chapter 1 needs, wants, and business. key terms – chapter 1 needs needs wants wants consumer...
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Chapter 1Chapter 1Needs, Wants, and Needs, Wants, and
BusinessBusiness
Key Terms – Chapter 1Key Terms – Chapter 1
NeedsNeeds WantsWants ConsumerConsumer TrendsTrends FadsFads BusinessBusiness GoodGood ServicesServices InterdependenceInterdependence ProducerProducer ManufacturerManufacturer Business EnvironmentBusiness Environment Business-to-BusinessBusiness-to-Business
MarketMarket DemandDemand ProductionProduction Factors of productionFactors of production LandLand CapitalCapital LabourLabour InformationInformation EntrepreneurshipEntrepreneurship MarketingMarketing Human ResourcesHuman Resources ManagementManagement FinanceFinance
Examples of Needs & Examples of Needs & WantsWants
NeedsNeeds
Shelter
Food
Medical
Wants
Cell Phone
Brand Name Clothing
Fast Food Restauran
ts
What are other
examples of Needs & Wants?
Factors which influence Factors which influence Consumers Wants & Consumers Wants &
NeedsNeedsStage of LifeStage of LifeInterestsInterestsTastesTastesPrioritiesPrioritiesAbilitiesAbilities
Family Family ResponsibilitResponsibilitiesies
TrendsTrendsFadsFads
Abraham Maslow and Abraham Maslow and Personal MotivationPersonal Motivation
•Humans are motivated to satisfy their needs according to a hierarchy•People are motivated to satisfy their most basic physical and safety needs first•People will then be motivated by their higher needs for love, esteem and self-actualization•Self-Actualization motivation includes the need to know and explore, find beauty, reach your own potential and to help others develop theirsBusinesses use this theory to appeal to the basic needs of
consumers through advertising and marketing. Ie: children are often used
Competition for Competition for CustomersCustomers
Businesses often advertise their
products as filling your social, esteem or self-actualization needs
Page 10… #’s 1, 3 & 5
Assignment – Chapter Assignment – Chapter 11
You may work in groups of 2 students
Question #4, page 27
What is BusinessWhat is Business
The Business World revolves around two interest groups…1.Producer – makes goods or provides services2.Consumer – purchases goods or services to satisfy needs and wants
Most businesses are both producers and consumers. Ie: Levis has to purchase denim from a supplier to make their jeans.
What would be examples of some businesses who are not consumers, only producers?
Functions of BusinessFunctions of Business
1. ProductionFactors of Production…a.Land d. Informationb.Capital e. Entrepreneurshipc.Labour
2. MarketingMarketing includes much more than advertising…a.Research (planning)b.Pricingc.Promotingd.Distribution
3. Finance All businesses must keep accurate financial records in order to know whether they are making a profit.
Functions of Business Functions of Business cont…cont…
3. Human Resources
4. Management
Many large businesses have a human resources department
Managers plan, organize and control all business activities
Page 22, #’s 1, 2, 4 & 5
MP3.com and NapsterMP3.com and Napster
Read the article on pages 23 – 24
Answer the questions that follow (page 24)
Test TimeTest Time
Chapter Review
Points to RememberKnowledge/Understanding – questions 1 & 2 (page 25)Thinking/Inquiry – question # 2 (page 26)Communication – question # 1 (page 26)
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