Lesson Plan — Unit Two Goods and Services
Course Title: Principles of Business, Marketing, and Finance
Session Title: Lesson Seven – Marketing Goods and Services
Performance Objective:
• Upon completion of this lesson, the student will explain strategies to meet the
needs and wants of consumers. Students will describe different strategies for
marketing goods and services.
Specific Objectives:
• Explain the difference between needs and wants.
• Distinguish between goods and services.
• Describe the types of economic resources.
• Explain marketing strategies for goods and services.
• Explain the how supply and demand affect prices of goods and services.
• Explain how economic resources determine what goods and services will be
produced.
Preparation
TEKS Correlations:
This lesson, as published, correlates to the following TEKS. Any changes/alterations to
the activities may result in the elimination of any or all of the TEKS listed.
• 130.112(c)(6)(A)
explain the importance of different marketing strategies for goods versus services
• 130.112(c)(1)(B)
differentiate between goods and services
• 130.112(c)(1)(C)
identify types of businesses
• 130.112(c)(3)(E)
investigate potential causes of economic decisions such as supply and demand
or consumer dollar votes
Interdisciplinary Correlations:
English
110.42(b)(6)(A) – Vocabulary Development
…expand vocabulary through wide reading, listening, and discussing
110.42(b)(6)(B) – Vocabulary Development
… rely on context to determine meanings of words and phrases such as figurative
language, idioms, multiple meaning words, and technical vocabulary
110.42(b)(7)(F) – Reading/comprehension
…identify main ideas and their supporting details
110.42(b)(7)(G) – Reading/comprehension
…summarize texts
110.42(b)(7)(J) – Reading/comprehension
…read silently with comprehension for a sustained period of time
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1
Interdisciplinary Correlations:
Mathematical Models with Applications
111.36(c)(1)(A) – Knowledge and Skills
…compare and analyze various methods for solving a real-life problem.
111.36(c)(1)(B) – Knowledge and Skills
…use multiple approaches (algebraic, graphical, and geometric methods) to solve
problems from a variety of disciplines
111.36(c)(1)(C) – Knowledge and Skills
…select a method to solve a problem, defend the method, and justify the
reasonableness of the results
111.36(c)(6)(A) – Knowledge and Skills
…analyze methods of payment available in retail purchases and compare relative
advantages and disadvantages of each option.
111.36(c)(7)(A) – Knowledge and Skills
…analyze types of savings options involving simple and compound interest and
compare relative advantages of these options.
Accommodations for Learning Differences:
It is important that lessons accommodate the needs of every learner. These lessons
may be modified to accommodate your students with learning differences by referring to
the files found on the Special Populations page of this website.
References:
1. Introduction to Business, Brown Clow, Glencoe McGraw-Hill
2. Intro to Business, Dlabay Burrow Kleindl, South-Western Cengage Learning
3. Online Resources: globaledge.msu.edu, worldnetdaily.com/news/article
Instructional Aids:
1. “Marketing Goods and Services” PowerPoint Presentation
2. Unlimited Wants and Limited Resources Poster Assignment #1
3. Unlimited Wants and Limited Resources Poster Assignment #1 Rubric
4. The Decision-Making Process PowerPoint Assignment #2
5. The Decision-Making Process PowerPoint Assignment #2 Rubric
6. Need or Want? Assignment #3
7. Need or Want? Assignment #3 Rubric
8. Internet
Materials Needed:
1. Construction paper
2. Scissors and glue
3. Poster board
4. Newspapers
Equipment Needed:
1. Computers for students to complete projects
2. Projector for PPT
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2
Learner Preparation:
1. Ask students to list five wants and five needs. Then have students categorize
their needs and wants as goods or services. Explain how a country’s service or
product economy is based upon natural resources, labor force, technology, and
education.
2. Ask students to identify a problem they will face in the near future, such as
selecting a college or career or making a major purchase. Then ask the students
to describe how they would complete each step in the decision-making process
for the problem.
Lesson Plan
Introduction (LSI Quadrant I):
1. Scarcity is a fact of life for individuals, businesses, and nations. We want more
than we can afford. Due to scarce consumer resources, businesses must
carefully decide which goods and services to produce. Slow economic times
result in consumers spending less money on wants. Ask students what goods
and services they are willing to cut from their lifestyle if the economy plunges.
2. You only get one chance to make a first impression. Ask students why this
statement is especially important for salespeople. Then ask students to describe
marketing strategies for popular goods and services. Explain that a service and
produced/consumed simultaneously-there is no room for mistakes. Ask students
why car dealerships want potential customers to test drive the vehicles.
3. Ask students why it might be a good idea to purchase gifts following the holidays.
Then explain how the price of product depreciates greatly after the holiday is
over. Explain to students how wise consumers make purchases following the
holiday for next year’s special season.
Important Terms for this Lesson:
• needs – things that are required in order to live
• wants – things that add comfort and pleasure to your life
• goods – things you can see and touch; they are products you can purchase to
meet your wants and needs
• services – activities that are consumed at the same time they are produced
• economic resources – the means through which goods and services are
produced
• scarcity – not having enough resources to satisfy every need
• economic decision making – the process of choosing which wants, among
several options, will be satisfied
• trade off – what you make when you give something up to have something else
• opportunity cost – the value of the next-best alternative that you did not choose
• consumer – a person who buys and uses goods and services
• producers – Individuals and organizations that determine what products and
services will be available for sale
• demand – the quantity of a good or service that consumers are willing and able
Copyright © Texas Education Agency, 2011. All rights reserved.
3
•
•
•
•
•
•
•
to buy
supply – the quantity of a good or service that businesses are willing and able to
provide
selling – communicating directly with potential customers to determine and
satisfy their needs
marketing – an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
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 – any form of communication used to inform, persuade, or remind;
communicating information about products and services to potential customers
product and service management – designing, developing, maintaining,
improving, and acquiring products and services that meet consumer needs
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Outline
Outline (LSI Quadrant II):
Instructors can use the PowerPoint presentation, slides, handouts, current events, the
Internet, and note pages in conjunction with the following outline.
MI
.
Outline
I. Marketing Goods and Services
A. Needs and Wants
1. Needs are required in order to live (food,
water, clean air, clothing, shelter)
2. Wants-things that add comfort and
pleasure to your life
B. Needs and Wants are Unlimited
C. Goods and Services
1. goods-things that you can see and touch
(tangible)
2. services-activities that are consumed at
the same time they are produced
(intangible)
D. Goods and Services for Businesses and
Consumers
1. Business needs steel, plastic, gasoline,
computers (goods)
2. Business needs supply of electricity,
security for buildings and equipment,
accounting (services)
3. Consumers buy clothes, electronic
devices, automobiles (goods)
4. Consumers eat at restaurants, go on
vacations, and take flights (services)
E. U.S. Economy-largest producer of goods
and services in the world
1. twice as many shopping malls as it does
high schools
2. America-leader in consuming goods and
services
3. Use of credit
a. increased purchasing power
b. led to more debt
Copyright © Texas Education Agency, 2011. All rights reserved.
Notes to Instructor
Ask students to
make a list of their
wants. Then ask
students what is
keeping them from
getting their wants.
Ask students what
things consumers
cut from spending
when economic
conditions become
bad. Ask students
why shopping malls
have an increasing
number of open
spaces for stores.
Explain how the
economy is directly
related to consumer
demand and
spending. Demand
and spending is
directly related to the
rate of employment.
Ask students to
explain the
advantages and
disadvantages of
using credit to make
purchases.
5
II. Economic Resources
A. Means through which goods and services
are produced (Factors of Production)
1. natural resources
2. human resources
3. capital resources
B. Resources are limited
C. Basic Economic Problem-Scarcity-not
having enough resources to satisfy every
need
D. Economic Decision-making
1. scarcity forces individuals, businesses,
and governments to make choices
2. economic decision-making (process of
choosing which wants, among several
options, will be satisfied)
3. trade-off-when you give up something to
have something else
4. opportunity cost-the value of the next-best
alternative that you did not choose
E. The Decision-Making Process
1. Define the problem.
2. Identify the choices.
3. Evaluate the advantages and
disadvantages of each choice.
4. Choose one choice.
5. Act on your choice.
6. Review your decision.
Ask students to
make a list of the
greatest resources in
the United States.
Then ask how the
resources are used
in a global business
setting.
III. Supply and Demand
A. Consumer-person who buys and uses
goods and services
B. Producers-individuals and organizations
that determine what products and services
will be available for sale
C. Consumers set demand-the quantity of a
good or service that consumers are willing
and able to buy
D. Supply-the quantity of a good or service
that businesses are willing and able to
provide
Ask students what
happens to prices
when there is a
shortage of goods.
Then explain what
consumers do when
shortages and rising
prices exist. They
find other
alternatives or do
without certain
goods and services.
Copyright © Texas Education Agency, 2011. All rights reserved.
Ask students to list a
major decision they
must make. Then
ask students to
incorporate the steps
of the decisionmaking process to
make their decision.
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IV. Determining Price
A. Factors Influencing Demand
1. high demand equals high prices
2. more choices (competition)-lower prices
B. Factors Influencing Supply
1. more competitors results in a greater
supply
2. little competition results in less supply
and higher prices
C. Market price-point where supply and
demand are equal
Ask students what
price they are willing
to pay for their
favorite concert or
sporting event. Then
explain how prices
rise according to
consumer demand.
Explain how a ticket
to the Super Bowl
costs well over
$1,000.
V. Marketing Goods and Services
A. Determine Consumer Buying Motives
B. Show and Demonstrate Goods
C. Distribution-determining the best ways for
customers to locate, obtain, and use
products and services of an organization
D. Product and Service Managementdesigning, developing, maintaining,
improving, and acquiring products and
services that meet consumer needs
E. Selling-communicating directly with potential
customers to determine and satisfy their
needs
F. Marketing-information managementobtaining, managing, and using market
information to improve business decisionmaking and the performance of marketing
activities
G. 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
H. Pricing-setting and communicating the
value of products and services
I. Promotion-communicating information about
products and services to potential
customers
Different strategies
are used to market
goods and services.
Marketers must
research the target
market to determine
needs, wants, and
demand.
Sales are enhanced
with solid
demonstrations of
goods. Services
frequently count on
word-of-mouth of
satisfied customers.
During a tight
economy,
businesses become
increasingly aware of
the importance of
outstanding
customer service.
Copy and paste Multiple Intelligences Graphic in appropriate place in left column.
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7
Verbal
Linguistic
Logical
Mathematical
Visual
Spatial
Musical
Rhythmic
Bodily
Kinesthetic
Intrapersonal
InterPersonal
Naturalist
Existentialist
Application
Guided Practice (LSI Quadrant III): Ask students to give an example of a good or
service that sells for a high price due to demand. Then ask students to give an example
of a good or service going for a lower price due to lack of demand. Explain how prices in
a market economy are determined by consumers. Ask students to recall the last
purchase they made. What were the trade-offs involved with the purchase?
Independent Practice (LSI Quadrant III):
1. Unlimited Wants and Limited Resources Poster Assignment: Ask students to
find three articles that illustrate unlimited wants and limited resources. Ask
students to write a two-paragraph summary of for each article. Then have
students design a poster to illustrate the three articles. The poster should include
the articles, two-paragraph summaries, and pictures representing the unlimited
wants. The poster will be evaluated using the assigned rubric.
2. The Decision-Making Process PowerPoint Assignment: Ask students to
design a PowerPoint presentation that illustrates a business decision using the
steps of the Decision-Making process. The presentation will be evaluated using
the assigned rubric.
3. Need or Want? Assignment: Ask students to identify five products or services
that could be either a need or a want. Then students must provide an example
for each that illustrates when it would be considered a need and when it would be
considered a want. Prepare an oral presentation, using visual aids. The
presentation will be evaluated using the assigned rubric.
Summary
Review (LSI Quadrants I and IV):
Q: What is scarcity?
A: Scarcity is not having enough resources to satisfy every need.
Q: What is the difference between a need and a want?
A: A need is required to live and a want adds comfort and pleasure to your life.
Q: How do people satisfy their wants and needs?
A: People purchase goods and services to satisfy their needs and wants.
Q: What are three types of economic resources?
A: Three economic resources are natural resources, human resources, and capital
resources.
Q: What is opportunity cost?
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8
A: Opportunity cost is the value of the next-best alternative that you did not choose.
Q: What are the six steps in the decision-making process?
A: The six steps are (1) define the problem, (2) identify the choices, (3) evaluate the
advantages and disadvantages of each choice, (4) choose one, (5) act on your
choice, and (6) review your decision.
Q: How does the price of a product affect demand and supply?
A: Prices have a direct impact on the amount supplied and the amount demanded. Less
is demanded when prices go up. Higher prices encourage suppliers to provide more.
Q: How is market price for a product determined?
A: Market price is the point where supply and demand are equal.
U.S. CENSUS BUREAU RESEARCH
Ask student to use the Internet to access the Census Bureau’s web site and locate
the link to “Economic Indicators.” Students should select one of the indicators and
prepare a short PowerPoint presentation that indicates how the economic indicator
changed over the last ten years. The presentation will be evaluated using the
assigned rubric.
Evaluation
Informal Assessment (LSI Quadrant III):
1. Instructor will observe students during Independent Practice.
2. Instructor will assist students as needed.
Formal Assessment (LSI Quadrant III, IV):
Assigned Rubrics will be used to assess assignments 1, 2, and 3 for Independent
Practice (LSI Quadrant III).
Extension/Enrichment (LSI Quadrant IV):
1. Compare the price and quality of designer brand clothing and other brands. Use
a table to show the brand, price, material content, and rationale for the price
discrepancy considering supply and demand.
2. Monitor retail clothing prices. Interview a person who works in the retail clothing
industry. Ask them how frequently mark-downs take place to move merchandise.
Draw a graph that illustrates the date and beginning price for clothing. Then show
the dates and mark-down prices until the merchandise is no longer at the store.
Write a paragraph that explains the pricing strategy for clothing.
3. Ask students to record prices of three comparable new automobiles. Classify the
automobiles as domestic or imported. Prepare a table that compares options,
gas mileage, etc. Then ask students which automobile they would purchase and
why. Explain that some people are buying imported automobiles because they
perceive better gas mileage or they don’t like partial government ownership of
some of the American companies.
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The Foundation of International Business
Independent Practice Assignment Sheet
Unlimited Wants and Limited Resources Poster Assignment #1: Ask students to
find three articles that illustrate unlimited wants and limited resources. Ask
students to write a two-paragraph summary of for each article. Then have
students design a poster to illustrate the three articles. The poster should include
the articles, two-paragraph summaries, and pictures representing the unlimited
wants. The poster will be evaluated using the assigned rubric.
The Decision-Making Process PowerPoint Assignment #2: Ask students to design a
PowerPoint presentation that illustrates a business decision using the steps of
the Decision-Making process. The presentation will be evaluated using the
assigned rubric.
Need or Want? Assignment #3: Ask students to identify five products or services that
could be either a need or a want. Then students must provide an example for
each that illustrates when it would be considered a need and when it would be
considered a want. Prepare an oral presentation, using visual aids. The
presentation will be evaluated using the assigned rubric.
Copyright © Texas Education Agency, 2011. All rights reserved.
10
Marketing Goods and Services
Unlimited Wants and Limited Resources Poster Assignment #1 Rubric
Student Name:
_____________________________________________________
CATEGORY
20
15
10
5 or less
All but 1 of the
required elements
are included on the
poster.
Several required
elements were
missing.
Required
Elements
The poster includes All required elements
all required elements are included on the
as well as additional poster.
information.
Content Accuracy
At least 7 accurate
facts are displayed
on the poster.
Less than 3 accurate
5-6 accurate facts
3-4 accurate facts
are displayed on the are displayed on the facts are displayed
on the poster.
poster.
poster.
Attractiveness
The poster is
exceptionally
attractive in terms of
design, layout, and
neatness.
The poster is
attractive in terms of
design, layout and
neatness.
The poster is
acceptably attractive
though it may be a
bit messy.
The poster is
distractingly messy
or very poorly
designed. It is not
attractive.
Knowledge
Gained
Student can
accurately answer all
questions related to
facts in the poster
and processes used
to create the poster.
Student can
accurately answer
most questions
related to facts in the
poster and
processes used to
create the poster.
Student can
accurately answer
about 75% of
questions related to
facts in the poster
and processes used
to create the poster.
Student appears to
have insufficient
knowledge about the
facts or processes
used in the poster.
Most graphics are in
focus and the
content easily
viewed and identified
from 6 ft. away.
Most graphics are in Many graphics are
focus and the
not clear or are too
content is easily
small.
viewed and identified
from 4 ft. away.
Graphics -Clarity Graphics are all in
focus and the
content easily
viewed and identified
from 6 ft. away.
Total Score _______
Maximum 100 Points
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11
Marketing Goods and Services
The Decision-Making Process PowerPoint Assignment #2 Rubric
Student Name:
_____________________________________________________
20
15
10
5 or less
Content
Covers topic in-depth
with details and
examples. Subject
knowledge is
excellent.
Includes essential
knowledge about the
topic. Subject
knowledge appears
to be good.
Includes essential
information about
the topic but there
are 1-2 factual
errors.
Content is minimal
OR there are several
factual errors.
Organization
Content is well
organized using
headings or bulleted
lists to group related
material.
Uses headings or
bulleted lists to
organize, but the
overall organization
of topics appears
flawed.
Content is logically
organized for the
most part.
There was no clear
or logical
organizational
structure, just lots of
facts.
Attractiveness
Makes excellent use
of font, color,
graphics, effects, etc.
to enhance the
presentation.
Makes good use of
font, color, graphics,
effects, etc. to
enhance to
presentation.
Makes use of font,
color, graphics,
effects, etc. but
occasionally these
detract from the
presentation
content.
Use of font, color,
graphics, effects etc.
but these often
distract from the
presentation content.
Originality
Product shows a
large amount of
original thought.
Ideas are creative
and inventive.
Product shows
some original
thought. Work
shows new ideas
and insights.
Uses other people's Uses other people's
ideas (giving them
ideas, but does not
credit), but there is
give them credit.
little evidence of
original thinking.
Presentation
Well-rehearsed with
smooth delivery that
holds audience
attention.
Rehearsed with
fairly smooth
delivery that holds
audience attention
most of the time.
Delivery not smooth, Delivery not smooth
but able to maintain and audience
interest of the
attention often lost.
audience most of the
time.
CATEGORY
Total Score _______
Maximum 100 Points
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12
Marketing Goods and Services
Need or Want? Presentation Assignment #3 Rubric
Student Name:
_____________________________________________________
CATEGORY
Content
20
15
10
Shows a full
Shows a good
Shows a good
understanding of the understanding of the understanding of
topic.
topic.
parts of the topic.
Comprehension Student is able to
accurately answer
almost all questions
posed by classmates
about the topic.
Student is able to
accurately answer
most questions
posed by classmates
about the topic.
Student is able to
accurately answer a
few questions posed
by classmates about
the topic.
5 or less
Does not seem to
understand the topic
very well.
Student is unable to
accurately answer
questions posed by
classmates about
the topic.
Preparedness
Student is
completely prepared
and has obviously
rehearsed.
Student seems
pretty prepared but
might have needed a
couple more
rehearsals.
The student is
Student does not
somewhat prepared, seem at all prepared
but it is clear that
to present.
rehearsal was
lacking.
Enthusiasm
Facial expressions
and body language
generate a strong
interest and
enthusiasm about
the topic in others.
Facial expressions
and body language
sometimes generate
a strong interest and
enthusiasm about
the topic in others.
Facial expressions
and body language
are used to try to
generate
enthusiasm, but
seem somewhat
faked.
Very little use of
facial expressions or
body language. Did
not generate much
interest in topic
being presented.
Speaks Clearly
Speaks clearly and
distinctly all (10095%) the time, and
mispronounces no
words.
Speaks clearly and
distinctly all (10095%) the time, but
mispronounces one
word.
Speaks clearly and
distinctly most ( 9485%) of the time.
Mispronounces no
more than one word.
Often mumbles or
can not be
understood OR
mispronounces more
than one word.
Total Score _______
Maximum 100 Points
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13
Marketing Goods and Services
U.S. Census Bureau PowerPoint Assignment Rubric
Student Name:
_____________________________________________________
20
15
10
5 or less
Content
Covers topic in-depth
with details and
examples. Subject
knowledge is
excellent.
Includes essential
knowledge about the
topic. Subject
knowledge appears
to be good.
Includes essential
information about
the topic but there
are 1-2 factual
errors.
Content is minimal
OR there are several
factual errors.
Organization
Content is well
organized using
headings or bulleted
lists to group related
material.
Uses headings or
bulleted lists to
organize, but the
overall organization
of topics appears
flawed.
Content is logically
organized for the
most part.
There was no clear
or logical
organizational
structure, just lots of
facts.
Attractiveness
Makes excellent use
of font, color,
graphics, effects, etc.
to enhance the
presentation.
Makes good use of
font, color, graphics,
effects, etc. to
enhance to
presentation.
Makes use of font,
color, graphics,
effects, etc. but
occasionally these
detract from the
presentation
content.
Use of font, color,
graphics, effects etc.
but these often
distract from the
presentation content.
Originality
Product shows a
large amount of
original thought.
Ideas are creative
and inventive.
Product shows
some original
thought. Work
shows new ideas
and insights.
Uses other people's Uses other people's
ideas (giving them
ideas, but does not
credit), but there is
give them credit.
little evidence of
original thinking.
Presentation
Well-rehearsed with
smooth delivery that
holds audience
attention.
Rehearsed with
fairly smooth
delivery that holds
audience attention
most of the time.
Delivery not smooth, Delivery not smooth
but able to maintain and audience
interest of the
attention often lost.
audience most of the
time.
CATEGORY
Total Score _______
Maximum 100 Points
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14