Topic 1: Needs, wants and aspirations Flashcards

1
Q

Why do people’s wants and needs change?

A
Lifestyle
Society
Family
Age
Ability to afford products
Beliefs and attitudes
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2
Q

What are the internal factors that affect wants and needs?

A

Values (feelings towards goals), beliefs (Morality and fairness), attitudes (how a person acts) and preferences

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3
Q

External factors that affect wants and needs?

A

Marketing - adverts, Promotions, PR
Peer pressure - Influence perceptions
Trends & role models - “If Kim K has it, I want it”

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4
Q

What’s the feedback effect?

A

How people feel affects what they do. If a person expects a share price to fall they might sell them, if enough people are told this the share value will fall.

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5
Q

Affordability definition

A

A person should review if the can afford certain financial products

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