Economic Benefit of Marketing

Standard 1: Define marketing and describe the marketing benefits derived from each economic utility (form, time, place, possession, and information).  Discuss how each benefit adds value to products and services

Opening Assignment

Focus on the meaning of the following terms and definitions that are important to marketing and business as you copy them on a sheet of paper.  Be prepared for a quiz at the end of the lesson.  These should be part of your "Terms" section of your binder.

1. marketing - the process of planning, pricing, promoting, selling and distributing ideas, goods, or services to create exchanges that satisfy customers
2. marketing concept - the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business
3. customer relationship management (CRM) - is an aspect of marketing that combines customer information with customer service and marketing communications to allow companies to serve their customers as efficiently as possible
4. form utility - involves changing raw materials into usable goods or putting parts together to make them more useful
5. place utility - having a product where customers can buy it
6. time utility - having a product or service available at a certain time of year or convenient time of day
7. possession utility - the exchange of a product for money
8. information utility - communication with the customer

When finished read over pages 12-15 in your text book.

Core Functions Quiz

Get out another sheet of paper and put the correct heading at the top.
Number from 1-7.

What is This?

Click on the game to see if you can guess the following objects.

Today we are going to be looking at how the seven functions of marketing add value to a product.  This added value in economic terms is called UTILITY.  Utilities are the attributes of goods or services that make them capable of satisfying consumers' wants and needs. 

Why do I need to know this?

Read over these questions.  We will revisit them after the lesson to see if we have answered them.

1. What is the benefit of marketing?
2. Who does it benefit?
3. How does marketing benefit the customer?
4. How does marketing benefit the business owner?
5. How does this affect me?

Now click on the power point below and let's get started.

 

Lesson 1.2  The Importance of Marketing PowerPoint

Complete the graphic organizer as you work through the presentation.

Sticks and Stones

Watch the following article about a small hobby that turned into big business and how marketing made it happen.

Sticks and Stones News Video

Back to our beginning questions:  Why do I need to know this?

Let's see if we can answer these questions now:

1. What is the benefit of marketing?
2. Who does it benefit?
3. How does marketing benefit the customer?
4. How does marketing benefit the business owner?
5. How does this affect me?

Now, click on this link to answer questions about Sticks and Stones path to success.
Follow the directions on the worksheet to email your answers to me.
To review the video transcript click this link.

 

Lesson Review Quiz

Go to kahoot.it .
Let's play together.  Winner gets bonus points on today's assignment!