| A | B |
|---|
| economic market | includes all ofthe consumers who will purchase a product or service. |
| benefits derived | refers to the value people believe they receive from a product or service. |
| comparative advantage | The capability to produce product more efficiently and economically than the competition. |
| Maslow's Hierarchy of Needs | Theorized that people's most basic needs must be satisfied first and then their focus will progress to higher-level needs. |
| Physiological Needs | The basic needs of food, water, sleep, and shelter (The first level of Maslow's Hierarchy)) |
| Security needs | Individuals want want both physical safety and economic security. (The second Level of Maslow's Hierarchy) |
| Social Needs | The desire for friends, family, and love (The third level of Maslow's hierarchy) |
| Self- Esteem Needs | The needs to gain recognition and respect from others and feelings of adequacy and competency in themselves. (The 4th level of Maslow's hierarchy) |
| Self- Actualization | The realization of one's full potential and self- fulfillment. (The 5th and highest level of Maslow's Hierarchy) |
| emotional purchases | When consumers spend with little thought during emotional highs or lows. When fans attend a concert of their favorite band and pay top price for a t-shirt. |
| rational purchases | Take place when individuals recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make a purchase based on careful thought and sound reasoning. |
| patronage purchases | these are based on consumer loyalty to a particular brand or product. Tennis players may purchase Nike products due to endorsements by Maria Sharapova. |
| The Buying Plan | Retailers must develop this based upon projected consumer behavior. |
| external sources | Sources of information used by businesses that are obtained through government reports, trade and professional organizations, business publications, commercial data etc. |
| internal sources | Sources of information about customer buying habits including a business's own customer records, sales records, production records, and operation records. |
| Primary data | Obtained for the first time and specifically for the particular problem or issue being studied. Consumer surveys are an example of this. |
| Secondary data | Has already been collected for some other purpose but is found to be useful in the current study. This can include government statistics about population and other demographics that will provide valuable information to help make important marketing decisions.s |
