principles of business, marketing, and finance marketing goods and services copyright © texas...

Principles of Business, Marketing, and Finance

Marketing Goods and Services

Copyright © Texas Education Agency, 2011. All rights reserved

“Copyright and Terms of Service

Copyright © Texas Education Agency. The materials found on this website are copyrighted © and trademarked ™ as the property of the Texas Education Agency and may not be reproduced without the express written permission of the Texas Education Agency, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use

copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from the Texas Education Agency;

2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only without obtaining written permission of the Texas Education Agency;

3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way;

4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged.Private entities or persons located in Texas that are not Texas public school districts or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from the Texas Education Agency and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty fee.


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Goods and Services

• Goods

-things that you can see and touch (tangible)

• Services

-activities that are consumed at the same time they are produced (intangible)


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• Needs and Wants– Needs are required in order

to live (food, water, clean air, clothing, shelter)

– Wants-things that add comfort and pleasure to your life

• Needs and Wants are Unlimited


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Goods and Services for Businesses and Consumers

• Business needs steel, plastic, gasoline, computers (goods)

• Business needs supply of electricity, security for buildings, and equipment (services)


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Consumer Goods and Services

• Consumers buy clothes, electronic devices, automobiles (goods) (tangible)

• Consumers eat at restaurants, go on vacations, and take flights (services) (intangible)


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U.S. Economy

• Is the largest producer of goods and services in the world

• Has twice as many shopping malls as it does high schools

• America-leader in consuming goods and services

• Use of Credit– Increased purchasing power– Led to more debt


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Economic Resources

• Means through which goods and services are produced (Factors of Production)– Natural resources– Human resources– Capital resources

• Resources are Limited


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Basic Economic Problem-Scarcity

• Not having enough resources to satisfy every need

• Economic Decision-making– Scarcity forces individuals, businesses, and

governments to make choices– Economic decision-making (process of choosing

which wants, among several options, will be satisfied– Trade-off (when you give up something to have

something else– Opportunity cost-the value of the next-best alternative

that you did not choose


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The Decision-Making Process

• Define the problem.• Identify the choices.• Evaluate the advantages

and disadvantages of each choice.

• Choose one choice.• Act on your choice• Review your decision.


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Supply and Demand

• Consumer -person who buys and uses goods and services• Producers -individuals and organizations that determine what

products and services will be available for sale• Consumers set demand -the quantity of a good or service that consumers are

willing and able to buy• Supply -the quantity of a good or service that businesses are

willing and able to provide


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Determining Price

• Factors Influencing Demand– High demand equals high prices– More choices (competition) equal lower prices


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Factors Influencing Supply

• More competitors results in a greater supply• Little competition results in less supply and

higher prices• Market price -point where supply and demand are equal


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• Determine consumer Buy Motives• Show and Demonstrate Goods• Distribution -determining the best ways for customers to

locate, obtain, and use products and services of an organization

• Product and Service Management -designing, developing, maintaining,

improving, and acquiring products and services that meet consumer needs


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• Selling -communicating directly with potential

customers to determine and satisfy their needs

• Marketing information management

-obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities


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• Financial analysis

-budgeting for marketing activities,

obtaining the necessary funds needed

for operations, and providing financial

assistance to customers so they can purchase

the business’ products and services• Pricing -setting and communicating the value of products and services• Promotion -communicating information about products and services to

potential customers


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