Questions and Answers
What are people's basic needs according to the text?
Food, clothing, and shelter
What influences an individual's purchase decisions?
Sense of self, identity, and influence of family and friends
What do people consider in the process of acquiring material goods?
Utility and significance
What are synonymous with luxuries according to the text?
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What are the factors influencing purchase decisions according to the text?
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Study Notes
Basic Needs
- People's basic needs include physiological, safety, love, esteem, and self-actualization needs
Purchase Decisions
- Purchase decisions are influenced by cultural, social, personal, and psychological factors
- These factors affect an individual's perception of their needs and wants, and ultimately, their purchase decisions
Acquiring Material Goods
- When acquiring material goods, people consider factors such as:
- Quality
- Price
- Convenience
- Availability
- Personal values and beliefs
Luxuries
- Things that are not essential for survival or well-being are synonymous with luxuries
- Examples of luxuries include jewelry, designer clothing, and luxury cars
Influencing Factors
- Cultural factors, such as social norms and values, influence purchase decisions
- Social factors, such as family, friends, and social status, influence purchase decisions
- Personal factors, such as age, lifestyle, and occupation, influence purchase decisions
- Psychological factors, such as motivation, perception, and attitudes, influence purchase decisions