S & E Economics

S & E Economics

S & E Economics Profit Makers What is the main goal of marketing? What is the main goal of a business? Profit: The amount of money remaining from revenues after all expenses are paid Revenues: The money a business receives from the sale of

goods and services Expenses: The money a business pays out from the operation of the business (cost of product/service, basic operations, marketing, salaries, buildings, etc.) Profit Motive Making decisions to use resources in ways that result in the greatest profit. Example: NFL teams have total revenue in excess of $5.5 billion. The teams operate under an agreement that total revenue will be shared among the 32 member teams. Teams are privately

owned; however, they share this revenue. Players receive about 60% of the total football revenue. About $150 million per season is transferred from the top 15 high-revenue to the low-revenue teams. What is left? Page 33 in your text, please. Economics The study of how goods and services are produced, distributed, and consumed.

Macroeconomics The study of the economics of the entire society Microeconomics The study of the relationships between individual consumers and producers. **S & E marketers are focused on microeconomics and their relationships with customers. Examples of Microeconomic and Macroeconomic current events? Economic Utility

The amount of satisfaction a person receives from the consumption of a particular product or service Consumers are more likely to purchase a product or service IF it provides higher utility than another product or service Types of Utility Form Utility When physical characteristics of a product or service are improved

How would an offering of DVD be an example of form utility? Time Utility The result of making the product or service available when the consumer wants it. Examples? Types of Utility continued

Place Utility Ensures that the product or service is available where the consumer wants it Example? Possession Utility Results from making the product or service available at an affordable price.

The customer must be able to obtain the product/service affordably through convenient methods of payment Example? Review Macroeconomics? Microeconomics? Profit motive? The 4 types of economic utility?

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