6200/6600 Principles of Business and Finance

Course / 6200/6600 Principles of Business and Finance / Unit A / Principles of Business
Essential Standard / 3.00 / B2 / 10% / Understand the role of marketing in business.
Objective / 3.02 / B2 / 5% / Understand buying behaviors
Essential
Questions / · What are the steps of developing a marketing strategy?
· What are the steps of the consumer decision-making process?
How are the sources of consumer information classified?
· How are shopping locations classified?

UNPACKED CONTENT

I. A marketing strategy provides vital information on how a business will meet its goals of satisfying customers that will result in making sales and profits. The steps of developing a marketing strategy are:

A. Identify a target market

B. Create a marketing mix

II. Consumers use the consumer decision-making process in order to make decisions on purchases. The steps in the consumer decision-making process are:

A. Recognize a need or want

B. Gather information

C. Select and evaluate alternatives

D. Make a purchase decision

E. Determine the effectiveness of the decision

III. Consumers use information sources to assist them with the consumer decision-making process. The major sources of consumer information are classified as:

A. Product testing organizations

B. Media sources

C. Government agencies

D. Business sources

E. Personal contacts

IV. Competitive markets and technology infrastructures provide consumers with a variety of shopping location. Shopping locations are classified as:

A. Traditional retailers

B. Contemporary retailer

C. Non-Store retailers

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INSTRUCTIONAL ACTIVITIES / RELEVANCE TO
OBJECTIVE / RESOURCES
1 / Marketing Strategy
· Present an overview of how important it is for a business to have a marketing strategy and understand its consumers.
· Facilitate students completing the Marketing Strategy Organizer. Students may obtain information by reading pages 238-242 in Intro to Business, 6e Thomson Southwestern textbook OR participating during presentation of Powerpoint Presentation 3.02, slides 1-5 / Helps students UNDERSTAND (B2) the importance of a marketing strategy and understanding its consumers / Marketing Strategy Organizer
PowerPoint Presentation 3.02, slides 1-5
2 / The Right Target Market
· Have students complete the Target Market Activity.
· Discuss as a class the results of the activity. / Helps students UNDERSTAND (B2) target markets / Target Market Activity
Marketing Strategy Organizer
3 / Steps in Consumer Decision-Making Process
· Present an example of making a purchase using the consumer decision making process.
· Facilitate students completing Consumer Decision-Making Process Activity.
· Facilitate students presenting responses of the activity.
· Emphasize how consumers use the consumer decision-making process. / Helps students UNDERSTAND (B2) the steps in the consumer decision-making process / Consumer Decision-Making Process Activity
Marketing Strategy Organizer
Instructional Activities continued on the next page.

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INSTRUCTIONAL ACTIVITIES / RELEVANCE TO
OBJECTIVE / RESOURCES
4 / Major Sources of Consumer Information Introduction
· Have students read Focus on Real Life on page 372 in Intro to Business, 6e, Thomson Southwestern textbook.
· Have students complete Pre-Questions portion of Buying Decisions Activity
· Facilitate students sharing responses to the above tasks.
· Have students save the Buying Decisions Activity to use for completing activity 10. / Helps students to UNDERSTAND (B2) factors to consider when making decisions about purchases / Textbook
Buying Decisions Activity
5 / Major Sources of Consumer Information Reading or PowerPoint Presentation
Facilitate students completing the Major Sources of Consumer Information Organizer. Students may obtain information by reading pages 372-374 in Intro to Business, 6e Thomson Southwestern textbook OR participating during presentation of Powerpoint Presentation 3.02, slides 6-12. / Helps students UNDERSTAND (B2) the major sources of consumer information / Major Sources of Consumer Information Organizer
PowerPoint Presentation 3.02, slides 6-12
Instructional Activities continued on the next page.

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INSTRUCTIONAL ACTIVITIES / RELEVANCE TO
OBJECTIVE / RESOURCES
6 / Comparison of Major Sources of Consumer Information
· Assign each student a number that corresponds with a source listed on Comparison of Major Sources of Consumer Information Activity. Students are to use the assigned source to complete activity. NOTE: More than one student will most likely have the same source; you may also add additional products or services for this activity.
· Facilitate students completing the Comparison of Major Sources of Consumer Information Activity. Use the activity titled Decision-Making Strategies on page 394 in Intro to Business, 6e Thomson Southwestern textbook as a guide.
· Facilitate students dividing into groups according to their source. Consider allowing one group to gather in each corner of the room and one group in the center.
· Facilitate group discussion as to why their source of information would be best to use.
· Facilitate class presentations have students to include why their source of information would be best to use.
· Review the presentations with emphasis on the value of the sources. / Helps students to COMPARE (B2) major sources of consumer information / Comparison of Major Sources of Consumer Information Activity
Sources of Consumer Information
Textbook
7 / Classification of Major Sources of Consumer Information
· Review the value of using consumer information sources when planning a purchase.
· Facilitate students completing the Major Sources of Consumer Information Activity. / Helps students CLASSIFY (B2) the major sources of consumer information / Major Sources of Consumer Information Activity
Major Sources of Consumer Information Activity Key
Instructional Activities continued on the next page.

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INSTRUCTIONAL ACTIVITIES / RELEVANCE TO
OBJECTIVE / RESOURCES
8 / Shopping Locations Introduction
· Facilitate students completing the Shopping Locations Organizer. Students may obtain information by reading pages 378-379 in Intro to Business, 6e Thomson Southwestern textbook OR participating during presentation of PowerPoint Presentation 3.02, slides 13-18.
· Facilitate a discussion about shopping location categories and examples of local and national locations. / Helps students INTERPRET (B2) shopping location categories / Textbook
Shopping Locations Organizer
Point Presentation 3.02, slides 13-18
9 / Types of Retail
· Have students complete Types of Retail Chart.
· Discuss as a class the results of the activity. / Helps students CLASSIFY (B2) the different types of retail / Types of Retail Chart
Types of Retail Chart Key
10 / Buying Decisions
· Have students complete Post Questions portion of Buying Decisions Activity.
· Facilitate a discussion on similarities and differences between student responses to these questions. NOTE: Emphasize these situations during the discussion:
1. If students will use additional consumer information sources
2. If students will change their decision-making process for making purchases
3. If students will change where they shop / Helps students better UNDERSTAND (B2) the consumer information sources, the consumer decision-making process, and shopping locations / Buying Decisions Activity

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Instructional Support Material

Textbook / Website
Intro to Business, 6e, Thomson South-Western / None
Handouts (included) / Other
· Marketing Strategy Organizer
· Target Market Activity
· Consumer Decision-Making Process Activity
· Buying Decisions Activity
· Major Sources of Consumer Information Organizer
· Comparison of Major Sources of Consumer Information Activity
· Sources of Consumer Information
· Major Sources of Consumer Information Activity
· Major Sources of Consumer Information Activity Key
· Shopping Locations Organizer
· Types of Retail Chart
· Types of Retail Chart Key
· Buying Decisions Activity / · PowerPoint Presentation 3.02 (separate file)
· Assessment Prototypes (included)

Name ______Class ______Date ______

Marketing Strategy Organizer

Directions: Provide responses to the listed items

What does a marketing strategy provide for a business?

______

What are the steps of a marketing strategy?

______

What is a target market?

______

What is a marketing mix?

______

List the steps in the Consumer Decision-Making Process

______

Name ______Class ______Date ______

Target Market Activity

Directions: Using your Marketing Strategy Organizer, list a target market for each of the products or services

Product / Target Market
Kayaking equipment
Khaki’s and t-shirt outfit
Large-key calculator
Maternity outfit
Paint, stencils, and cloth
Ergonomic mouse
Local radio station
Muscle building magazine
E-Z grip coffee container

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Target Market Activity KEY Answers will vary.

Directions: Using your Marketing Strategy Organizer, list a target market for each of the products or services

Product / Target Market
Kayaking equipment / Water-sport enthusiasts
Khaki’s and t-shirt outfit / Teenagers and college students
Large-key calculator / Vision impaired persons
Maternity outfit / Pregnant mothers
Paint, stencils, and cloth / Persons who enjoy crafts
Ergonomic mouse / Persons that have problems with their wrists
Muscle building magazine / Muscle builders
E-Z grip coffee container / Persons with arthritis

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Name______Class ______Date ______

Consumer Decision-Making Process Activity

Directions: Use your Marketing Strategy Organizer, and the provided table to complete an upcoming decision.

Recognize a need or want / Gather information / Select and evaluate alternatives / Make a purchase decision / Determine the effectiveness of the decision
Example:
Go on a cruise / Example:
Cruise line website
Cruise line representative
A friend / Example:
Carnival
Princess
Royal Caribbean / Example:
Carnival / Example:
The effectiveness of the decision depends on the cost and amenities.

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Name______Class ______Date ______

Buying Decisions Activity

Directions: Complete the column titled Pre-Responses by answering the questions in the column titled Pre-Questions. Later, you will complete the Post-Responses by answering the questions in Post-Questions when instructed by your teacher.

Pre-Questions / Pre-Responses / Post-Questions / Post-Responses
1. What source(s) do you most often use to help with buying decisions? / What additional sources would you consider using to help with buying decisions and Why?
2. What decision-making process do you use for purchases? / How would you modify your decision-making process for purchases?
3. Where do you shop mostly? / What additional type of retail would you shop?

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Name______Class ______Date ______

Major Sources of Consumer Information Organizer

Directions: Provide requested information in the spaces provided.

Major source of consumer information / Purpose of source / Examples or types

Name______Class ______Date ______

Major Sources of Consumer Information Organizer - Continued

Directions: Provide requested information in the spaces provided.

Major source of consumer information / Purpose of source / Examples or types

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Name______Class ______Date ______

Comparison of Major Sources of Consumer Information Activity

Directions: For this activity, you are to use an assigned source to obtain information about a product, and then complete the provided table. Some places to obtain sources are the classroom, library, or stores for print or non-print sources. Use your textbook for titles of sources as needed.

Product / Camera for about $150
Directions: Circle the category and type of sources in columns on the right (when appropriate) / 1
Product Testing Organizations / 2
Media Sources:
· Print Publisher
· Broadcast Organizations
· The Internet / 3
Government Agencies / 4
Business Sources:
· Advertising
· Product Labels
· Customer Service Departments
· Better Business Bureau / 5
Personal Contact:
· Relative
· Friend
Name of source

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State in your own words, how your source of information is useful. Consider the usefulness of feature descriptions, price, location of purchase and other information.

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Name______Class ______Date ______

Major Sources of Consumer Information Activity

Directions: From the left column, provide the appropriate letter of the type of source used on the blank line next to the scenario in the right column.

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Type of source

A. Product testing organization

B. Media source

C. Government agency

D. Business source

E. Personal contact

Scenario

___ A warehouse store displays several boards of product and service brochures for customers.
___ Managers use information obtained from a talk show to make decisions about products and services.
___ An imaging and printing agency solicits people to evaluate their prototype products.
___ Gene solicited information from Ted about the laptops he purchased for his staff. Gene may use the information to determine features she needs for a work laptop.
___ Clara visited the Securities and Exchange Commission’s website to obtain information about a public investment scam.
___ Matt used information shared by a classmate, who recently purchased a pair of jeans, to purchase two pairs for himself.
___ A dentist decided to purchase equipment based on a review she read in a professional journal.
___ Nate visited several electronic stores to obtain information about 62” flat screen televisions.
___ A company solicits people to try products in their own home and then to share experiences of using the products.
___ A principal used tips for responding to critical incidence from a kit provided by the Attorney General’s Office.

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Name______Class ______Date ______

Major Sources of Consumer Information Activity KEY

Directions: From the left column, provide the appropriate letter of the type of source used on the blank line next to the scenario in the right column.

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Type of source

A. Product testing organization

B. Media source

C. Government agency