Bell Ringer

1
Bell Ringer

• Jill estimated she would spend 50 a month on
  clothing. However, at the end of the year she
  discovered she actually spent 711 on clothing
  that year. On average how much money did she
  spend a month on clothing?

2
Bell Ringer Answer

• 711/12 months 59.25
• Jill actually spent 59.25 each month on
  clothing.

3
Daily Motivational Video

• http//www.youtube.com/watch?vV6xLYt265ZM

4
Agenda

• Bell Ringer / Attendance (5 min)
• Motivational Video (7 min)
• Chapter 4.1 Vocabulary (6 min)
• Chapter 4.1 Lecture and Notes (35 min)

5
The Marketing Concept

• Approximately ½ of every dollar you spend pays
  for marketing costs.
• Marketing Costs include
• Product Development
• Packaging
• Advertising
• Sales Expenses

6
The Marketing Concept

• The most important aspect of marketing is
  satisfying customer needs.
• Customers needs should be the primary focus
  during the planning, production, distribution,
  and promotion of a product or service.

7
Maintain Relationships

• The marketing concept requires maintenance of
  important relationships with customers.
• Maintenance involves
• Listening to customers
• Carefully monitoring the latest customer trends
• Customer satisfaction is the bottom line for
  maintaining successful marketing relationships.

8
Customer Focus

• Productivity the rate at which companies
  produce goods or services in relation to the
  amount of materials and number of employers
  utilized.

9
Weekend Entertainment Choices

• Weekend entertainment choices must earn a profit
  to stay in existence.
• The events planners and organizers need to know
  the breakeven point of these events.
• Breakeven Point ? The minimum attendance and
  sales required to cover all of the expenses of
  organizing, promoting, and running the event.

10
Weekend Entertainment Choices

• Factors that individuals must consider when
  deciding on attending an entertainment event
  include convenience, pleasure, dollar cost, and
  opportunity cost.
• Opportunity Cost ? the value of the next best
  alternative that you forgo when making a choice.
  The value is measured in terms of the benefits
  that you are giving up.

11
Activity

• Find local weekend events that are occurring in
  Louisville.
• http//www.louisville.com/events)
• List 3 events that are occurring this month in
  Louisville.
• Choose 1 event.
• Describe the event. (Who, What, When, Where, Why,
  How (Price))
• What do you think the breakeven point for the
  event is?
• What would be your opportunity cost if you were
  to attend the event?