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MARKETING I (Proposed name change to MARKETING ESSENTIALS) Levels: Units of Credit: CIP Code: Core Code: Prerequisites: Skill Test: Grades 10-12 .50 08.0711 37010000160 None 401 COURSE DESCRIPTION What makes a product your favorite? Students will learn basic principles that companies use to make awesome products that people want to buy. Marketing I explores the seven core functions of marketing which include: Marketing Planning--why target market and industry affect everything else; Marketing-Information Management -why market research is important; Pricing-how prices maximize profit and affect the perceived value; Product/Service Management-why products live and die; Promotion-how to inform customers about products; Channel Management- how products reach the final user; and Selling-how to convince your customer that your product is the best choice. Students will utilize knowledge in hands-on projects which may include: Conducting research, creating a promotional plan, pitching a sales presentation, introducing an idea for a new product/service. STANDARD 1 – Marketing Basics Students will understand the basics of marketing including the seven core functions and the 4P’s of the marketing mix. 1. Objective: Define marketing and identify the seven core functions. a. Define the terms marketing and the marketing concept. b. Understand that marketing includes the following seven core functions: · Channel Management · Marketing Information Management · Market Planning · Pricing · Product Service Management · Promotion · Selling (Omitted the objective about private enterprise) 2. Objective: Understand the marketing mix or 4P’s of marketing. a. Identify the four elements of the marketing mix · Product · Price · Place · Promotion b. Explain how each component of the marketing mix contributes to successful marketing. (Omitted the objective about DECA, and lots of “nature and scope”. Overall goal: simplify so a new teacher could easily understand content or a student could teach his/herself. Thin out Marketing I to leave more room for activities and/or projects) STANDARD 2 – Market Planning A student will understand how a company considers internal and external factors to understand the current market. 1. Objective: Understand the internal and external influences of marketing planning. a. Define a marketing plan. b. Understand market position and market share. c. Explain how a business can use a SWOT analysis (a component of situational analysis) to plan for opportunities in the market. 2. Objective: Understand the concept of market and market identification. a. Define the term market b. Define the term target market c. Identify examples of niche marketing d. Understand how to identify an appropriate target market within a specific industry. e. Understand types of markets including: B2B -Business to Business; B2C-Business to Consumer. 3. Objective: Understand the concept of market segmentation a. Define the term market segmentation b. Explain the commonly used types of market segmentation. · Demographic Segmentation · Geographic Segmentation · Psychographic Segmentation · Behavioral Segmentation (Omitted objective about ROMI) Teacher helps: Explain how the 4 P’s of marketing are affected by the target markets for a product. Create a SmartArt graphic for a product with target market in the middle and 4 P’s around the edges. Superhero SWOT analysis STANDARD 3 – Marketing-Information Management Students will understand the concepts needed to gather and evaluate information for use in making business decisions 1. Objective: Describe marketing information and how it influences marketing decisions. 2. Objective: Understand and analyze marketing-research activities a. Compare and contrast primary and secondary research (Omitted determining research problem, assess and evaluate marketing information. Also omitted Objective 3: Understand how to employ marketing-information to develop a marketing plan.) Teacher Helps: Collect census data for community the students live in Conduct surveys of community members/residents STANDARD 4 – Pricing Students will understand concepts and strategies utilized in determining and adjusting prices to maximize profit and meet customers’ perceptions of value 1. Objective: Understand how businesses make pricing decisions a. Identify goals for pricing: profit, market share and competition b. Identify factors affecting a business’s price: supply and demand, perceived value, costs & expenses (profit margin), competition, c. Explain the economic principle of break-even point 2. Objective: Discuss how businesses use pricing strategies to attract customers. (Strategies may include: odd/even pricing, loss leaders, prestige pricing, penetration pricing, price bundling, price lining, Everyday low pricing.) Teacher helps: Skills Test will not include specific pricing strategies but rather the idea of how pricing strategies are used to attract customers. STANDARD 5 - Product/Service Management Students will understand the concepts to introduce, maintain, and improve a product or service mix. 1. Objective: Explain the role of product/service management as a marketing function a. Explain the concept of product mix including: product lines, product width and product depth. b. Understand the importance of generating new product ideas. 2. Objective: Identify the components of the product life cycle (Introduction, Growth, Maturity, Decline) a. Identify decisions that need to be made in each stage of the product life cycles. Moved marketing position/ market share (Market Planning) Omitted product bundling STANDARD 6 – Promotion Students will understand the process and methods to communicate information about products to achieve a desired outcome. 1. Objective: Explain the role of promotion as a marketing function. a. Define promotion. b. Identify elements of the promotional mix including: advertising, public relations, personal selling, sales promotion. Omitted promotional plan (Marketing II) 2. Objective: Understand promotional channels used to communicate with the targeted audiences a. Give examples of advertising media used to communicate with target audiences including: print media (outdoor, newspaper, magazine, direct mail), digital (e-mail, apps, social media), broadcast (TV and radio). b. Identify public-relations activities including a press release and publicity. c. Discuss examples of sales promotions which include: coupons, loyalty programs, rebates, samples, premiums, sponsorship, and product placement. Omitted personal selling, communication methods, included social media with types of advertising, omitted metrics. STANDARD 7 – Channel Management Students will understand the role of channel members and methods of product transportation. 1. Objective: Identify methods of channel management a. Define channel of distribution (formerly called sales channel) b. Understand the roles of intermediaries including: manufacturer, agent, wholesaler/industrial distributor, retailer, and consumer/industrial user. c. Identify the methods of transportation for products including: trucks, air, ship, and rail. Omitted exclusive, selective and intensive distribution STANDARD 8 – Selling Students will understand how to determine client needs and wants and respond through planned and personalized communication. 1. Objective: Explain the role of personal selling as a marketing function a. Explain the role of customer service as a component of selling relationships. b. Explain the importance preparing for the sale including: gaining product knowledge of features and benefits, identifying target market and their needs, and overcoming common objections. c. Identify needs of customers and their buying behaviors: emotional, rational or patronage. 2. Objective: Explain the steps of the selling process including: a. approach the customer b. determine needs c. present the product d. overcome objections e. close the sale f. suggestion selling Performance Objectives-- choose 3 of the 4 marketing performance indicators 1. Conduct primary and/or secondary research and analyze results 2. Create a promotional plan that includes the following components: target market, promotional objective, advertising media selection, promotional schedule, and budget. 3. Pitch a sales presentation for a product or service using the steps of the sales process. 4. Introduce an idea for a new product/service, include description of each of the 4 P’s. VOCAB LIST Channel Management Function Break-even point Industrial user Pricing strategies B2B Product line B2C Product width Trucking Product depth Air Product life cycle Shopping Introduction stage Rail Promotion Function Growth stage Objections Selling Function Maturity Stage Selling relationship Marketing Mix or 4 P’s Decline Stage Product demonstration Product Advertising Closing the sale Place Public Relations Suggestion selling Price Sales Promotion Emotional Buying needs Promotion Print media & examples Rational Buying needs Target Market Digital media (and examples) Patronage Buying Market share Broadcast media (and examples) Features Marketing Information Management Function Market Planning Function Pricing Function Product Service Management Function SWOT analysis Market Position Niche marketing Market Demographic segmentation Geographic segmentation Psychographic segmentation Behavioral segmentation Primary Research Secondary Research Profit Competition Supply Demand Profit margin Press release Publicity Coupons Loyalty programs Rebates Samples Premiums Sponsorship Product placement Intermediaries Manufacturer Agent Wholesaler/industrial distributor Consumer Benefits