Business and Marketing Concepts Flashcard

Front

What is an unfulfilled desire called?

Back

Want

Front

What type of want cannot be satisfied with a purchase?

Back

Psychological want

Front

According to Maslow, people are on different levels of what?

Back

Hierarchy of needs

Front

What is the first step in Maslow's Hierarchy of Needs?

Back

Physiological needs

Front

What is the term for needs that are not essential for living but are desired for a certain lifestyle?

Back

Wants

Front

What are the reasons that customers buy called?

Back

Buying Motives

Front

What type of market segmentation is based on the concept that people who live in the same geographic area might have the same needs and wants?

Back

Geographic

Front

A clearly defined segment of the market which a business or nonprofit organization wants to appeal to is known as what?

Back

Target Market

Front

Which area of market research focus involves social, economic, or political factors that could impact your business and tends to be industry-specific?

Back

Environmental Analysis

Front

Which area of market research focus involves identifying who your competitors are and how they operate?

Back

Competitive Analysis