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Topic: Characteristics of a market 

Business Education

 Standard 46.  Understands characteristics of a market and strategies used to deal with a diversified marketplace
  Level IV (Grade 9-12)
   Benchmark 1.Understands the difference between the consumer market and non-consumer market (e.g., government, industry, organizations)
    Knowledge/skill statements
     1.Understands the difference between the consumer market and non-consumer market
     2.Knows characteristics of government in relation to the consumer market
     3.Knows characteristics of government in relation to the non-consumer market
     4.Knows characteristics of industry in relation to the consumer market
     5.Knows characteristics of industry in relation to the non-consumer market
     6.Knows characteristics of organizations in relation to the consumer market
     7.Knows characteristics of organizations in relation to the non-consumer market
   Benchmark 2.Knows factors that affect customer buying motives (e.g., culture, subculture, social class, family members, roles and status, personal factors, psychological factors)
    Knowledge/skill statements
     1.Knows culture is a factor that affects customer buying motives
     2.Knows subculture is a factor that affects customer buying motives
     3.Knows social class is a factor that affects customer buying motives
     4.Knows family members is a factor that affects customer buying motives
     5.Knows roles and status are factors that affect customer buying motives
     6.Knows personal factors affect customer buying motives
     7.Knows psychological factors affect customer buying motives
   Benchmark 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)
    Knowledge/skill statements
     1.Knows ambition is a strategy used to influence emotional buying motives
     2.Knows pleasure is a strategy used to influence emotional buying motives
     3.Knows leisure time is a strategy used to influence emotional buying motives
     4.Knows durability is a strategy used to influence rational buying motives
     5.Knows the economy in purchase is a strategy used to influence rational buying motives
     6.Knows dependability in use is a strategy used to influence rational buying motives
   Benchmark 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)
    Knowledge/skill statements
     1.Knows population changes, such as a shifts in age, are ways in which consumer markets are changing
     2.Knows population changes, such as a shifts in mobility, are ways in which consumer markets are changing
     3.Knows size of income is a way in which consumer markets are changing
     4.Knows distribution of income is a way in which consumer markets are changing
     5.Knows lifestyle changes are ways in which consumer markets are changing
     6.Knows attitude changes are ways in which consumer markets are changing
     7.Knows increased leisure time is a way in which consumer markets are changing
     8.Knows more purchases on credit is a way in which consumer markets are changing
     9.Knows higher educational levels are ways in which consumer markets are changing
   Benchmark 5.Knows advantages and disadvantages of market segmentation and mass marketing
    Knowledge/skill statements
     1.Knows advantages of market segmentation
     2.Knows advantages of mass marketing
     3.Knows disadvantages of market segmentation
     4.Knows disadvantages of mass marketing
   Benchmark 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
    Knowledge/skill statements
     1.Knows factors to be considered when selecting a target market
     2.Knows selling is a factor to consider when selecting a target market
     3.Knows costs are a factor to consider when selecting a target market
     4.Knows competition is a factor to consider when selecting a target market
     5.Knows required resources are a factor to consider when selecting a target market
     6.Knows strategies to reach the selected target market