Chapter 1 Needs, Wants, and Business. Key Terms – Chapter 1 Needs Needs Wants Wants Consumer Consumer Trends Trends Fads Fads Business Business Good.

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Presentation transcript:

Chapter 1 Needs, Wants, and Business

Key Terms – Chapter 1 Needs Needs Wants Wants Consumer Consumer Trends Trends Fads Fads Business Business Good Good Services Services Interdependence Interdependence Producer Producer Manufacturer Manufacturer Business Environment Business Environment Business-to-Business Business-to-Business Market Market Demand Demand Production Production Factors of production Factors of production Land Land Capital Capital Labour Labour Information Information Entrepreneurship Entrepreneurship Marketing Marketing Human Resources Human Resources Management Management Finance Finance

Examples of Needs & Wants Needs Needs Shelter Food Medical Wants Cell Phone Brand Name Clothing Fast Food Restaurants What are other examples of Needs & Wants?

Factors which influence Consumers Wants & Needs Stage of Life Stage of Life Interests Interests Tastes Tastes Priorities Priorities Abilities Abilities Family Responsibilities Family Responsibilities Trends Trends Fads Fads

Abraham Maslow and Personal Motivation Humans are motivated to satisfy their needs according to a hierarchy People are motivated to satisfy their most basic physical and safety needs first People will then be motivated by their higher needs for love, esteem and self- actualization Self-Actualization motivation includes the need to know and explore, find beauty, reach your own potential and to help others develop theirs Businesses use this theory to appeal to the basic needs of consumers through advertising and marketing. Ie: children are often used

Competition for Customers Businesses often advertise their products as filling your social, esteem or self- actualization needs Page 10… #’s 1, 3 & 5

Assignment – Chapter 1 You may work in groups of 2 students Question #4, page 27

What is Business The Business World revolves around two interest groups… 1.Producer – makes goods or provides services 2.Consumer – purchases goods or services to satisfy needs and wants Most businesses are both producers and consumers. Ie: Levis has to purchase denim from a supplier to make their jeans. What would be examples of some businesses who are not consumers, only producers?

Functions of Business 1. Production Factors of Production… a.Landd. Information b.Capital e. Entrepreneurship c.Labour 2. Marketing Marketing includes much more than advertising… a.Research (planning) b.Pricing c.Promoting d.Distribution 3. FinanceAll businesses must keep accurate financial records in order to know whether they are making a profit.

Functions of Business cont… 3. Human Resources 4. Management Many large businesses have a human resources department Managers plan, organize and control all business activities Page 22, #’s 1, 2, 4 & 5

MP3.com and Napster Read the article on pages 23 – 24 Answer the questions that follow (page 24)

Test Time Chapter Review Points to Remember Knowledge/Understanding – questions 1 & 2 (page 25) Thinking/Inquiry – question # 2 (page 26) Communication – question # 1 (page 26)