Topic 1 - Needs, Wants and Aspirations Flashcards
Needs definition
Things that people need to survive e.g. food
Wants definition
Things that people would like to have but can survive without, e.g. fashionable clothes
Aspirations definition
Things or experiences that people would like to have in the future e.g. luxury holiday
Values definition
Generalised feelings about desirable behaviour or goals
What are more specific - beliefs or values?
Beliefs
Beliefs definition
The way we think things are
Absolute belief meaning
A is acceptable but B is not
Causal belief meaning
Cause A leads to effect B
Attitudes definition
Peoples thoughts and feelings, at a given time and place, about another person, event or issue
What can attitudes be changed by?
Circumstances, events, experience, advice
Marketing definition
Advertising, selling and delivering products to customers
Promotion refers to what?
Paid-for marketing activities, including advertising
Promotion includes all activities that aim to…
Communicate with people
Inform them of goods and services
Persuade customers to buy
Does advertising carry explicit or implicit messages?
Both
What does promotion include?
Public relations
Product placement
Sponsorship
Public relations definition
Advertising that is not paid for directly but which keeps a business’s product in the public eye. Also known as ‘below the line’ expenditure
Product placement definition
Aspect of public relations involving product appearing on a TV show or film
Sponsorship definition
Aspect of public relations involving business paying for sporting or entertainment event or venue in return for advertising their name.
Feedback effect refers to…
The fact that people’s own attitudes mean that they affect the outcomes of events.
Example of feedback effect in expectation-led events
If people expect share price to fall, they will start to sell shares - if enough people sell, share price will fall
Examples of how values can affect an individuals thoughts, feelings, behaviour and decision-making
Ethical investing
Managing finance
Religious beliefs
