Topic 1 - Needs, Wants and Aspirations

Question 1

Needs definition

Answer 1

Things that people need to survive e.g. food

Question 2

Wants definition

Answer 2

Things that people would like to have but can survive without, e.g. fashionable clothes

Question 3

Aspirations definition

Answer 3

Things or experiences that people would like to have in the future e.g. luxury holiday

Question 4

Values definition

Answer 4

Generalised feelings about desirable behaviour or goals

Question 5

What are more specific - beliefs or values?

Answer 5

Beliefs

Question 6

Beliefs definition

Answer 6

The way we think things are

Question 7

Absolute belief meaning

Answer 7

A is acceptable but B is not

Question 8

Causal belief meaning

Answer 8

Cause A leads to effect B

Question 9

Attitudes definition

Answer 9

Peoples thoughts and feelings, at a given time and place, about another person, event or issue

Question 10

What can attitudes be changed by?

Answer 10

Circumstances, events, experience, advice

Question 11

Marketing definition

Answer 11

Advertising, selling and delivering products to customers

Question 12

Promotion refers to what?

Answer 12

Paid-for marketing activities, including advertising

Question 13

Promotion includes all activities that aim to…

Answer 13

Communicate with people
Inform them of goods and services
Persuade customers to buy

Question 14

Does advertising carry explicit or implicit messages?

Answer 14

Both

Question 15

What does promotion include?

Answer 15

Public relations
Product placement
Sponsorship

Question 16

Public relations definition

Answer 16

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

Question 17

Product placement definition

Answer 17

Aspect of public relations involving product appearing on a TV show or film

Question 18

Sponsorship definition

Answer 18

Aspect of public relations involving business paying for sporting or entertainment event or venue in return for advertising their name.

Question 19

Feedback effect refers to…

Answer 19

The fact that people’s own attitudes mean that they affect the outcomes of events.

Question 20

Example of feedback effect in expectation-led events

Answer 20

If people expect share price to fall, they will start to sell shares - if enough people sell, share price will fall

Question 21

Examples of how values can affect an individuals thoughts, feelings, behaviour and decision-making

Answer 21

Ethical investing
Managing finance
Religious beliefs