Board Activity Make a list of at least five products that students and/or faculty in your school would want to buy at your school site and use daily or weekly.

Review What are the nine functions of marketing? What are the characteristics of the nine marketing? What is the definition of marketing, products, goods, services, and exchange?

Objectives Define economic utility Name the five economic utilities and distinguish those related to marketing List the benefits of marketing Discuss the reasons for studying marketing Describe the trend in future employment opportunities for those trained in marketing.

Economic Benefits of Marketing Added Value Make it more useful. That added value in economic terms is called utility. Lower Prices New and Improved Products

Types of Utility Form Utility Place Utility Time Utility Possession Utility Information Utility

Form Utility Form utility involves changing raw materials or putting parts together to make them more useful.

Place Utility Place utility involves having a product where customers can buy it.

Time Utility Time utility is having a product available at a certain time of year or a convenient time of day.

Possession Utility The exchange-of a product for some monetary value- is possession utility.

Information Utility Information utility involves communication with the consumer.

Ball Point Pen Example Turn to page 8 in your text book.

Group Work on Example: Choose a product that we will use at school (can’t use a ball point pen) Answer the following questions What raw materials went into the marking the product? (form utility) Where would you place this product so your customers would see it (place utility) When would be the best time of day to sell this product? (Time Utility) How would students and/or faculty pay for the product? (Possession Utility) How would you get information about this product to your potential customers? (Information utility)

Lower Prices Marketing activities also help increase demand for them. When demand is high, manufacturers can make products in larger quantities, which reduces the unit cost of each product. Fix cost are cost that don’t change whether you make 1 product or 10,000 products Rent Spreadsheet page 5.

New and Improved Products Are a result of increased competition generated by marketing. Businesses look for opportunities to satisfy customers, which result in a larger variety of products. For example, personal computers have gotten smaller, more powerful, and less expensive.

Case Study Break into your pods read the case study and answer the three question. You have 10 minutes to complete this tasks You will be expected to share your groups answers.

Checking for Understanding What is meant by economic concept of utility? How can marketing help lower prices? Explain marketing’s role in developing new and improved products Why is the study of marketing helpful in any career?

Assignments Finish Workbook Critical Thinking 1, 3