Chapter 5

Chapter 5 - Chapter 5 Economic needs affect most buying...

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Chapter 5 Economic needs affect most buying decisions o Economic buyers : people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money o Economic needs: concerned with making the best use of a consumer's time and money, as the consumer judges it Economy of purchase or use Efficiency in operation or use Dependability in use Improvement of earnings Improved value doesn’t just mean a lower price Work better, longer, etc. Convenience o Ability to satisfy economic needs largely depends on how much money the consumer has available Discretionary income : what is left of income after paying taxes and paying for necessities o Needs : basic forces that motivate a person to do something Psychological needs : concerned with biological needs Food, liquid, rest Safety needs : concerned with protection and physical well being Social needs : concerned with love, friendship, status Things that involve a person's interaction with others Personal needs : concerned with an individuals need for personal satisfaction Unrelated to what others think or do o Wants : needs that are learned during a person's life o Drive : strong stimulus that encourages action to reduce a need Internal Reason behind certain behaviors Perception : how we gather and interpret info from the world around us o Selective exposure : our eyes and minds seek out and notice only info that interests us o Selective perception : we screen out or modify ideas, messages, and info that conflict with
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This note was uploaded on 03/05/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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Chapter 5 - Chapter 5 Economic needs affect most buying...

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