Maslow's Hierarchy of Needs:

Basic Needs; food, water, sleep, shelter, air

About half of every dollar that consumers spend on products pays for marketing costs.

Producers are the driving force behind the marketing concept.

Companies that have a comparative advantage are able to pass savings to their customers in the form of lower prices.

Young families often spend entertainment dollars to attend sporting events for their children.

Maslow's Hierarchy of Needs:

Desire for Friends, Family, Love and Belonging

Maintaining a successful marketing relationship requires little to no effort.

 The increased standard of living in the United States has resulted in less discretionary income for consumers.

Two major goals of marketing are to determine what consumers want and how much they are willing to pay.

Physiological needs include recognition and respect from others.

Maslow's Hierarchy of Needs:

Gain recognition and Respect from Others

Teenagers in the United States spend billions of dollars annually, making them a desirable target market.

 The best strategy for a business to rise above the competition is to provide uncompromising, outstanding customer service.

Economic uncertainty has a direct impact on consumer purchases.

Mystery guests are sometimes hired to determine how well companies are performing customer service.

Maslow's Hierarchy of Needs:

To realize your full potential and self-fulfillment

Competition in the marketplace results in more options for consumers and improved events and merchandise.

While it is important to maintain satisfying customer relationships,

companies do not need to focus on making a profit.

Maslow's Hierarchy of Needs:

Physical Safety and Economic Security