Principles of Business and Marketing Vocab

The things you wish you could have

• Needs

• Competition

• Wants

• Resources

Wants that are shared by large groups

• Consumers

• Public wants

• Needs

• Private wants

Necessary wants

• Services

• Products

• Wants

• Needs

These can be physically weighed or measured

• Services

• Resources

• Consumer

• Goods

Tasks that people or machines perform; satisfy some of your wants for things you can’t see or touch.

• Competition

• Services

• Profit

• Market research

Anything that people can use to make or obtain what they need or want

• Resource

• Services

• Goods

• Product

True or False: Resources limit the number of wants people can satisfy

• True

• False

The procedure for carefully considering alternatives and their consequences before you make the final decision

• Competitive analysis

• Market research

• Buying

• Decision-making process

Select which below is NOT part of the decision-making process.

• Evaluate your decision.

• List the alternatives.

• Make a purchase

• Determine the pros and cons.

True or false: There are never other options to consider in the decision making process

• True

• False