Home Economics - Junior Secondary 3 - Marketing principles

TERM: 2^ND TERM

WEEK: 7

CLASS: Junior Secondary School 3

AGE: 14 years

DURATION: 40 minutes each for 2 periods

DATE:

SUBJECT: Home economics

TOPIC: Marketing principles

SPECIFIC OBJECTIVES: At the end of the lesson, the learners should be able to

1. ) State and explain marketing principles

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, story-telling, videos from source

INSTRUCTIONAL MATERIALS: Recommended Home economics textbooks for Junior Secondary School 3

INSTRUCTIONAL PROCEDURES: PERIOD 1-2:

NOTE

MARKETING PRINCIPLES
1. Do Not Buy or Sell on Credit

Buying on credit often leads to the un-noticed accumulation of financial charges such as interest rates, late fees, or service charges. While buying on credit might seem convenient, it can quickly result in higher total costs. This is because the interest accrued on unpaid balances over time can lead to financial stress, causing people to pay more than the original cost of the item. Additionally, it is easy to lose track of purchases made on credit, leading to overspending. Instead, it's wise to buy within your means, paying for products or services upfront, to avoid unexpected financial burdens and ensure better budgeting.

2. Compare Values

Comparing prices across multiple shops or vendors is a crucial step to ensure that you’re getting the best value for your money. Many consumers make the mistake of purchasing from one store without considering other options. However, prices can vary significantly between stores for similar items. By comparing prices and quality in various shops, you can find the best deal and avoid overpaying for goods. Online price comparison tools can also be used for convenience, helping you find cheaper options and even avoid unnecessary trips to stores.

3. Buy on the Basis of Intended Use

When purchasing items, especially food or household products, it’s essential to buy according to what you actually need and intend to use. This prevents impulse buying and ensures that you’re spending money on items that align with your current needs. For instance, buying groceries for specific meals you're planning to cook is much more practical than buying food items you may never use, which can lead to wastage. The same principle applies when purchasing other goods, such as home appliances or clothing—ensure they meet your actual needs, rather than being influenced by trends or advertising.

4. Do Not Overpay for Convenience

Convenience foods, such as pre-packaged meals or ready-to-eat items, are often more expensive than raw, unprocessed foods. Although they save time, they can sometimes lack essential nutrients or be laden with preservatives, making them less healthy. Furthermore, purchasing convenience foods regularly can add up to a significant amount of money over time. Cooking fresh meals from raw ingredients not only helps you save money but also ensures you're getting more nutritious and personalized meals. When considering convenience, balance the cost against the health benefits and long-term savings of preparing your own meals.

5. Buy in Bulk

Buying in bulk is an effective way to save both time and money. Purchasing items such as grains, canned goods, cleaning supplies, or toiletries in larger quantities can reduce the cost per unit and minimize the frequency of shopping trips. Bulk buying also helps reduce packaging waste and can be more eco-friendly. However, it's important to ensure that the products have a long shelf life and that you’ll be able to use them before they expire. Additionally, buying in bulk can be a good strategy for non-perishable goods, but for perishables, it requires careful planning to avoid spoilage.

6. Buy Food in Season

Purchasing food in season is often much cheaper than buying out-of-season produce. Seasonal fruits and vegetables are more abundant and easier to grow, which makes them less expensive for farmers and retailers. In contrast, off-season produce must be imported or grown in controlled environments, making them pricier. By purchasing food when it's in season, you can take advantage of lower prices and better quality. Moreover, seasonal foods are typically fresher, more flavorful, and more nutritious than those that have been stored for extended periods or shipped long distances.

7. Ensure the Marketplace is Accessible

Accessibility in a marketplace is a key factor in creating a smooth shopping experience. This includes ensuring that shoppers can easily enter and exit the marketplace without difficulty, that there are adequate parking spaces, and that the layout of the store is customer-friendly. In a physical market or store, accessibility also refers to making sure that the products are organized in a way that’s easy for customers to navigate, whether they are searching for specific items or browsing for alternatives. A well-organized, accessible marketplace encourages consumers to return and makes shopping more efficient.

8. Get Adequate Information About the Market, Goods, and Services

Informed consumers make smarter purchasing decisions. It’s essential to gather as much information as possible about the products or services you intend to buy. This includes checking product labels, reading reviews, comparing features, and ensuring that the market or seller is reputable. For example, before buying food, you might check the nutritional value, source, and expiration date. In the case of services, ensure that they come from reliable providers and are fairly priced. Knowledge about the goods and services allows you to make informed choices, preventing regretful purchases and maximizing value.

EVALUATION:

1. Why is it important to avoid buying on credit, and how does it impact financial management?
2. How can comparing prices across different stores help consumers save money? Provide examples of how this can be applied in everyday shopping.
3. Explain the significance of buying products based on their intended use. How can this prevent unnecessary spending?
4. What are the disadvantages of regularly purchasing convenience foods, and how does it compare to buying raw ingredients?
5. How does buying food in season contribute to cost savings, and why is it important for consumers to focus on seasonal produce?

CLASSWORK: As in evaluation

CONCLUSION: The teacher marks their books and commends them positively