Honors-Ready Marketing - Level 4 2CR

Program-of-Study Exam: Badge holder demonstrated an understanding of complex strategic decision-making skills and knowledge needed to manage a marketing business or a marketing department within an organization, as well as more specialized skills and knowledge needed by sales professionals. Skills and concepts assessed focus on business law, communication skills, channel management, customer relations, economics, emotional intelligence, financial analysis, human-resources management, information management, marketing-information management, marketing, market planning, operations, professional development, pricing, product/service management, promotion, selling, and strategic management.

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Business Law (BL)

Standard: Understands business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

Performance Indicators:
Describe legal issues affecting businesses (BL:001) (SP)
Explain types of business ownership (BL:003, BL LAP 1) (CS)

Channel Management (CM)

Standard: Understands the concepts and processes needed to identify, select, monitor, and evaluate sales channels

Performance Indicators:
Explain the nature and scope of channel management (CM:001, CM LAP 2) (CS)
Explain the nature of channels of distribution (CM:003, CM LAP 1) (CS)
Explain the relationship between customer service and channel management (CM:002) (CS)
Describe the use of technology in the channel management function (CM:004) (CS)
Explain legal and ethical considerations in channel management (SP)—Combined (CM:005) and (CM:006)
Coordinate channel management with other marketing activities (CM:007) (SP)
Explain the nature of channel-member relationships (CM:008) (SP)

Economics (EC)

Standard: Understands the economic principles and concepts fundamental to business operations

Performance Indicators:
Distinguish between economic goods and services (EC:002, EC LAP 10) (CS)
Explain the concept of economic resources (EC:003, EC LAP 14) (CS)
Describe the concepts of economics and economic activities (EC:001, EC LAP 6) (CS)
Determine economic utilities created by business and marketing activities (EC:004, EC LAP 13) (CS)
Explain the principles of supply and demand (EC:005, EC LAP 11) (CS)
Describe the functions of prices in markets (EC:006, EC LAP 12) (CS)
Explain the types of economic systems (EC:007, EC LAP 17) (CS)
Explain the concept of private enterprise (EC:009, EC LAP 15) (CS)
Identify factors affecting a business’s profit (EC:010, EC LAP 2) (CS)
Determine factors affecting business risk (EC:011, EC LAP 3) (CS)
Explain the concept of competition (EC:012, EC LAP 8) (CS)
Explain the role of business in society (EC:070, EC LAP 20) (CS)
Describe types of business activities (EC:071, EC LAP 19) (CS)
Explain the organizational design of businesses (EC:103, EC LAP 23) (SP)
Discuss the global environment in which businesses operate (EC:104, EC LAP 22) (SP)
Describe factors that affect the business environment (EC:105, EC LAP 26) (SP)
Explain the nature of business ethics (EC:106, EC LAP 21) (SP)
Explain how organizations adapt to today’s markets (EC:107, EC LAP 25) (SP)
Determine the relationship between government and business (EC:008, EC LAP 16) (CS)
Describe the nature of taxes (EC:072) (SP)
Explain the concept of productivity (EC:013, EC LAP 18) (CS)
Analyze impact of specialization/division of labor on productivity (EC:014, EC LAP 7) (SP)
Explain the concept of organized labor and business (EC:015, EC LAP 5) (SP)
Explain the impact of the law of diminishing returns (EC:023) (SP)
Describe the economic impact of inflation on business (EC:083) (SP)
Explain the concept of Gross Domestic Product (GDP) (EC:017, EC LAP 1) (SP)
Discuss the impact of a nation’s unemployment rates (EC:082) (SP)
Explain the economic impact of interest-rate fluctuations (EC:084) (SP)
Determine the impact of business cycles on business activities (EC:018, EC LAP 9) (SP)
Explain the nature of global trade (EC:016, EC LAP 4) (SP)
Describe the determinants of exchange rates and their effects on the domestic economy (EC:100) (SP)
Discuss the impact of culture and social issues on global trade (EC:045, EC LAP 24) (SP)

Financial Analysis (FI)

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Performance Indicators:
Describe the need for financial information (FI:579) (CS)
Explain the concept of accounting (FI:085, FI LAP 5) (CS)
Explain the role of finance in business (FI:354, FI LAP 7) (CS)

Human Resources Management (HR)

Standard: Understands the tools, techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

Performance Indicators:
Discuss the nature of human resources management (HR:410, HR LAP 35) (CS)

Information Management (NF)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making

Performance Indicators:
Discuss the nature of information management (NF:110, NF LAP 3) (CS)

Marketing (MK)

Standard: Understands the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

Performance Indicators:
Explain marketing and its importance in a global economy (MK:001, MK LAP 4) (CS)
Describe marketing functions and related activities (MK:002, MK LAP 1) (CS)
Explain factors that influence customer/client/business buying behavior (MK:014) (SP)
Discuss actions employees can take to achieve the company’s desired results (MK:015, MK LAP 2) (SP)
Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) (MK:019, MK LAP 3) (SP)

Marketing-Information Management (NF)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making

Performance Indicators:
Describe the need for marketing data (IM:012, IM LAP 12) (CS)
Identify data monitored for marketing decision making (IM:184, IM LAP 11) (SP)
Explain the nature and scope of the marketing information management function (IM:001, IM LAP 2) (SP)
Explain the nature of marketing research (IM:010, IM LAP 5) (SP)
Explain the legal and ethical considerations in marketing-information management (SP) Combined (IM:025) and (IM:419)
Describe the use of technology in the marketing-information management function (IM:183) (SP)
Discuss the nature of marketing research problems/issues (IM:282, IM LAP 13) (SP)
Describe methods used to design marketing research studies (i.e., descriptive, exploratory, and causal) (IM:284, IM LAP 14) (SP)
Describe options businesses use to obtain marketing-research data (i.e., primary and secondary research) (IM:281, IM LAP 15) (SP)
Discuss the nature of sampling plans (i.e., who, how many, how chosen) (IM:285) (SP)
Describe data-collection methods (e.g., observations, mail, telephone, Internet, discussion groups, interviews, scanners) (IM:289) (SP)
Explain characteristics of effective data-collection instruments (IM:418) (SP)

Market Planning (MP)

Standard: Understands the concepts and strategies utilized to determine and target marketing strategies to a select audience

Performance Indicators:
Explain the concept of marketing strategies (MP:001, MP LAP 2) (CS)
Explain the concept of market and market identification (MP:003, MP LAP 3) (CS)
Explain the nature of marketing plans (MP:007, MP LAP 1) (SP)
Explain the role of situation analysis in the marketing planning process (MP:008) (SP)
Conduct market analysis (market size, area, potential, etc.) (MP:009) (MN)
Conduct SWOT analysis for use in the marketing planning process (MP:010, IM LAP 8) (MN)
Assess global trends and opportunities (MP:011) (MN)
Identify considerations in implementing global marketing strategies (MP:002) (MN)
Identify market segments (MP:004) (MN)
Select target market (MP:005) (MN)
Conduct competitive analysis (MP:012) (MN)
Explain the nature of sales forecasts (MP:013) (SP)
Forecast sales for marketing plan (MP:014) (MN)
Set marketing goals and objectives (MP:015) (MN)
Select marketing metrics (MP:016) (MN)
Set marketing budget (MP:017) (MN)
Develop marketing plan (MP:018) (MN)

Operations (OP)

Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

Performance Indicators:
Explain the nature of operations (OP:189, OP LAP 3) (CS)
Explain the nature and scope of purchasing (OP:015, OP LAP 2) (CS)
Explain the concept of production (OP:017,OP LAP 4) (CS)

Pricing (PI)

Standard: Understands concepts and strategies utilized in determining and adjusting prices to maximize return and meet customers' perceptions of value

Performance Indicators:
Explain the nature and scope of the pricing function (PI:001, PI LAP 2) (SP)
Explain the use of technology in the pricing function (PI:016) (SP)
Explain legal and ethical considerations for pricing (SP) Combined (PI:105) and (PI:017)
Explain factors affecting pricing decisions (PI:002, PI LAP 3) (SP)

Product/Service Management (PM)

Standard: Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities

Performance Indicators:
Explain the nature and scope of the product/service management function (PM:001, PM LAP 17) (SP)
Identify the impact of product life cycles on marketing decisions (PM:024) (SP)
Describe the use of technology in the product/service management function (PM:039) (SP)
Explain business ethics in product/service management (PM:040) (SP)
Identify product opportunities (PM:134) (SP)
Identify methods/techniques to generate a product idea (PM:127, PM LAP 11) (SP)
Generate product ideas (PM:128) (SP)
Determine initial feasibility of product idea (PM:129) (MN)
Adjust idea to create functional product (PM:204) (MN)
Describe the uses of grades and standards in marketing (PM:019, PM LAP 8) (CS)
Explain warranties and guarantees (PM:020, PM LAP 4) (CS)
Identify consumer protection provisions of appropriate agencies (PM:017) (SP)
Explain the concept of product mix (PM:003, PM LAP 3) (SP)
Describe the nature of product bundling (PM:041) (SP)
Identify product to fill customer need (PM:130) (MN)
Plan product mix (PM:006) (MN)
Describe factors used by marketers to position products/services (PM:042) (SP)
Explain the nature of product/service branding (PM:021, PM LAP 6) (SP)
Explain the nature of corporate branding (PM:206) (SP)
Describe factors used by businesses to position corporate brands (PM:207) (SP)

Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Performance Indicators:
Explain the need for innovation skills (PD:126) (CS)
Make decisions (PD:017; QS LAP 2, PD LAP 10) (CS)
Demonstrate problem-solving skills (PD:077; QS LAP 26, PD LAP 17) (CS)
Identify sources of career information (PD:022) (CS)
Identify tentative occupational interest (PD:023) (CS)
Explain employment opportunities in business (PD:025, PD LAP 15) (CS)
Utilize job-search strategies (PD:026) (PQ)
Complete a job application (PD:027) (PQ)
Interview for a job (PD:028) (PQ)
Write a follow-up letter after job interviews (PD:029) (CS)
Write a letter of application (PD:030) (CS)
Prepare a résumé (PD:031) (CS)
Use networking techniques to identify employment opportunities (PD:037) (SP)
Explain employment opportunities in marketing (PD:024) (CS)

Promotion (PR)

Standard: Understands the concepts and strategies needed to communicate information about products, services, images, and/or ideas to achieve a desired outcome

Performance Indicators:
Explain the role of promotion as a marketing function (PR:001, PR LAP 2) (CS)
Explain the types of promotion (PR:002, PR LAP 4) (CS)
Identify the elements of the promotional mix (PR:003, PR LAP 1) (SP)
Explain types of advertising media (PR:007, PR LAP 3) (SP)
Describe word of mouth channels used to communicate with targeted audiences (PR:247) (SP)
Explain the nature of direct marketing channels (PR:089) (SP)
Identify communications channels used in sales promotion (PR:249) (SP)
Explain communications channels used in public-relations activities (PR:250) (SP)
Describe legal and ethical issues in promotion (SP) Combined (PR:099) and (PR:101)
Describe the use of technology in the promotion function (PR:100) (SP)
Explain the components of advertisements (PR:014) (SP)
Explain the importance of coordinating elements in advertisements (PR:251) (SP)
Identify types of public-relations activities (PR:252) (SP)
Discuss internal and external audiences for public-relations activities (PR:253) (SP)
Explain how businesses can use trade-show/exposition participation to communicate with targeted audiences (PR:254) (SP)
Explain considerations used to evaluate whether to participate in trade shows/expositions (PR:255) (SP)
Explain the nature of a promotional plan (PR:073) (SP)
Coordinate activities in the promotional mix (PR:076) (SP)

Selling (SE)

Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Performance Indicators:
Explain the nature and scope of the selling function (SE:017, SE LAP 117) (CS)
Explain the role of customer service as a component of selling relationships (SE:076, SE LAP 130) (CS)
Explain company selling policies (SE:932) (CS)
Acquire product information for use in selling (SE:062) (CS)
Explain the selling process (SE:048, SE LAP 126) (CS)
Establish relationship with client/customer (SE:110) (CS)
Determine customer/client needs (SE:111) (CS)
Recommend specific product (SE:114, SE LAP 111) (CS)
Explain key factors in building a clientele (SE:828, SE LAP 115) (SP)
Explain legal and ethical considerations in selling (SE LAP 129) (SP) Combined (SE:106) and (SE:108)
Describe the use of technology in the selling function (SE:107) (SP)
Explain the impact of sales cycles (SE:380) (SP)
Analyze product information to identify product features and benefits (SE:109, SE LAP 113) (SP)
Differentiate between consumer and organizational buying behavior (SE:112) (SP)
Identify emerging trends for use in selling (SE:404) (SP)
Discuss motivational theories that impact buying behavior (SE:359) (SP)
Explain the use of marketing-research information in professional selling (SE:383) (SP)
Prospect for customers (SE:001) (SP)
Conduct preliminary customer/client qualification (SE:400) (SP)
Conduct pre-visit research (e.g., customer’s markets/products, customer’s competitors, and competitors’ offerings) (SE:369) (SP)
Determine sales strategies (SE:377) (SP)
Book appointments with prospective clients (SE:366) (SP)
Prepare sales presentation (SE:067) (SP)
Prepare and/or assemble sales materials (SE:482) (SP)
Build rapport and credibility with prospect (SE:483) (SP)
Respond appropriately to prospect’s individual personality type (SE:810, SE LAP 112) (SP)
Determine prospect’s buying motives for use in selling (SE:883, SE LAP 109) (SP)
Facilitate prospect’s buying decisions (SE:811, SE LAP 108) (SP)
Question/probe to acquire understanding of prospect (priorities, problems, trends, issues, corporate aims and objectives, processes, buying process and criteria, and trading preferences) (SE:484) (SP)
Assess prospect’s needs in relation to product offering (SE:113) (SP)
Propose solution to prospect’s needs/challenges (SE:115) (SP)
Demonstrate product solution for prospect’s needs (SE:893, SE LAP 103) (SP)
Convert customer/client objections into selling points (SE:874, SE LAP 100) (SP)
Close the sale (SE:895, SE LAP 107) (SP)
Negotiate sales terms/agreement (SE:392) (SP)
Oversee fulfillment/completion of sale (SE:483) (SP)
Sell good/service/idea to individuals (SE:046) (SP)
Sell good/service/idea to groups (SE:073) (SP)

Strategic Management (SM)

Standard: Understands tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department

Performance Indicators:
Explain the concept of management (SM:001, SM LAP 3) (CS)