07 mkt goods&services

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  • 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
  • 07 mkt goods&services

    1. 1. Principles of Business, Marketing, and Finance Lesson Seven Marketing Goods and Services UNT in partnership with TEA, Copyright ©. All rights reserved
    2. 2. Goods and Services <ul><li>Goods </li></ul><ul><li>-things that you can see and touch (tangible) </li></ul><ul><li>Services </li></ul><ul><li>-activities that are consumed at the same time they are produced (intangible) </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 2
    3. 3. Marketing Goods and Services <ul><li>Needs and Wants </li></ul><ul><ul><li>Needs are required in order to live (food, water, clean air, clothing, shelter) </li></ul></ul><ul><ul><li>Wants-things that add comfort and pleasure to your life </li></ul></ul><ul><li>Needs and Wants are Unlimited </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 3
    4. 4. Goods and Services for Businesses and Consumers <ul><li>Business needs steel, plastic, gasoline, computers (goods) </li></ul><ul><li>Business needs supply of electricity, security for buildings, and equipment (services) </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 4
    5. 5. Consumer Goods and Services <ul><li>Consumers buy clothes, electronic devices, automobiles (goods) (tangible) </li></ul><ul><li>Consumers eat at restaurants, go on vacations, and take flights (services) (intangible) </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 5
    6. 6. U.S. Economy <ul><li>Is the largest producer of goods and services in the world </li></ul><ul><li>Has twice as many shopping malls as it does high schools </li></ul><ul><li>America-leader in consuming goods and services </li></ul><ul><li>Use of Credit </li></ul><ul><ul><li>Increased purchasing power </li></ul></ul><ul><ul><li>Led to more debt </li></ul></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 6
    7. 7. Economic Resources <ul><li>Means through which goods and services are produced (Factors of Production) </li></ul><ul><ul><li>Natural resources </li></ul></ul><ul><ul><li>Human resources </li></ul></ul><ul><ul><li>Capital resources </li></ul></ul><ul><li>Resources are Limited </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 7
    8. 8. Basic Economic Problem-Scarcity <ul><li>Not having enough resources to satisfy every need </li></ul><ul><li>Economic Decision-making </li></ul><ul><ul><li>Scarcity forces individuals, businesses, and governments to make choices </li></ul></ul><ul><ul><li>Economic decision-making (process of choosing which wants, among several options, will be satisfied </li></ul></ul><ul><ul><li>Trade-off (when you give up something to have something else </li></ul></ul><ul><ul><li>Opportunity cost-the value of the next-best alternative that you did not choose </li></ul></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 8
    9. 9. The Decision-Making Process <ul><li>Define the problem. </li></ul><ul><li>Identify the choices. </li></ul><ul><li>Evaluate the advantages and disadvantages of each choice. </li></ul><ul><li>Choose one choice. </li></ul><ul><li>Act on your choice </li></ul><ul><li>Review your decision . </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 9
    10. 10. Supply and Demand <ul><li>Consumer </li></ul><ul><li>-person who buys and uses goods and services </li></ul><ul><li>Producers </li></ul><ul><li>-individuals and organizations that determine what products and services will be available for sale </li></ul><ul><li>Consumers set demand </li></ul><ul><li>-the quantity of a good or service that consumers are willing and able to buy </li></ul><ul><li>Supply </li></ul><ul><li>-the quantity of a good or service that businesses are willing and able to provide </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 10
    11. 11. Determining Price <ul><li>Factors Influencing Demand </li></ul><ul><ul><li>High demand equals high prices </li></ul></ul><ul><ul><li>More choices (competition) equal lower prices </li></ul></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 11
    12. 12. Factors Influencing Supply <ul><li>More competitors results in a greater supply </li></ul><ul><li>Little competition results in less supply and higher prices </li></ul><ul><li>Market price </li></ul><ul><li>-point where supply and demand are equal </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 12
    13. 13. Marketing Goods and Services <ul><li>Determine consumer Buy Motives </li></ul><ul><li>Show and Demonstrate Goods </li></ul><ul><li>Distribution </li></ul><ul><li>-determining the best ways for customers to locate, obtain, and use products and services of an organization </li></ul><ul><li>Product and Service Management </li></ul><ul><li>-designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 13
    14. 14. Marketing Goods and Services <ul><li>Selling </li></ul><ul><li>-communicating directly with potential customers to determine and satisfy their needs </li></ul><ul><li>Marketing information management </li></ul><ul><li>-obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 14
    15. 15. Marketing Goods and Services <ul><li>Financial analysis </li></ul><ul><li>-budgeting for marketing activities, </li></ul><ul><li>obtaining the necessary funds needed </li></ul><ul><li>for operations, and providing financial </li></ul><ul><li>assistance to customers so they can purchase </li></ul><ul><li>the business’ products and services </li></ul><ul><li>Pricing </li></ul><ul><li>-setting and communicating the value of products and services </li></ul><ul><li>Promotion </li></ul><ul><li>-communicating information about products and services to potential customers </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 15

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