1. Marketing 1 Lesson Plan Day 12
Opening Bell Activity- 
Strand 3- Review
Strand 4 Teacher led discussion
Go over study guide for Quiz
Shark Tank 

2. Strand 3 (Review)
Students will understand the concepts needed to gather and evaluate information for use in making business decisions.
Standard 1: Describe marketing information and how it influences marketing decisions.
Standard 2: Understand and analyze marketing-research activities.
Compare and contrast primary and secondary research.

3. Strand 4 (New)
Students will understand  concepts and strategies utilized in determining and adjusting prices to maximize profit and meet customers' perceptions of value.
Standard 1: Understand how businesses make pricing decisions. 
Assess workplace conditions with regard to safety and health and OSHA guidelines.
Identify goals for pricing: profit, market share and competition.
Identify factors affecting a business's price: supply and demand, perceived value, costs and expenses (profit margin) competition.
Explain the economic principle of break-even point.

4. Strand 4 (New)
Students will understand concepts and strategies utilized in determining and adjusting prices to maximize profit and meet customers' perceptions of value. Standard 2: Discuss how businesses use pricing strategies to atract customers. Strategies may include: odd/even pricing, loss leaders, prestige pricing, penetration pricing, price bundling, price lining, and EVERY LOW PRICEING (ELP.

5. Group Discussion
In small groups define the following business terms (use the purple Marketing Essentials Textbook)Students will understand  concepts and strategies utilized in determining and adjusting prices to maximize profit and meet customers' perceptions of value.
OSHA
Competition
Supply and demand
Perceived Value
Costs and expenses
Break-even point
Pricing Strategies
Odd/Even Pricing
Loss Leader
Prestige Pricing
Penetration Pricing
Price bundling
Price lining
Everyday Low Price

6. OSHA-Occupational Safety and Health Administration
Sets guidelines for workplace safety and environmental concerns and enforces those regulations. Is OSHA a good thing? Old Bank buidling.

7. Competition
A business relation in which parties compete to gain customers. Who are Starbucks competitors? What are a movie theaters competitors?

8. Supply and Demand
Supply- The amount of goods producers are willing to make and sell. Demand- Consumers willingness and ability to buy products. The law of demand is the economic principle that price and demand move in opposite directions. Gas/Tickets/Food/Gold/Cars

9. Perceived Value Rush Concert/Chance the Rapper/Insurance
The worth that a product or service has in the mind of the consumer. The consumer's perceived value of a good or service affects the price that he or she is willing to pay for it.
Rush Concert/Chance the Rapper/Insurance

10. Costs and expenses
The price of doing business. Fixed costs Variable costs Rent Workers Gas Bill Electric Bill

11. Break-even point
The point at which sales reveunue equals the costs and expenses of making and distributing a product. Baseball academy

12. Pricing Strategies
Different methods used to maximize profit or to move product.
Odd/Even Pricing- Prices that end with an odd number (usually a 9) are thought to create the image of a bargain.  Prices that end with an even number (typically a 0) are thought to create a quality image.
Loss Leader- Used to increase store traffic by offering a product at a below cost price.  The thought process is that this loss leader with generate enough other sales, to off-set the money being lost by selling this item at below cost.
Prestige Pricing- Pricing something at a higher-than-average price to suggest status.
Penetration Pricing- a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy works on the expectation that customers will switch to the new brand because of the lower price.

13. Pricing Strategies-cont.
Different methods used to maximize profit or to move product.
Price bundling- offering several products for sale as one combined product. 
Multiple Unit Pricing- offering prices in bundles (2 for 99 cents)
Price lining- The process used by retailers of separating goods into cost categories in order to create various quality levels in the minds of consumers. 
Everyday Low Price- low prices set on a consistent basis with no intention of raising them or offering discounts.  

14. Shark Tank
Pay attention to what the guests are presenting.  Did they do a market analysis, did they consider what strengths and weaknesses their product has?  Did the sharks ask questions in regards to these items?