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Business Education

Standard 47.Understands components and strategies of effective marketing plans (e.g., product development, pricing, distribution processes and methods, forms of promotion)
  Level IV (Grade 9-12)
   1. Knows components of the marketing mix (i.e., product, price, promotion, place) and how they contribute to successful marketing
   2. Develop a marketing plan (e.g., 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)
   3. Understands factors to be considered in product/service planning (e.g., product mix, packaging considerations, positioning/image, quality assurance such as warranties and service contracts)
   4. Understands pricing objectives, policies, and strategies, and factors that affect selling price (e.g., psychological effects, break-even point, retail decisions, competition, image, supply and demand, mass production, price elasticity)
   5. Knows various channels of distribution (e.g., agents, brokers, retailers, wholesalers) and factors to be considered when selecting them (e.g., nature of the product, size/location of the market, availability of channel members, ability to manage marketing activities)
   6. Knows components of the promotional mix (e.g., advertising, personal selling, public relations, sales promotion) and characteristics and costs associated with these components
   7. Understands the difference between public relations and publicity (e.g., public relations activities are deliberate and planned, of public interest, and involve two-way communication; publicity is often unplanned and beyond a company‚Äôs control)