Level 1
an expense that occurred in the past, for which money was spent that cannot be recovered
Sunk Cost
(tastes). These are your likes and dislikes
Personal Preferences
all activities related to production and distribution of goods and services in a geographic area
Economy
the goods and services provided by government to its citizens
Public Goods
How many steps are there in the decision-making process?
6
getting something in return for giving up something else
Trade - Off
ideals that are important to society as a whole
Collective Values
advertising intended to convince consumers to buy a specific good or service
Product Advertising
the practice of setting prices at uneven amounts rather than whole dollars to make them seem lower
Odd-Number Pricing
marketing strategies that influence spending (4)
Advertising, Pricing, Sales, & Promotional Techniques
the value of what you are giving up in a trade-off
Opportunity Cost
new ideas, products, or services that bring about changes in the way we live
Innovations
a specific consumer group to which the products advertised are designed to appeal
Target Market
displays, Coupons, Packaging, Sampling, and Rebates are all what?
Promotional Techniques
When planning major purchases, decide to pay with _________ or ___________
Cash; Credit
the items necessary for maintaining physical life
Basic Needs
a long-established practice that takes on the force of an unwritten law
Custom
advertising intended to promote the image of a store, company, or retail chain
Company Advertising
an item of merchandise marked down to an unusually low price, sometimes below the store’s cost
Loss Leader
which 2 things influence spending
Personal factors & External factors
items beyond basic needs that add to your quality of life
Life-enhancing Wants
Society demands _____________ from its citizens
Advertising intended to promote a general product group without regard to where these products are purchased
Industry Advertising
strategy designed to target specific people who are likely to buy certain products.
Micromarketing
List the steps in the decision making process... in order
Step 1: Define the problem or goal, Step 2: Obtain accurate information, Step 3: Compare choices, Step 4: Make a decision, Step 5: Take action, Step 6: Reevaluate your choice