# CTE Resource Center - Verso - Economics and Personal Finance Task 1284636131

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.

Definition

Examination should include a comparison of global advertising and marketing strategies commonly used to sell goods and services (e.g., mass media, direct mail, point of sale).

Strategies should represent all elements of the marketing mix, including
  • product decisions (e.g., quantity, packaging, branding, physical features)
  • pricing decisions (e.g., quality of item, expendable income of target market, competitors' prices)
  • place decisions (e.g., target market, product image, product price)
  • promotional decisions (e.g., advertising and public relations).
Examination should also address the impacts of marketing strategies on consumer decisions, with emphasis on advertising features that may be informative and features that may be misleading (e.g., infomercials, celebrity endorsements).

Related Standards of Learning

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. planning inquiries by synthesizing information from diverse primary and secondary sources;
  2. analyzing how political and economic trends influence public policy, using demographic information and other data sources;
  3. comparing and contrasting historical, cultural, economic, and political perspectives;
  4. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
  5. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
  6. explaining how cause-and-effect relationships impact political and economic events;
  7. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
  8. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
  9. applying civic virtues and democratic principles to make collaborative decisions; and
  10. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.10

The student will develop consumer skills by
  1. examining basic economic concepts and their relation to product prices and consumer spending;
  2. examining the effect of supply and demand on wages and prices;
  3. describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;
  4. determining the consequences of conspicuous consumption;
  5. describing common types of contracts and the implications of each;
  6. demonstrating comparison-shopping skills;
  7. maintaining a filing system for personal financial records;
  8. examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;
  9. accessing reliable financial information from a variety of sources;
  10. explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and
  11. examining precautions for protecting identity and other personal information.

FBLA Competitive Events and Activities Areas

Business Financial Plan

 

Business Plan

 

Entrepreneurship

The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

Future Business Leader

 

Global Business

The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

Introduction to Business

 

Marketing

 The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

Personal Finance