Marketing Concepts and Segmentation

Front

What are needs according to Maslow's Hierarchy of Needs?

Back

Basic requirements such as food, shelter, and clothing, essential for survival.

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What are wants in contrast to needs?

Back

Desires that go beyond basic needs, such as more expensive and fashionable clothing options.

Front

What influences the desire for high-end items?

Back

Factors like ego, a sense of belonging, and competition.

Front

How does marketing add value to a product?

Back

By making customers willing to pay for the product or service, despite adding to the cost.

Front

What does 'utility' mean in marketing?

Back

It refers to value, not just services like electricity or gas.

Front

What is form utility?

Back

Transforming raw materials into finished products, adding value through production.

Front

What is place utility?

Back

Ensuring products are available where consumers need them, such as in stores or online.

Front

What is time utility?

Back

Enhancing a product's marketability by making it available when consumers need or want it.

Front

What is possession utility?

Back

Making it easy for consumers to take ownership of products through credit, leasing, etc.

Front

What is information utility in marketing?

Back

Everything a marketer does to communicate with potential customers.