Economic Resources
Marketing Dynamics
Marketing
Lesson Plan
Performance Objective
Students will understand that marketing begins with a working knowledge of economic concepts.
Specific Objective
• Students can describe the concept of economic resources.
• Students can identify economic needs and wants.
• Students can explain the concept of utility and cite examples of types of utility.
• Students can describe the function of price in markets.
• Students can clarify how the interaction of supply and demand affects price.
Terms
• Scarcity – limited resources available to satisfy unlimited needs and wants
• Economics – study of how people choose to use the limited resources to satisfy the unlimited needs
and wants
• Supply – the relationship between the amount of a good or a service that businesses are willing and
able to make available and the price
• Demand – the relationship between the amount of a good or service that consumers are willing and
able to purchase at the price
• Market price – the point at which supply and demand cross
• Factors of production – natural, human and capital resources
• Marketing Utilities – marketing adds value to products through the form, place, time, possession and
information utilities
• Goods – tangible product that you can touch and hold in your hand
• Services – intangible products, tasks performed for a customer
Time
When taught as written, this lesson should take approximately two to three days to teach.
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.
130.347 (c) Knowledge and Skills
(1) The student knows business concepts and understands how business satisfies economic needs. The
student is expected to:
(A) categorize business activities as production, marketing, management, or finance;
Copyright © Texas Education Agency, 2014. All rights reserved. Page 1
(E) describe the concept of economic resources.
(13)The student knows that marketing begins with a working knowledge of economic concepts. The
student is expected to:
(A) expound on characteristics of economic goods and services;
(C) explain the concept of utility and cite examples of types of utility;
(15) The student knows that private enterprise is based on independent decisions by businesses and
consumers concerning the right to own property, own a business, compete, make a profit, and exercise
consumer choice with limited government involvement. The student is expected to:
(E) identify examples of competitive business situations such as price or nonprice competition.
Interdisciplinary Correlations:
English-English I
110.31(b) Knowledge and Skills
(1) Reading/Vocabulary Development. Students understand new vocabulary and use it when reading
and writing.
(11) Reading/Comprehension of informational text/procedural texts. Students understand how to
glean and use information in procedural texts and documents.
Math-Algebra I
111.32(b) Knowledge and Skills
(1) Foundations for functions. The student understands that a function represents a dependence one
quantity on another and can be described in a variety of ways. The student it expected to:
(E) Interpret and make decisions, predictions, and critical judgments from functional
relationships.
Occupational Correlation (O*Net - http://www.onetonline.org/)
Job Title: Marketing Managers
O*Net Number: 11-2021.00
Reported Job Titles: Advertising and Promotions Managers, Sales Managers, Wholesale and Retail Buyers,
Except Farm Products, Public Relations Specialists, Demonstrators and Product Promoters
Tasks: Formulate, direct and coordinate marketing activities and policies to promote products and services,
working with advertising and promotion managers. Identify, develop, or evaluate marketing strategy, based
on knowledge of establishment objectives, market characteristics, and cost and markup factors. Evaluate the
financial aspects of product development, such as budgets, expenditures, research and development
appropriations, or return-on-investment and profit-loss projections.
Soft Skills: Active Listening, Reading Comprehension, Critical Thinking, Speaking, Coordinating, Active
Learning
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 (cte.unt.edu).
Copyright © Texas Education Agency, 2014. All rights reserved. Page 2
Preparation
• Review and familiarize yourself with the terminology, website links, and digital presentations.
• Teacher will have assignments and website information ready to distribute to students.
Instructional Aids
• Textbook
• Instructor Computer/Projection Unit
• Websites
Introduction
Learner Introduction
SHOW: Show students a bag of chips.
ASK: Ask students where they would want to buy chips?
SAY: Explain that you usually are looking for the chips when you are hungry. You would probably look in the
vending machines at school or maybe a convenience store on the way to school.
ASK: Ask when they would want to purchase bathing suits?
SAY: Explain that most people are not looking for bathing suits in November and probably wouldn’t be willing
to pay much for them. However, having them available in April or May adds value because that is when
people need them.
ASK: Ask if they would be frustrated if they went to the store to buy a new smartphone and could not find out
if it had a camera, or if they could use it for the internet?
SAY: Explain that marketing adds value to products by providing information about the product, not only the
features but where to buy it.
ASK: Ask students if there is anything that they would like to have that they do not already own.
SAY: Explain most people have a list of things that they want or need and once those needs or wants are
fulfilled there are more to add to the list.
Outline
MI
Outline
I. Goods vs Services
A. Goods
B. Services
II. Economics
A. Scarcity
B. Supply
C. Demand
D. Market Price
E. Competition
1. Price Competition
2. Non-Price Competition
Instructor Notes
Use digital presentation and
current events as aid.
Goods are products that you can
physically touch such as cars, or
groceries or books. Services are
intangible and you cannot
physically touch such as a
haircut, a car wash or a meal
which you eat in a restaurant.
Copyright © Texas Education Agency, 2014. All rights reserved. Page 3
II. Factors of Production
A. Natural resources – land
B. Human resources – labor
C. Capital resources – money
III. Marketing Utilities
A. Form utility
1. Raw materials into value
product
B. Place utility
1. Product Accessibility
2. Vending Machines
C. Time utility
1. Ready in Time
2. Donut Shop Open Early
D. Possession utility
1. Exchange monetary value
2. Cash
3. Layaway
4. Financing
E. Information utility
1. Communication with consumer
2. Salespeople
3. Displays
4. Advertising
IV. Value of Marketing
A. Increases Demand
B. Higher Demand=Higher Production
C. Higher Production= Low Cost per
Unit
D. Lower Cost per unit= Lower Price
A country has to decide how
they will use their limited
resources to meet their citizen’s
wants and needs.
Price is determined by two
factors, supply and demand.
Supply is how much businesses
are willing to produce at a
particular price. Conversely,
demand is how much of an good
or service that consumers are
willing to purchase at what price.
The market price is also called
the equilibrium price. This is
where the price is at a point
where buyers are willing to
purchase the products and
sellers are willing to sell their
product.
Some companies choose to
focus on low prices or sales to
attract customers. These
businesses feel that if the
products are equal, customers
will choose the lowest prices.
Other companies choose to
focus on their reputation or the
quality of their products to
attract customers.
Multiple Intelligences Guide
Existentialist
Interpersonal
Intrapersonal
Kinesthetic/
Bodily
Logical/
Mathematical
Musical/Rhythmic
Naturalist
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Verbal/Linguistic
Visual/Spatial
Application
Guided Practice
Students will create a mnemonic device to help them remember the five marketing utilities. They will break
into small groups of two or three. Each group will come up with a mnemonic device using F, T, P, P, I (Form,
Time, Place, Possession, and Information) and create a poster with their mnemonic that includes pictures.
Each group will present their poster to the class and the calls will vote on which mnemonic they would like to
adopt to be used in class.
Independent Practice
Marketing Utilities Poster (Team project, 2-3 students per team)
1. Each student team will brainstorm on a product that would be popular with teenagers, possibly
something that could be sold at school or other stores that are frequented by teenagers.
2. Students will complete the Marketing Utility Worksheet as a team.
3. Teams will create a poster that is divided into the five marketing utility quadrants. Each quadrant
should contain the corresponding information from the worksheet.
This project will be evaluated using the assigned rubric.
Summary
Review
Have students complete their Marketing Utility Posters and present them to the class.
Evaluation
Informal Assessment
Instructor should observe the work ethic of individuals involved in class discussions and the independent
practice activity
Formal Assessment
Students will be evaluated on their Marketing Utilities Poster by using the assigned rubric.
Enrichment
Extension
Competition Price Research
Students conduct internet research to find two products, one that is marketed using price competition and
one that is marketed using non-price competition. They will prepare a digital presentation that describes what
the products are, where they are sold and the rationale for their different price competition strategies. They
will need to detail the stores that they are sold in, the promotional methods used, the image and theme for
the stores and who their target customer is for each of the products.
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Economic Resources
Marketing Dynamics
Marketing
Independent Practice
Marketing Utility Worksheet (Teams Project)
Complete the following as a team.
1.
Brainstorm on a product that would be popular with teenagers, possibly something that
could be sold at school or other stores that are frequented by teenagers.
2.
Complete the Marketing Utility Worksheet. Make sure the team lists the references at
the bottom of the worksheet.
3.
Create a poster that is divided into the five marketing utility quadrants. Each quadrant
should contain the corresponding information from the worksheet. Use creative images that
describe the product and its’ utility.
Team Members:
Product Name:
Product Description:
Copyright © Texas Education Agency, 2014. All rights reserved. Page 6
Economic Resources
Marketing Dynamics
Marketing
Marketing Utility Worksheet
Marketing Utilities
Definition of
Marketing Utility
How will the utility
be used with the
product?
How will the utility
add value to the
product?
Copyright © Texas Education Agency, 2014. All rights reserved. Page 7
Economic Resources
Marketing Dynamics
Marketing
Marketing Utility Worksheet
Marketing Utilities
Definition of
Marketing Utility
How will the utility
be used with the
product?
How will the utility
add value to the
product?
Resources:
Copyright © Texas Education Agency, 2014. All rights reserved. Page 8
Economic Resources
Marketing Dynamics
Marketing
Marketing Utility Rubric
CATEGORY
Appropriate
Product
Attractiveness
Marketing Utility
Description
Product and
Marketing Utility
Product Value
20
15
10
5
Product uses all 5
forms of
marketing utility
Multiple forms of
font, color, and
graphics used to
correctly enhance
the poster
All marketing
utilities are
described
correctly.
All marketing
utilities are
correctly used
with the product
All marketing
utilities add value
to the product
Company uses at
least 3 forms of
marketing utility
Font, color, and
graphics are used
correctly to
enhance the
poster
At least 4
marketing utilities
are described
correctly.
Company uses at
least 2 forms of
utility
Font, color, and
graphics distract
from the poster
content
Company uses
less than 2 forms
of utility
Font, color, and
graphics are
incorrectly placed
on the poster
At least 3
marketing utilities
are described
correctly.
Less than 3
marketing utilities
are described
correctly.
At least 4 of the
marketing utilities
are correctly used
with the product
At least 4 of the
marketing utilities
add value to the
product
At least 3 of the
marketing utilities
are correctly used
with the product
At least 3 of the
marketing utilities
add value to the
product
Less than 3 of the
marketing utilities
are correctly used
with the product
Less than 3 of the
marketing utilities
add value to the
product
Team Name:
Total Score (100 Max Points):
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