Unit 1 Lesson 2

Supply and demand have no effect on marketing decisions.

Supply and demand force marketers to make key decisions.

Supply only affects marketing decisions, not demand.

Demand only affects marketing decisions, not supply.

Define marketing strategies in my own words.

Identify if a scenario is high/low supply or high/low demand.

Predict the weather based on supply and demand.

Define economic growth in my own words.

The amount of money people have

How much do people want something

The number of products available

The cost of producing a product

A movie with terrible reviews

A new video game console everyone wants on day one

A product that no one buys

A book that is not popular

The demand for a product

The price of a product

How much of something is available

The quality of a product

A local artist only paints 5 new pictures a year

A grocery store has an entire aisle full of Coca-Cola

A bakery sells out of bread every morning

A farmer grows only a few vegetables

Decrease it to attract more customers.

Keep it the same to maintain stability.

Increase it because customers are willing to pay more.

Offer discounts to boost sales.

In all available stores.

Only in select, high-end stores.

Online only.

In discount outlets.

Set the price as high as possible

Keep the price competitive

Ignore pricing strategies

Price lower than production cost

Reduce advertising efforts

Focus on branding and advertising to show why they’re different or better

Copy competitors' advertisements

Avoid any promotional activities

Fresh summer clothes in July

Winter coats in April

New phone model in September

Fresh Halloween candy on October 31st

Increase the price

Use urgency-based ads

Limit the supply

Move products to the back of the store