needs – things that are required in order to live wants – things that add comfort and pleasure to your life Ask students to make a list of their wants. Then ask students what is keeping them from getting their wants
Ask students what things consumers cut from spending when economic conditions become bad. Ask students why shopping malls have an increasing number of open spaces for stores. Explain how the economy is directly related to consumer demand and spending. Demand and spending is directly related to the rate of employment
Ask students to make a list of the greatest resources in the United States. Then ask how the resources are used in a global business setting.
Ask students to list a major decision they must make. Then ask students to incorporate the steps of the decision-making process to make their decision
Ask students what happens to prices when there is a shortage of goods. Then explain what consumers do when shortages and rising prices exist. They find other alternatives or do without certain goods and services
Ask students what price they are willing to pay for their favorite concert or sporting event. Then explain how prices rise according to consumer demand. Explain how a ticket to the Super Bowl costs well over $1,000.
Different strategies are used to market goods and services. Marketers must research the target market to determine needs, wants, and demand. Sales are enhanced with solid demonstrations of goods. Services frequently count on word-of-mouth of satisfied customers
During a tight economy, businesses become increasingly aware of the importance of outstanding customer service