drive. Reinforcement is when the response is followed by satisfaction and a reduction in drive. Attitude is a person’s point of view toward something. Belief
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Marketing Study Guide_567 - Marketing Study Guide Chapter 5...

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