Explain marketing principles in relation to the free enterprise system and the global trade environment.
Define marketing and explain its role in the economy.
Utilize basic marketing terminology.
Examples: market segmentation, target marketing, marketing positioning
Explain key terms related to the global trade environment.
Evaluate how the “four P’s†of marketing (Product, Price, Place, Promotion) directly impact businesses and the sales process.
Utilize knowledge of marketing concepts to explain the scope and impact of marketing on the economy.
Explain marketing functions and their related activities.
Analyze elements of the marketing mix.
Explain the concepts of a market, market segmentation, and market identification.
Relate marketing concepts to customers’ needs and wants.
Evaluate and modify business and marketing systems to facilitate business activities.
Describe types of business activities.
Explain types of business ownership.
Identify and explain trends and developments in marketing.
Explain the importance of corporate social responsibility (CSR).
Marketing Information Management
Describe how business and marketing decisions are influenced by marketing information and research.
Explain the nature and scope of the marketing information management function.
Describe the types of marketing research, including advertising, product, market, and sales, and the differences between quantitative and qualitative data.
Contrast primary and secondary data.
Describe data-collection methods.
Examples: observations, mail, telephone, Internet, discussion/focus groups, interviews, scanners
Identify trends and limitations in marketing research, including the impact of social media.
Pricing
Evaluate pricing strategies in terms of maximizing return and meeting customers’ perceptions of value.
Explain the nature and scope of the pricing function.
Explain factors affecting pricing decisions.
Distinguish between market share and market position as they relate to pricing.
Compare and contrast markup, markdown, sale prices, and discount dollars and percentages.
Explain the impact of product life cycles on marketing decisions.
Product and Service Planning
Employ processes and techniques to develop, maintain, and improve a product/service mix to utilize market opportunities.
Explain the nature and scope of the product/service management function.
Explain the concepts of product mix and product/service branding.
Identify methods and techniques for generating a product idea.
Detail procedures for positioning products and services.
