Consumer Management Skill 2.1

How do needs, wants, and priorities affect priorities and goals?

• They determine the use of resources and time.

• They have no impact on decision-making.

• They are irrelevant to setting goals.

• They only affect personal relationships.

what are the names of two types of goals discussed in class?

• Short-term and long-term goals

• Financial and non-financial goals

• Personal and professional goals

• All of the above

What are priorities?

• Judgements about relative importance of alternatives. what is most important to you.

• Priorities are the financial budgets allocated to different departments within a company.

• Priorities are things that you want.

• Priorities are the marketing strategies used to promote products to consumers.

What are Needs ?

• Things you must have in order to live.

• Luxury items and desires

• Unnecessary wants

• Optional preferences

What are Wants?

• Desires that are not essential for survival

• Basic needs like food and water

• Mandatory requirements for living

• Legal obligations

What are Values?

• Values are the principles or standards of behavior that guide the way individuals or organizations act. Examples of values include integrity, respect, responsibility, and fairness.

• Values are the monetary worth of something. Examples include currency, stocks, and bonds.

• Values are the numerical data used in statistical analysis. Examples include mean, median, and mode.

• Examples of Values are the kindness and honesty

Define standards

• Guidelines for activities

• established levels of quality and quantity to measure against

• A marketing strategy

• A financial metric

The 'Family life cycle' in consumer management refers to:

• The stages a family goes through over time and their impact on consumer behavior.

• The biological process of family growth and development.

• The financial planning strategies for families.

• The cultural traditions passed down through generations.

What are goals?

• Targets for what you want to accomplish.

• A list of tasks to complete daily.

• A random set of activities to perform.

• An unplanned series of events.

What is a strategy for setting goals?

• Set goals with care - well chosen goals reflect your priorities. They should also be realistic and challenging.

• Set goals without considering your priorities.

• Choose goals that are easy and require minimal effort.

• Set goals that are unrealistic and impossible to achieve.