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Identify ways companies compete for your money. Be familiar with marketing strategies that encourage people to go into debt or finance large purchases. • • Timeline Warm Up: 5 min. Video 1.1: 10 min. Video 1.2: 10 min. Key Terms: 10 min. Homework: 10 min. o Handout What stuck? Broke: 10 min. Warm-up: What are some ways that companies compete for your money? Branding: The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness) Brand recognition/awareness: Refers to the public’s ability to recall and recognize a brand by its logo, jingles, packaging, etc. Buyer’s remorse: Feeling regret or concern after making a large purchase Caveat emptor: Latin term for “buyer beware” Financing: To buy an item with credit; paying over time Marketing: The process of communicating the value of a product or service to customers Opportunity cost: Refers to the financial opportunity that is given up because you choose to do something else with your money Significant purchase: An amount of money you spend, usually $300, that causes some pain to part with Directions Homework Assignment—Watch at least 30 minutes of television, paying close attention to the commercials. Use the information below to help you analyze the advertisements. Record your findings on the Commercial Viewer Form. Popular techniques used in ads: Bandwagon: Persuading people to do something by telling them that others are doing it, too. “Don’t be left out.” Testimonial: Famous people say they use a product or persuade you to use a product. Transfer/Fantasy: By using the names or pictures of famous people, but not their direct quotations, the ad is trying to convey that the product will help the consumer imitate the famous person in the ad. Repetition: The product name is repeated at least four times. Emotion: Words are used in the ad to evoke strong feelings about someone or something. Nostalgia: Creates a sentimental tone while pointing back to “the good old days.” Statistics: Facts and statistics are shown. Humor: Makes people laugh so they have a positive association with the product. Sense Appeal: Sounds or pictures that are pleasing to the eye • …e familiar with marketing strategies that encourage people to go into debt or finance large B purchases. • Evaluate how peer pressure can affect spending decisions. … Timeline Warm-up: 5 min. Video 1.3: 10 min. Marketing Madness Activity: 40 min. o Groups o Computers o Presentations Tomorrow Take away? Warm-up: Besides marketing, what are some other factors that influence your purchasing decisions? Product Positioning : Brand recognition, color, packaging, shelf position Slogans: Name that slogan. Bandwagon: Persuading people to do something by telling them that others are doing it, too. “Don’t be left out.” Testimonial: Famous people say they use a product or persuade you to use a product. Transfer/Fantasy: By using the names or pictures of famous people, but not their direct quotations, the ad is trying to convey that the product will help the consumer imitate the famous person in the ad. Repetition: The product name is repeated at least four times. Emotion: Words are used in the ad to evoke strong feelings about someone or something. Nostalgia: Creates a sentimental tone while pointing back to “the good old days.” Statistics: Facts and statistics are shown. Humor: Makes people laugh so they have a positive association with the product. Sense Appeal: Sounds or pictures that are pleasing to the eye. Requirements: Product description Price Slogan Explain which advertising techniques you used Explain how you used product positioning in your advertisement Presentations: Tomorrow • Evaluate how peer pressure can affect spending decisions. … • Summarize factors that influence consumer decisions. … Timeline Warm Up: 5 min. Presentations: 20 min. Video 1.4: 10 min. Zero Percent Activity: 20 min. o Partners Carry out? Warm-up: Why is it important to avoid “impulse purchases”? • List five steps you should take before making a major purchase. Timeline Warm Up: 5 min. Video 2.1: 10 min. Video 3.1: 15 min. Impact of Daily Decisions Activity: 25 min. o Computers Warm-up: What effect does inflation have on buying power? Inflation means your dollars buy less than they used to. • Assess student learning test. Timeline Warm Up: 5 min. Chapter 6 Test: 30 min. Broke: 20 min. Warm-up: Give some examples of an opportunity cost of a purchase.
