I "need" it
True or false: different people are on different levels of the needs hierarchy?
True
Which kind of consumer buys goods and services in order to produce and market other goods and services for resale? Name the type of customer.
A Business Consumer
Who's the CEO of Meta
Mark Zuckerberg
The study of consumers and how they make decisions is called _________ (2 words)
Consumer Behavior
The location where buyers and sellers of the same item get together to make an exchange is referred to as a __________.
Market
What kind of needs are being met when we purchase snacks and drinks?
Physiological.
After doing the "Walk for Hunger", Alicia notices all the blisters on her feet and realizes that she needs some blister band aids. What do we call this step in the buying process?
Need Recognition
Which company is the largest gaming company by revenue?
TenCent
An individual's enduring pattern of behavioral traits is referred to as their _________.
Personality
Name the 4P's
Product, Place, Promotion and Price
This level of the pyramid is associated with "living to one's fullest potential", what is it called?
Self-Actualization
Suzie Q has been accepted into MIT and Harvard and she is comparing her financial aid packages, programs of study and career services offered at these institutions. Which step is she at? Give the name and # of the step.
Step # 3: Alternative Evaluation
Name this "generation"; the only one actually designated by the U.S. Census Bureau due to the surge in post-WWII births in 1946 and the significant decline in birthrates after 1964.
"Baby Boomer"
When loyalty is the motivating factor behind our purchases, this is called _______ .
Patronage
The idea that companies should put customers' needs at the forefront of their planning process is referred to as the: ________________. (2 words)
Marketing Concept
In 1943, this psychologist developed a theory of human motivation. Who was he? (First and Last Name)
Abraham Maslow
Business consumers' buying motives are most likely ________ . (Give the term for the motive)
Rational
Back when Facebook was known as “the Facebook” this famous actor’s face was on the original homepage.
Al Pacino
Groups from which we take our values and attitudes are called: ________ (2 words)
Reference Groups
Name and DESCRIBE 3 ways of segmenting a market.
Geographic (where a person lives), Demographic (based on a person's identifying characteristics: age, race, income, etc.), Psychographic (based on a person's values, attitudes and beliefs)
Name and describe the 5 levels of Maslow's Hierarchy
1) Physiological, 2) Safety/Security, 3) Love and Belonging, 4) Esteem, 5) Self-Actualization
Name and describe the 5 steps in the consumer buying process.
1) Need Recognition, 2) Information Search, 3) Alternative Evaluation, 4) Purchase, 5) Post-purchase
Which large and famous information, data and market measurement company did a rebranding in the past year, including a new logo and colors?
Nielsen
Internal and external factors that affect purchase decisions are referred to as: ______ (2 words)
Consumer Influences
What are the 3 steps of implementing the marketing concept?
1) Identify Needs, 2) Develop the Marketing Mix (4P's), 3) Operate Profitably