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Marketing & Management

By Kathy Patterson,2014-01-20 22:35
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Marketing & Management

Marketing & Management

    38 Benchmarks

Standard 1: Understands the roles of marketing and the impact of marketing on the

    individual, business, and society

    BE.MM 1.1 Understands how the market system operates as an independent, price-directed system of

    exchange that satisfies needs and wants

    BE.MM 1.2 Knows how the marketing environment affects peoples’ lifestyles, standards of living, and

    preferences

    BE.MM 1.3 Knows the major types of markets in the American economy

    ? consumer market

    ? industrial market

    ? government

    ? non-profit BE.MM 1.4 Understands the role of marketing in business and non-business organizations

Standard 2: Understands how external factors and competition influence or dictate

    marketing decisions

    BE.MM 2.1 Knows advantages and disadvantages of marketing regulation and its effect on various businesses

    and industries

    BE.MM 2.2 Knows effects of domestic and international economic conditions on marketing strategy BE.MM 2.3 Knows effects of cultural differences on marketing BE.MM 2.4 Knows elements of direct and non-direct competition and their effects on marketing strategy

Standard 3: Understands characteristics and processes of marketing research

    BE.MM 3.1 Knows purposes, benefits, and limitations of marketing research BE.MM 3.2 Knows a variety of approaches to marketing research:

    ? observation

    ? survey

    ? experiment BE.MM 3.3 Knows steps involved in marketing research

    ? problem

    ? hypothesis

    ? collecting, analyzing, and interpreting data

    ? drawing and presenting conclusions BE.MM 3.4 Knows primary sources of data used in marketing research BE.MM 3.5 Understands characteristics and purposes of a marketing analysis

    ? analysis of economic, technological, social, and regulatory environments

    ? product analysis

    ? market analysis

    ? competitive analysis

    ? consumer analysis

Standard 4: Understands characteristics of a market and strategies used to deal with a

    diversified marketplace

    BE.MM 4.1 Understands the difference between the consumer market and non-consumer market

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    ? government

    ? industry

    ? organizations BE.MM 4.2 Knows factors that affect customer buying motives

    ? culture

    ? subculture

    ? social class

    ? family members

    ? roles and status

    ? personal factors

    ? psychological factors BE.MM 4.3 Knows strategies to influence rational and emotional buying motives (e.g., emotional motives such

    as ambition, pleasure, and leisure time; rational motives such as durability, economy in purchase,

    and dependability in use)

    BE.MM 4.4 Knows ways in which consumer markets are changing (e.g., population changes, such as shifts in

    age and mobility; size and distribution of income; changes in lifestyle and attitudes; increased

    leisure time; more purchases on credit; higher educational levels) BE.MM 4.5 Knows advantages and disadvantages of market segmentation and mass marketing BE.MM 4.6 Knows factors to be considered when selecting a target market (e.g., selling costs, competition,

    required resources) and strategies to reach the selected target market

Standard 5: Understands components and strategies of effective marketing plans (e.g.,

    product development, pricing, distribution processes and methods, forms of promotion)

    BE.MM 5.1 Knows components of the marketing mix (i.e., product, price, promotion, place, people) and how

    they contribute to successful marketing

    BE.MM 5.2 Develop a marketing plan

    ? describes the target market

    ? states the marketing objectives

    ? identifies the competition

    ? describes the marketing environment

    ? details each element of the marketing mix

    ? develops a budget BE.MM 5.3 Understands factors to be considered in product/service planning

    ? product mix

    ? packaging considerations

    ? positioning/image BE.MM 5.4 Understands pricing objectives, policies, and strategies, and factors that affect selling price BE.MM 5.5 Knows various channels of distribution (e.g., agents, brokers, retailers, wholesalers) and factors to

    be considered when selecting them

    BE.MM 5.6 Knows components of the promotional mix, and the characteristics and costs associated with each

    ? advertising

    ? personal selling

    ? public relations

    ? sales promotion

Standard 6: Understands the selling process and forecasting principles and methods used

    to determine sales potential for specific products

    BE.MM 6.1 Understands the relationship between sales forecasting and business success BE.MM 6.2 Knows a variety of types of sales personnel

    ? Manufacturers

    ? Agents

    ? Missionary

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    ? Salespeople

    ? Retail salespeople BE.MM 6.3 Understands the selling process

    ? locating prospects

    ? forming relationships with customers

    ? identifying customer needs and suggesting solutions

    ? handling objections

    ? closing the sale

    ? follow-up BE.MM 6.4 Knows a variety of selling strategies

    ? feature-benefit selling

    ? suggestion selling

    ? counselor selling

Standard 7: Understands a variety of strategies used to make long-term and short-term

    management decisions

    BE.MM 7.1 Understands ways in which dynamic foreign exchange rates influence the profitability of business

    firms

    BE.MM 7.2 Knows a variety of traditional and nontraditional sources used to secure financing BE.MM 7.3 Understands the importance of research to business planning and development BE.MM 7.4 Understands the impact of cultural differences on the ways in which business decisions are made BE.MM 7.5 Knows how financial data is used to make business decisions

    ? income statement

    ? balance sheet

    ? cash flow statement

    ? statement of net worth

Standard 8: Understands the characteristics and components of a business plan

    BE.MM 8.1 Knows that developing a business plan is a complex undertaking that involves information related

    to almost all areas of business

    BE.MM 8.2 Understands that although the risks of failure in starting a new business are relatively high, the

    development of a business plan is one factor reducing the chance of small business failure BE.MM 8.3 Knows what information needs to be included in each of the sections of a business plan

    ? the marketing plan should contain a marketing analysis and strategy

    ? the management and organization plan should address what the management functions

    are and who will fill them BE.MM 8.4 Knows sources of assistance for developing a business plan

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