Unit 2 Quiz Flashcards
Market Share
Percentage of total sales of a product or service that a company earns in relation to its competitors in any given industry.
Opportunity Cost
Factors that individuals consider when deciding to attend an entertainment event include.
Emotional Purchase
when consumers spend with little thought during emotional high and lows.
Rational Purchase
when consumers recognize needs and wants, asses priorities and budget, conduct research, use careful thoughts and reasoning
Patronage Purchase
when consumers are loyal to a particular brand or product. Positive experiences with a brand will reinforce the consumers loyalty.
Target Market
A specific group of consumers a business wants to reach. Must understand the needs and wants of the target market
Mass Marketing
consider pros and cons of this as well products and services that would work best with Mass Marketing
Psychographics
values, interest, hobbies, lifestyle - how people think, what they believe in
Geographic
Examining markets based on physical location ex. local radios, station, 92.5 & etc
Product use Statistics
consumers usage and loyalty towards products & services
What was the table activity that you and your table groups have done to determine the demographics?
Coachcella
What is physiological needs? (Maslows Hierarchy)
most basic human survival needs include food and water, sufficient rest, clothing and shelter, overall health, etc
What is safety needs?
(Maslows Hierarchy)
include protection from violence and theft, emotional stability and well-being, health security and financial security
what is love and belonging needs? (Maslows Hierarchy)
among these needs are friendship and family bonds - both with biological parents (parents, children, siblings) and chosen families (Spouse & partners)
what is esteem needs? (Maslows Hierarchy)
the primary elements of esteem are self respect and self esteem
