Marketing CH5 - MarketingCH5

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Marketing CH5 03:57 Economic buyers —people know all the facts and logically compare choices to  get the greatest satisfaction from spending their time and money Economic needs —making the best use of a consumer’s time and  money(economy of purchase or use/efficiency of operation or use/dependability  in use/ improvement of earnings/convenience) 40 percent of families have income less than $49,510 20 percent of families have income more than $112,638 Median income of 61,335 Discretionary income —what is left of income after paying taxes and  necessities( necessities ) Buyer behavior is not as simple as economic buyer model Needs  are basic force that motivate a person to do something Many needs are culturally learned  Wants  are “needs” that are learned during a person’s life Drive  is a strong stimulus that encourages action to  reduce a need Drives are internal—they are the reasons behind certain behavior patterns Physiological needs—safety needs—social needs—personal needs Higher level needs may be satisfied before lower level needs If lower level needs are reasonably satisfied, those at higher levels become more  dominant. A particular product may satisfy more than one need at the same time.
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Marketing CH5 - MarketingCH5

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