| (C) identify examples of competitive business situations
such as price or nonprice competition.
(15) The student knows that economic factors such as
gross domestic product, standard of living, consumer price index,
and unemployment figures help influence a company's marketing strategies.
The student is expected to:
(A) identify economic measurements used to analyze
an economy;
(B) research how economic measures are used in a market
economy;
(C) describe the concept of price stability as an economic
measure;
(D) interpret the measure of consumer spending as an
economic indicator;
(E) examine the impact of a nation's unemployment rates;
and
(F) describe the economic impact of inflation on business.
(16) The student knows that changes in the economy
include prosperity, recession, depression, and recovery and are collectively
referred to as the business cycle. The student is expected to:
(A) explain the concept of business cycles; and
(B) describe the impact that phases of a business cycle
have on the economy.
(17) The student knows that distribution systems facilitate
the movement of products. The student is expected to:
(A) understand channels of distribution;
(B) identify physical distribution activities; and
(C) examine costs associated with distribution.
(18) The student knows that marketers use investment
and financial services to achieve goals and objectives. The student
is expected to:
(A) illustrate types of financial services; and
(B) explain the purpose of a credit contract.
(19) The student knows the concept of pricing and strategies
used in determining and adjusting price. The student is expected to:
(A) state goals of pricing;
(B) identify factors affecting pricing;
(C) explain how pricing affects product, place, and
promotion decisions;
(D) compare and contrast pricing policies;
(E) calculate a product's price;
(F) describe the role of business ethics in pricing;
and
(G) analyze legal considerations for pricing.
(20) The student understands the promotional concepts
and strategies needed to communicate information about products, services,
images, and ideas to achieve a desired outcome. The student is expected
to:
(A) explain the communication processes as used in
promotional activities;
(B) evaluate types of promotion;
(C) understand the concept of promotional mix;
(D) define the role of promotion as a marketing function;
(E) describe the use of business ethics in promotion;
(F) explore the regulation of promotion;
(G) explain the nature of direct marketing channels;
(H) model communication channels used in sales promotion;
and
(I) describe communication channels used in public
relations activities.
(21) The student knows that advertising is the paid
form of nonpersonal communication about an identified sponsor's products.
The student is expected to:
(A) illustrate types of advertising media;
(B) differentiate between product and institutional
advertising; and
(C) identify and evaluate elements of an advertisement.
(22) The student knows that business risk is the possibility
of loss or failure. The student is expected to:
(A) categorize business risks; and
(B) interpret how various types of risks impact business
activities.
(23) The student knows that marketers responsible for
risk management follow a process to decide the best strategy to deal
with each risk. The student is expected to:
(A) evaluate security precautions; and
(B) demonstrate knowledge of safety precautions in
the workplace.
(24) The student knows what influences customers before
they make a purchase. The student is expected to:
(A) differentiate among a feature and a benefit;
(B) compare and contrast between consumer and organizational
buying behavior;
(C) determine customer needs and wants;
(D) classify buying motives; and
(E) analyze how customers and organizations apply the
decision-making process.
(25) The student knows how marketers use the selling
process. The student is expected to:
(A) locate product information; and
(B) illustrate the sale process.
(26) The student understands the techniques and strategies
used to foster positive, ongoing relationships with customers to enhance
company image. The student is expected to:
(A) explain the nature of positive customer relations;
(B) describe a customer service mindset;
(C) explain the management role in customer relations;
(D) identify a company brand promise;
(E) explore ways of reinforcing company image through
employee performance; and
(F) describe the use of technology in customer relationship
management.
(27) The student understands a business's responsibility
to know and abide by workplace laws, trade regulations, and ethical
behavior that affect business operations. The student is expected
to:
(A) apply ethics to demonstrate trustworthiness;
(B) explain the nature of business ethics;
(C) describe legal issues affecting businesses;
(D) defend the nature of human resources regulations;
(E) explain the nature of workplace regulations such
as Occupational Safety and Health Administration and statutes such
as the Americans with Disabilities Act;
(F) discuss employment relationships;
(G) illustrate the nature of trade regulations; and
(H) describe the impact of antitrust legislation.
(28) The student applies ethical reasoning to a variety
of workplace situations in order to make ethical decisions. The student
is expected to:
(A) evaluate alternative responses to workplace situations
based on personal or professional ethical responsibilities;
(B) identify personal and long-term workplace consequences
of unethical or illegal behaviors;
(C) investigate the most appropriate response to workplace
situations based on legal and ethical considerations; and
(D) demonstrate responsible behavior, honesty, integrity,
and ethical work habits.
(29) The student completes required training, education,
and certification to prepare for employment in a particular career
field. The student is expected to:
(A) identify training, education, and certification
requirements for occupational choice; and
(B) participate in career-related training or degree
programs.
(30) The student knows the elements and processes of
product planning. The student is expected to:
(A) explain the nature and scope of product planning;
(B) relate product-mix strategies to meet customer
expectations; and
(C) define the product life cycle.
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