Economic Utility Lesson 4 #1

Standard: 1 Define marketing and describe the marketing benefits derived from each economic utility.  Discuss how each benefit adds value to products and services.

What are the Economic Benefits of Marketing?

Independent Reading:
Take the next 15 minutes to read pages 13-15 in your text book.

Class Discussion:   

1. Name new products that are currently being advertised:
2. What is new and/or different about these products?
3. Where did you get your information?
4. Did it come from personal knowledge of the product or from advertisements?
5. How did you hear about the product in the first place?
6. From the reading, how does marketing generate new & improved products?
7. How does marketing lower prices?  Who benefits from that?

Objectives:

• Describe the benefits of marketing.
• Explain the concept of utility.
• Cite examples of types of utilities.

Watch the following video and try to determine what you are seeing:

What is Utility?


Assignment:
Turn to pages 14-15 to learn more about utility?
On your own paper, give examples in your own words of the following kinds of utility.
Form Utility:

Place Utility:

Time Utility:

Possession Utility:

Information Utility:

Review Key Concepts:
Answer questions 1-5 (on the same paper as above).