Bell Ringer Jill estimated she would spend $50 a month on clothing. However, at the end of the year she discovered she actually spent $711 on clothing that year. On average how much money did she spend a month on clothing?

Bell Ringer Answer $711/12 months = $59.25 Jill actually spent $59.25 each month on clothing.

Daily Motivational Video http://www.youtube.com/watch?v=V6xLYt265ZM

Agenda Bell Ringer / Attendance (5 min) Motivational Video (7 min) Chapter 4.1 Vocabulary (6 min) Chapter 4.1 Lecture and Notes (35 min)

The Marketing Concept Approximately ½ of every dollar you spend pays for marketing costs. Marketing Costs include: Product Development Packaging Advertising Sales Expenses

The Marketing Concept The most important aspect of marketing is satisfying customer needs. Customers’ needs should be the primary focus during the planning, production, distribution, and promotion of a product or service.

Maintain Relationships The marketing concept requires maintenance of important relationships with customers. Maintenance involves: Listening to customers Carefully monitoring the latest customer trends Customer satisfaction is the bottom line for maintaining successful marketing relationships.

Customer Focus Productivity – the rate at which companies produce goods or services in relation to the amount of materials and number of employers utilized.

Weekend Entertainment Choices Weekend entertainment choices must earn a profit to stay in existence. The event’s planners and organizers need to know the breakeven point of these events. Breakeven Point  The minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event.

Weekend Entertainment Choices Factors that individuals must consider when deciding on attending an entertainment event include convenience, pleasure, dollar cost, and opportunity cost. Opportunity Cost  the value of the next best alternative that you forgo when making a choice. The value is measured in terms of the benefits that you are giving up.

Activity Find local weekend events that are occurring in Louisville. http://www.louisville.com/events) List 3 events that are occurring this month in Louisville. Choose 1 event. Describe the event. (Who, What, When, Where, Why, How (Price)) What do you think the breakeven point for the event is? What would be your opportunity cost if you were to attend the event?