Essential Standard 3.00

1. Essential Standard 3.00 Understand the role marketing in business.

2. Consumer Information Sources • Consumers use information sources to assist them with the consumer decision-making process. The major sources of consumer information are classified as: • A. Product testing organizations • B. Media sources • C. Government agencies • D. Business sources • E. Personal contacts

3. Product Testing Organizations Test products and services to detect benefits. Examples Underwriter Laboratories Association of Home Appliance Manufacturers Consumers Union (Independent testing organizations) Consumer Report magazine 3

4. Media Sources Provide specific information about products and services. Types of media sources: Print Examples Magazines Newspapers Broadcast Organizations Examples Radio Television Internet 4

5. Government Agencies Inform consumers and may handle consumer questions. Types Federal State Local What are some ways that government agencies protect people? 5

6. Business Sources Business sources are available as a public service and to sell products and services. Types The main function of advertising is to sell. Product labels provide helpful information about nature of product, how to care for product, where product was made, and the size of the product. Customer Service Departments focus on assisting customers. Better Business Bureau (BBB) provide facts about products or services. 6

7. Personal Contacts “Word of mouth” advertising. 7

8. Shopping Locations 8

9. Consumer Buying Decisions • IV. Competitive markets and technology infrastructures provide consumers with a variety of shopping location. Shopping locations are classified as: • A. Traditional retailers • B. Contemporary retailer • C. Non-Store retailers

10. Traditional Retailers Department Stores Provide broad product lines and highlight their service What are some examples? Discount Stores Highlight their offering of lower prices for products What are some examples? Specialty Stores Provide a special line of products What are some examples? 10

11. Traditional Retailers continued Supermarket Large, full service store that offer many brands of products What are some examples? Convenience Store Provide popular items, offer long operating hours, and are usually located in highly accessible areas What are some examples? 11

12. Contemporary Retailers Specialty Superstores Provide wide variety of limited products at low prices What are some examples? Superstores Provide a wide variety products in the retail services such as food, bakery, auto, and electronics. What are some examples? 12

13. Contemporary Retailers continued Warehouse Club Provide products in large quantities at practical prices. What are some examples? Factory Outlets Provide high-quality products at low prices. What are some examples? 13

14. Non-Store Shopping Allows purchasing of goods and services by telephone, computer, television, fax, or door-to-door. What are some examples of non-store shopping opportunities? Vending machines provide products through automation. What are some examples of vending machine shopping opportunities? 14

15. Shopping Locations Competitive markets and technology infrastructures provide consumers with a variety of shopping location. Shopping locations are classified as: Traditional retailers • Department stores – Hudson Belk, JC Penny • Discount stores - Big Lots, Dollar Tree, Wal-Mart • Specialty stores – Footlocker, Carolina Silver Company

16. Shopping Locations Continued • Non-Store retailers • Mail order catalogs – Cabellas, Lands End, Chadwicks • Vending machines • Contemporary retailer • Superstores – Wal-Mart, Target • Warehouse clubs – Sam’s Club, Coscos • Specialty stores – Lowes, Office Max, Best Buy