Ever wonder how the world of marketing connects
with your life? Practical activities relate everyday learning
to enable you to experience real life marketing.
• Exploring Careers presents information about the mar-
keting career cluster. By studying these features, you
can learn more about career possibilities for your future.
• Case In Point scenarios highlight real companies and
how they apply marketing concepts to their businesses.
These cases will help you understand the connection
between marketing theory and real application.
• College and Career Readiness Portfolio activities enable
you to create a personal portfolio for use when exploring
volunteer, education and training, or career opportunities.
• Math Skills Handbook provides you with a quick refer-
ence for basic math functions. This helpful information will
help clarify marketing math that is presented in the chapters.
It is important to assess what you learn as
you progress through the text. Multiple oppor-
tunities are provided to confi rm learning as
you explore the content. Formative assessment
includes the following.
• Checkpoint activities at the end of each
major section of the chapter provide you
with an opportunity to review what you
have learned before moving on to the ad-
ditional content.
• Review Your Knowledge covers basic
concepts presented in the chapter so you
can evaluate your understanding of the
material.
• Apply Your Knowledge challenges you
to begin the planning process for creating
a marketing plan.
• Teamwork encourages a collaborative ex-
perience to help you learn to interact with
other students in a productive manner.
• College and Career Readiness activities
provide ways for you to demonstrate the
literacy and career readiness skills you
have mastered.
• Building the Marketing Plan is an
ongoing project-based activity that
guides you through preparing a complete
marketing plan.
Content Connected Content Connected
46
Exploring
Careers
Exploring Career
s
Product Management
Retail stores, such as departm
stores offer a large variety of produ
product. Who decides which produ
investigates new products, analyzeprod
reviews sales records to determine how profi
table each
product manager buys products for resale to the store’s cus
include
buyer, merchandiser, merchandise manager, purcha
k that product managers
performthe
stores of fe
r a large
variety of produ
e
ge
m m
e
e
m m
172
Case in Point
Ca s
e in Point
Cadbury
Researching
tomer is an importa
introduced the Cad
First, the hot, tropical
weather made se
Indian customers thought Cadbury choT
Cadbury to achieve success in India. T
the product would not melt. To solve to
ke
First, the hot, tropical we
at
her made se
Indian
customers thought Cadbur
y cho
Cadbury
to
achieve
success in India.
t
he product w
cc
ess in India. T
t
he product w
560
College and Career
Portfolio
College and Career
Portfolio
Soft Skills
Employers
and colleges review cand
ability to communicate effectively, ge
problems, are important skills for ma
soft skills.
You should make an effor
eer area
demands of
cons
sales.
They
change their
offerings to
meet
demand,
which
increases
sales.
AMA Tip
your fi eld.
www.m
a g
Checkpoint 7.1
1. What are three market forces?
2. List two ways to think ab
out supply and demand.
3. Describe profi t.
4. What
are two ways that businesses compete with one another?
5. What is the role of the consumer in the marketplace?
Build Your Vocabulary
As
yaou
progress through this te
xt, develop a personal glossary of
marketing terms which will help you
build your vocabulary and prepare you for a career in
markrv.
eting. Write a defi nition
for each of
lowing terms, and add it to your personal marketing glossary
market
supplyto
market demand
la
w of supply and demand
equilibrium
profi
t motive
specializationan
nonprice competition
1. Wh
at
are three ma
2.
List tw o
ways
to think ab
out supply and demand
.
3.
Descr
ibe profi t.
elp y ou
3.
Descr
ibe profi t.
h
125
Chapter Summary
Section
6.1 Economics
Economics and Scarcity
• is science that deals with examining how goods and services are produced, sold,
and used. Economics refl
ects how people, governments, and companies
make choices about
using limited resources satisfy unlimited wants.
• All individuals and nations have to face the problem of
scarcity, since all resources are limited.
Economies de
velop around the way a nation and its people deal with scarcity.
• The four major factors of production are
land, labor,
capital, and
entrepreneurship. Knowledge
Section 6.2
Economic Systems
• Economic
systems are organized way in which a state or nation allocates its resources to cre-professional
ate goods and services. An economic
system has input, a production mechanism, and output.
•
Economists classify economic
systems as being traditional economies, command economies, or
market economies. In addition, most economics are
mixed, meaning they
have
elements both
a command and market economy.
Review Your Knowledge
1. Describe
natural resources..
2. Explain the word
system.
3. Name the three main components of an
economic
system,
4. Defi
ne the word
tradition.
5.
Why might
growth be di
ffi cult achieve in a traditional
economy?
6.
Command economies are associated with which
two political
7.
What other term is a
marknomgy
eting economy also known as?
8. Why is a pure market econom
not sustainable?
9. Many
European
ropean countries are classifi
ed as what
type economy?
10.
Describe one
way to look at modern economies.
elp y ou
h
ffol-l
carci ty
als with ex
amini
ng ho
w
goods and se
ices are p
roduc ed
sold
h
sff
e
e
uc
m
ga
eco
ic
on,
nom
ow
pone
cult
tto
asso
eting
y
h
tthe
the f
l
als wit h ex
amini
ng ho
w goo
ds and se
rv
ices are p
roduc ed
sold
h
e
c
m
an
o
s
m
w
e
to
s o
y
t
126
Apply Your
1.
You selected a company fo
r which to write a marketing plan. How do you think the
term
will impact
your business?
2. Identify the factors of production th
at
will impact you as
marketing manager
for the bus
have selected.
3.
Explain why
you think it is import
ant for a markof
eting to understand econo
4.
How will supply and demand impact
your
marketing plan?
5. How will scarcity
determine if
you have a career in marketing?
6.
Yo
u are creating a marketing plan and evaluating consumers who might buy your prod
it be helpful to have information about the opportunity costs of yo
ur potential custome
explain.
7. Explain
free enterprise
in your own words.
8.
Do you think there is a need for a marketing manager in a command economy? Briefl
9. Would a marketing manager be needed more in a command economy or a market e
Brie
fl
y explain. 10. Give examples of how government regulations
might
affect the way
you market a pro
mixed market
economy.philosophies?
Check Your Marketing IQ
Now that
you
u have fi nished the chapter, see what
you learned abo
by
taking the chapter posttest. If you do not
ve a smartphone, v
Learning
companion website.
G-W Learning mobile site:
www.m.g-wlearning.crning.c
om
G-W Learning companion
website:
www.g-wlearning.com-wleag
7
8. Wh
y is a pure mark et
econ
9.
Ma ny
Eu
countries
10
.
Descr
ibe one
way to look
no m
y
s are
at m
Chec k
Yof
our Market g
Y Y
No
w th at yo
have
fi
nished the chapte
r,
see wh at
yo u
learn
by
taking the
chapter post
test. If yo
u do
not h a
a
smartph
Lear
ning companion websi te.
G-
W Learning
www .m .g
-wlearning .co
om m m m m m m m m m m m
G-
W Lea rning
c
www
ni i n n n n n n n ng g g g g
om
y
m
anio
g
: ww
c
www
g
wlea
125have
College and Career Readiness
Problem-Solving Practices.
Working in teams is a part of workplace culture. Describe
how you would work with a sister team in Germany. What cultures would you need to
be aware of that might impact the working relationship?
Reading.
Read a magazine, newspaper, or online article about the importance of
marketing leadership in the business world. Use your prior knowledge about the topic
as you complete the research. Determine the central ideas of the article and review
the conclusions made by the author. Provide an accurate summary of your reading, making sure to
distinguish among facts, reasoned judgment based on research fi ndings, and speculation.
Writing.
Conduct research on effective marketing strategies in a market economy. Write a clear
informative report, consisting of several paragraphs, to describe your fi ndings on the implications of
positive or negative management strategies in the workplace.
Teamworkteam
Work as a and create a comparative chart to describe the different types of econo-
mies. Give examples of countries for each type of economy different from those listed in the
text. What did you learn from this experience?
G-W Learning Mobile Sitesite
Visit the G-W Learning mobile to complete the chapter pretest and posttest and
to practice vocabulary using e-fl ash cards. If you do not have a smartphone, visit
the G-W Learning companion website to access these features.
G-W Learning mobile site:
www.m.g-wlearning.com
G-W Learning companion website:
www.g-wlearning.com
College
and Career
Readiness