Wants vs. Needs/Goods vs. Services
The things that are required to live.
What is needs?
Steve Jobs
What is entrepreneur?
The wealth of a country or region.
What is economy?
The action or business of promoting and selling products or services, including market research and advertising.
What is marketing?
A particular group of consumers at which a product or service is aimed.
The things that aren't necessary for living, but nice to have.
What is wants?
The sand from a beach.
What is land?
An economic system where tradition and custom govern economic decisions.
What is traditional economy?
The introduction, growth, maturity, and decline of a product.
What is product life cycle?
The Pillsbury Doughboy.
What is trade character?
The roof on a house.
What is needs?
The job someone has.
What is labor?
The government or other central authority makes all economic decisions.
What is command economy?
The 4 P's of marketing: product, price, place, promotion.
What is marketing mix?
Any form of direct contact between a salesperson and a customer.
What is selling?
Physical items for sale at a business (tangible).
What is goods?
The spot on a graph where supply and demand intersect perfectly.
What is equilibrium?
Economic decisions are made by individuals competing to earn profits based on supply and demand.
What is market economy?
Text messages, emails, phone calls, direct mail, online ads, flyers, coupons.
What is direct marketing?
What is supply chain?
The action of doing work for someone (intangible).
What is services?
The machines used to mold a shoe.
What is capital?
Combines elements of pure market and command economies; Government and individuals share the economic decision making process.
What is mixed economy?
The act of identifying what will satisfy the customers' needs and wants to operate profitability.
What is a marketing plan?
The buyer's habits, hobbies, and values.
What is psychographics?