https://padlet.com/cbower4485/wmnjslzqyppi Made with a wink and a smile en-us 2017-02-13 19:41:23 UTC 2025-12-11 15:50:39 UTC hello@padlet.com cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153552203 Economic market: all consumers who will purchase a product or service
Major goals of marketing:
what do consumers want?
how much will they pay for it?]]> 2017-02-13 19:46:46 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153552203 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153553750 Price that fans will pay depends on their degree of interest and their perception of the benefits derived
benefits derived:  the value people believe they receive from a product or service
Comparative advantage:  the capability to produce products or services more effieciently and economically than the competition]]> 2017-02-13 19:51:06 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153553750 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153555818 Abraham Maslow developed a hierarchy of needs.
Physiological: food, water, sleep, and shelter
Security: physical safety and economics security
Social: friends, family, and love
Esteem: respect and recognition
Self actualization: realize full potential ]]> 2017-02-13 19:57:30 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153555818 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153557903 Emotional purchase: buying with little thought during emotional highs or lows
Rational purchase: buying based on needs, wants, priorities, budget, research, alternatives, thought, and reasoning
Patronage purchase: buying based on loyalty to a brand or products ]]> 2017-02-13 20:04:09 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153557903 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153559950 Businesses must buy merchandise that customers will buy from them
projecting winning teams and athletes is difficult
Businesses also buy for their own use. ]]> 2017-02-13 20:10:46 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153559950 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153560868 Decision making process
recognize a need or want and the opportunity to satisfy it
gather information
evaluate choices
decide what to purchase 
evaluate the product after purchase ]]> 2017-02-13 20:13:58 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153560868 cbower4485 https://padlet.com/cbower4485/wmnjslzqyppi/wish/153561961 consumers
demographics and shopping behaviors
Business environment
economic conditions 
amount and quality of competition
government regulations and laws
ethical issues ]]> 2017-02-13 20:17:56 UTC https://padlet.com/cbower4485/wmnjslzqyppi/wish/153561961