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1
CHAPTER
3
MARKETING BEGINS
WITH ECONOMICS
3-1 Scarcity and Private Enterprise
3-2 Observing the Law of Supply and
Demand
3-3 Types of Economic Competition
3-4 Enhancing Economic Utility
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
2
©MORGAN STANLEY
Focus Questions:
 Does the use of a Chinese
language headline
increase or decrease your
interest in the
advertisement?
 What is the key message
Morgan Stanley is trying to
communicate?
 Offer examples of how the
growth of the economies
in other countries around
the world affects U.S.
businesses and
consumers.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
3
3-1
SCARCITY AND
PRIVATE ENTERPRISE
GOALS
Identify the basic economic problem.
Describe how America’s private
enterprise economy works.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
4
The Importance of
Economic Understanding
The basic economic problem
Who makes the decisions?
 Controlled economy—government
 Free economy (market economy) —
individuals
 Mixed economy—government and private
enterprise
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
5
America’s Private
Enterprise Economy
Characteristics
 Consumers
 Producers
 Government
Economic forces
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
6
3-2
OBSERVING THE LAW
OF SUPPLY AND DEMAND
GOALS
Explain microeconomics and the
concept of consumer demand.
Identify factors that affect supply and its
relationship to demand.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
7
Macroeconomics
Macroeconomics studies the economic
behavior and relationships of an entire
society.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
8
Microeconomics
Microeconomics is the study of
relationships between individual
customers and producers.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
9
Microeconomics and
Consumer Demand
Factors affecting demand
Analyzing demand curves
 Demand curve
 Law of demand
 Economic market
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
10
Demand Curve for Movies
Price
$10.50
9.00
7.50
6.00
4.50
3.00
1.50
1,000
2,000
Quantity
Chapter 3
3,000
MARKETING
4,000
5,000
6,000
7,000
© 2009 South-Western, Cengage Learning
11
Supplying the Product
Handling the competition
Analyzing supply curve
 Supply curve
 Law of supply
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
12
Supply Curve for Cell Phones
Price
$105
90
75
60
45
30
15
10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
13
Intersecting Supply and Demand
Supply
Demand
Market price
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
14
Demand Curve for
Notebook Computers
Price
$2,100
1,800
1,500
1,200
900
600
300
100
200
Quantity (in 000s)
Chapter 3
300
MARKETING
400
500
600
700
800
© 2009 South-Western, Cengage Learning
15
Supply Curve for
Notebook Computers
Price
$2,100
1,800
1,500
1,200
900
600
300
100
200
Quantity (in 000s)
Chapter 3
300
MARKETING
400
500
600
700
800
© 2009 South-Western, Cengage Learning
16
Market Price for
Notebook Computers
Price
$2,100
Demand
Supply
1,800
1,500
Market Price
1,200
900
600
300
100
200
Quantity (in 000s)
Chapter 3
300
MARKETING
400
500
600
700
800
© 2009 South-Western, Cengage Learning
17
3-3
TYPES OF ECONOMIC
COMPETITION
GOALS
Define pure competition and monopoly.
Explain the characteristics of oligopolies
and monopolistic competition.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
18
All-Out Competition or
No Competition At All
Pure competition
Monopoly
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
19
Demand Curve for One Company
in Pure Competition
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
20
Demand Curve for a Monopoly
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
21
Between the Extremes
Oligopolies
Monopolistic competition
Understanding the competition
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
22
Demand Curve for One
Company in an Oligopoly
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
23
Demand Curve for the
Industry in an Oligopoly
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
24
Demand Curve for Monopolistic Competition
with Few Product Differences
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
25
Demand Curve for Monopolistic Competition
with Greater Product Differences
Price
Quantity
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
26
3-4
ENHANCING
ECONOMIC UTILITY
GOALS
Define four types of economic utility.
Explain how marketers use utility to
increase customer satisfaction.
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
27
Utility Means Satisfaction
Economic utility
Form utility
Time utility
Place utility
Possession utility
Chapter 3
MARKETING
© 2009 South-Western, Cengage Learning
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