Definitions A
Motivational rewards, conferred on staff members to recognise high performance and encourage greater productivity.
What is Incentives?
The choice about which goods and services consumers purchase to satisfy their needs and wants
What is consumer decisions?
Mark is at the grocery store and sees a display of chocolates at the checkout counter. Even though he hadn't planned to buy any, he picks up a bar of chocolate and buys it.
What is impulse buy?
Alex, a professional chef, prefers high-quality kitchen appliances and is willing to invest in top-of-the-line equipment to support his cooking interest.
What are personal factors?
The internal force that drives a person’s behaviour towards satisfying a need or achieving a goal.
What is Motivation?
What you have to forego if you choose to do A rather than B; the value of the next best alternative that is foregone whenever a choice is made
What is opportunity cost?
Sarah is in the market for a new laptop. She considers factors such as performance, price, brand reputation, and customer reviews before making her final purchase decision.
What is a consumer decision?
John is considering taking out a loan to finance his education. He evaluates factors such as interest rates, repayment terms, and potential future earning potential before making a decision.
What is a financial decision?
In a sales company, employees who exceed their monthly targets receive a bonus. This motivates them to work harder to achieve their sales goals.
A theory of human motivation, which states there are five different levels of human needs.
The choice about when, where and how much to spend to acquire goods and services to satisfy consumer needs and wants.
What is financial decision?
Lisa, who has a fear of flying, chooses to take a train for a business trip instead of a plane, even though the plane ticket is less expensive. Her perception and attitude towards flying influence her decision.
What is psychological factor?
A group of friends regularly shops at a boutique that aligns with their shared taste in fashion and their perception of the brand's social status.
What are social factors?
The result or effect of a consumer purchasing decision in a short or extended time frame.
What are short- and long-term consequences?
The reduction in value of the assets of a business over time due to wear and tear, age and obsolescence
What is depreciation?
After securing a stable job and comfortable living situation, Tom decides to volunteer at a local community center to fulfill his need for belongingness and love, and to contribute to society.
What is Maslow's Hierarchy of Needs?
Emma is a conscious shopper who only buys products from companies with environmentally sustainable practices. She avoids brands known for exploiting labour or engaging in unethical business practices.
What is an ethical factor?
A company purchases a fleet of delivery vehicles. Over the years, the value of these vehicles decreases due to regular wear and tear, as well as technological advancements in newer models.
What is depreciation?
A consumer’s age, gender, tastes, occupation and lifestyle, which influence consumer purchasing decisions.
What are personal factors?
An unplanned decision to buy a product or service
What is impulse buy?
Sarah has the option to either spend her Saturday working a part-time job or attending a social event. She chooses to work, recognizing that she will forgo the social event and the potential experiences associated with it.
What is an opportunity cost?
Maria is highly motivated to start her own business because she is passionate about sustainable fashion and wants to make a positive impact on the environment through her work.
What is motivation?
Ben earns $40 per week at the local car wash and as a result is more price-conscious and may prioritize buying essential goods over luxury items due to financial constraints.
What is economic factors?