Bbi Review

726 words - 3 pages

BBI FINAL EXAM REVIEW NOTES

Needs: The things you have in order to stay alive
Wants: The things not necessary for survival but makes life more pleasant
Fad: A style, activity, or interest that is very popular for a short period of time
Trend: A general development or change in a situation or in a way that people are behaving; involves long term change
Good: Good are tangible objects that last a period of time
Services: Helpful acts that are performed in exchange for pay and it is intangible
Demographics: The study of statistics relating to populations or communities
Niche Market: The targeted group of consumers who need or want what you’re selling
Consumer: A person who buys ...view middle of the document...

Physiological: Basic physical needs for survival
2. Psychological: Need for safety/security
3. Social/Community: Need to belong
4. Esteem: self esteem and satisfying one’s ego
5. Self Actualization: Helping others, being creative, reaching one’s potentials

Factors Affecting Demand

1. The price of the goods or service
2. The prices of the substitute goods
3. The prices of the complementary goods
4. Consumers’ income
5. Consumers’ future expectations about either income or price
6. Consumers’ taste or desire for the good or service

Factors Affecting Supply

1. The price of the good or service
2. The costs of productng the good or service
3. Changes in technology that affect the costs
4. The producer’s desire to own and operate a business
5. Environmental and other conditions

Unethical advertising and illegal pricing practices

1. Free Enterprise
2. False Advertising
3. Misleading Advertising
4. Price Fixing
5. Predatory Pricing
6. Bait and Switch

Marketing Strategies

1. Name Calling: Makes other products look bad
2. Testimonials: use celebrities to help sell
3. Bandwagon: “Everyone else is buying it, why not...

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