Hi Class,
Last week we finished Ch.4 on Business and the Community and then talked about some key issues in Ch.6, 7 and 8. Although we aren't formally studying them, we did look at them briefly. Let's review the key points from each chapter:
Ch.6- Direct & Indirect Competition, 5 ways products & services compete directly, how an image is created with brand name, logo and slogan, what a market, market share and a target market is, demographics and psychographics, and last but not least, Marketing & the 4P's (Product, Price, Place, and Promotion). This leads us nicely into Ch.9 and what Marketing is all about. We also watched a video on The Power of Brand Names and why they work.
Ch.7- We also discussed what Human Resource Management is all about: the labour market, skilled/unskilled and semi-skilled labour, hiring, firing, promoting, demoting, etc., compensation, as well as the rights of both employers and employees.
Ch.8 focuses on Accounting- the recording and detailed analysis of all financial transactions within a business in order to create financial documents (balance sheet, income statements, etc.) for the purposes of reporting to the government, and more importantly, to make sound business decisions for the future.
Ch.9, which is the chapter we are jumping to next, deals with Marketing and all aspects of it: the product life cycle of regular products, niches and fads, types of advertising and their purposes, types of promotion, the difference between advertising, promotion, and publicity, as well as how products move through distribution channels to the end user, you and me (the consumer)!! You will get to watch a few videos on advertising tactics and you will be asked to analyze an advertisement on your own! This is one of my favorite chapters and I'm sure you'll like it too.
Don't forget your Current Event presentations this week and that you should be working on your Business Cartoon assignment. Please show me your rough/working copy so that I can give you suggestions before you start your good copy. It is due, December 5th (one week from now).
See you in class :)
