Understanding Needs and Business Concepts

What is the primary difference between needs and wants?

• Needs are essential for survival; wants are non-essential desires.

• Needs are emotional, and wants are physical.

• Needs are luxuries; wants are basic necessities.

• Needs are always affordable; wants are not.

Which of the following is an example of a need?

• Smartphone

• Shelter

• Designer clothes

• Vacation

Why is it important to distinguish between needs and wants?

• To prioritize spending

• To understand market demand

• Both a and b

• Neither a nor b

What is the first step in the selling process?

• Approach

• FAB Presentation

• Pre-Approach

• The Follow-Up

During which step do you address customer concerns?

• Trial Close

• FAB Presentation

• Questions/Objections

• Approach

The FAB presentation focuses on:

• Features, Advantages, Benefits

• Facts, Analysis, Background

• Future, Action, Build

• Finance, Availability, Brand

What is the purpose of the Trial Close?

• To finalize the sale

• To gauge customer interest

• To introduce the product

• To follow up with the customer

The final step in the selling process is:

• FAB Presentation

• The Follow-Up

• Trial Close

• Pre-Approach

What is the first phase of buying?

• Information Search

• Need Identification

• Purchase Decision

• Post-Purchase Behavior

In which phase do consumers evaluate alternatives?

• Information Search

• Information Evaluation

• Post-Purchase Behavior

• Purchase Decision