Explain the need for professional and ethical standards in marketing.
One must not release customer data without consent. All market activities should fulfill the core principles of business ethics: making a profit while bringing meaningful goods/services to the world.
Explain employment opportunities in marketing.
One could manage quality control and inventory, market research and their databases, be a market planner, pricing economist, product/service manager, promotional specialist, or professional salesperson.
Explain the nature and scope of channel management.
Channel management is the process of determining the distribution of goods and services from the manufacturer to the consumer. It often includes manufacturers, vendors, businesses, warehouses, retailers, wholesalers, and consumers.
Explain the relationship between customer service and channel management.
Customer service is the process of a business attempting to resolve an issue a customer has with goods and services provided by the business. Errors in the channel management stage of the marketing process may lead to defects in products during distribution. Also, inefficient distribution may irritate some customers.
Explain the nature of channels of distribution.
Channels of distribution are what a good or service goes through before reaching the market.
Channels of Distribution:
Manufacturer – makes/performs good/service
Vendor – sells good/service
Business – purchases good/service from vendor, sells good/service to retailers/wholesalers for profit
Warehouse – stores good/service
Retailer – sells good/service directly to consumer
Wholesaler – sells good/service in bulk quantities to other parties, who sell to consumers
Consumer – purchases and consumes good/service
Describe the use of technology in the channel management function.
Technology can be used to determine factors used in selection of channels, contact owners of these channels, and monitor the distribution of goods/services.
Explain legal considerations in channel management.
Distributors and vendors may sue for price-fixing and other legal issues related to business.
Describe ethical considerations in channel management.
Channel management members must obey the law and serve the best interest of ALL members in the supply chain.
Coordinate channel management with other marketing activities.
Information can be collected to plan out a course of action based on prices and which vendors provide the best products and services. That’s 4 marketing functions related to channel management.
Explain the nature of channel-member relationships.
Each member in a channel has a specific role in the quality of a product/service. [See #5]
Explain the nature of affinity partner relationships.
Affinity partner relationships is a concept that consists of a partnership between a company and an organization that gathers persons sharing the same interests (known as an affinity group) to bring a vaster consumer base to the opposite party.
Describe the need for marketing data.
Marketing data can be used to analyze various metrics of consumers within a market, such as:
Businesses can then use market segmentation based on these factors in order to determine a target market, to whom they will tailor their marketing strategies.
Identify data monitored for marketing decision making.
Demographics – age, sex, race, etc.
Geographics – location, culture, etc.
Psychographics – attitudes, lifestyles, etc.
Explain the nature and scope of the marketing information management function.
Marketing information management is one of the functions of marketing in which businesses use surveys, observational studies, or experiments to collect data on a potential market. After conducting analysis on the data, marketing information managers can make recommendations and/or decisions on marketing strategies that can be used to appeal to an identified target market.
Explain the role of ethics in marketing-information management.
Written consent must be obtained for experiments, and data cannot be disclosed without the consent of those involved in the data collection.
Describe the use of technology in the marketing-information management function.
Database programs can be used to store marketing information management data. This data can be analyzed using spreadsheet programs, and presented through word processing and slideshow programs.
Describe the regulation of marketing-information management.
There are laws in place pertaining to marketing information management in order to protect consumer privacy.
Explain the nature of marketing research.
Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.
Discuss the nature of marketing research problems/issues.
Flawed Survey Design – improper design may lead to inaccurate conclusions
Survey Nonresponse – many participants may choose not to participate
Survey Bias – participants may be inclined to answer in a certain way
Observational Errors – observational studies can be erroneous if not conducted meticulously
Describe methods used to design marketing research studies (i.e., descriptive, exploratory, and causal).
Descriptive marketing research is a form of conclusive research used to describe both the composition of a group in such terms as income, gender, age and education and the characteristics of group members in regards to both current and future behavior.
Exploratory research is an important part of any marketing or business strategy. Its focus is on the discovery of ideas and insights as opposed to collecting statistically accurate data.
In the causal form of research the marketer tries to determine if the manipulation of one variable, called the independent variable, affects another variable, called the dependent variable. In essence, the marketer is conducting an experiment.
Describe options businesses use to obtain marketing-research data (i.e., primary and secondary research).
Primary research is research conducted by the business.
Secondary research is research obtained through another party.
Discuss the nature of sampling plans (i.e., who, how many, how chosen).
Sampling plans are used to determine the sample population to be used in a marketing research study. More participants means less variability, but more impracticality. Those chosen should be likely consumers within a business’ market, and the business should perform a random selection of these consumers in order to obtain a variety of participants.
Describe data-collection methods (e.g., observations, mail, diaries, telephone, Internet, discussion groups, interviews, scanners, tracking tools).
Observations simply involve viewing a population. Mail-in surveys are voluntary and sent straight to the participant’s mailing address. Telephone surveys, conducted by telemarketers, involved calling participants’ phone numbers. The Internet can be used to send out surveys. Discussion groups involve multiple people meeting with a market researcher to discuss their values, demographics, and other metrics. Tracking tools involve letting participants go about their daily lives as their habits are monitored.
Explain characteristics of effective data-collection instruments.
Effective data-collection instruments are often digital and are easy-to-use. If it involves human interaction, the researcher should be well-equipped with strong communication skills.
Explain techniques for processing marketing data.
One could use a spreadsheet to sort participants into categories, calculate proportions, and design visual aids to represent the findings. These findings could then be presented in a report or slideshow presentation.
Identify sources of error in a research project (e.g., response errors, interviewer errors, nonresponse
errors, sample design).
Evaluate questionnaire design (e.g., types of questions, question wording, routing, sequencing,
Questions should be about things the respondent would be comfortable sharing such that response bias is eliminated or diminished. The wording should be clear and simple and questions should be sequenced by category. Questions should not be long and the interface should be smooth and user-friendly. If needed, question routing should be used to derive new questions tailored specifically to the respondent based on their answers to previous questions.
Assess appropriateness of marketing research for the problem/issue (e.g., research methods,
sources of information, timeliness of information, etc.).
The information should be recent such that it represents current trends in the market. Furthermore, methods of research should be ethical and compliant with law regarding marketing information management. Reliable sources include government reports and verified business data.
Explain the concept of marketing strategies.
Marketing strategies are techniques at different parts of the marketing process in order to get the product/service to the consumer and make as large of a profit as possible.
Explain the concept of market and market identification.
A market is all the consumers available to sell to. Market identification involves analyzing customer profiles to determine which one is most viable and profitable.
Explain the nature of marketing planning.
Market planning relates to analyzing key factors such as PEST and SWOT, as well as determining strategies of touch points and positioning to effectively sell a product/service.
Explain the nature of marketing plans.
Marketing plans consist of an executive summary, objectives, situational analysis, market strategies, implementation, and appendices. They present a detailed plan to sell a product/service to a market.
Explain the role of situation analysis in the marketing planning process.
Situation analysis consists of a PEST and SWOT analysis. It analyzes internal and external factors relating to business and society at large. These factors can be analyzed to make recommendations on improvements to be made to business operations, products, or services.
Explain the nature of sales forecasts.
Sales forecasts project how much revenue will be generated over a certain time period, typically the fiscal year.
Explain the nature and scope of the pricing function.
Pricing is the function of determining ideal price of a product/service. Economists practice this, analyzing factors such as supply and demand, economic volatility, and market equilibrium to make determinations.
Describe the role of business ethics in pricing.
When competition is not present, it is unethical (and in many jurisdictions, illegal) to set prices overly high. Price-fixing, a practice in which competing sellers agree on prices, is also illegal as it hurts the consumer.
Explain the use of technology in the pricing function.
Technology can be used to project sales trends and collect economic data to determine prices.
Explain legal considerations for pricing.
Explain factors affecting pricing decisions.
Supply and demand, economic volatility, interest rates, etc.
Explain the nature and scope of the product/service management function.
Product/service management involves checking inventory and quality. Marketing information management teams can provide info on public opinion to help the product/service management teams improve their products/services.
Identify the impact of product life cycles on marketing decisions.
Growth – more willing to be risky
Peak – anxious to keep product in market
Recession – focus on product upgrades, new products
Describe the use of technology in the product/service management function.
Technology can be used to edit models of a product or determine public opinion on a product/service.
Explain business ethics in product/service management.
Businesses must ensure the safety of the products/services and make products/services that do not harm the environment and society at large.
Identify product opportunities.
Opportunist products are well-positioned in emerging markets to fulfill the needs and wants of consumers.
Identify methods/techniques to generate a product idea.
One must first analyze markets and the needs/wants of consumes in them. Then, the business can use the market research data and relay it over to the product/service management team so they can generate ideas for products.
Generate product ideas.
e.g. VR, AR, drones, modular smartphones, hoverboards, etc.
Describe the uses of grades and standards in marketing.
Grades are used to categorize and rate, standards are criteria that must be met to be assigned a grade. These factors help one to assess the quality of a product.
Explain warranties and guarantees.
A warranty is a contract in which the seller agrees to provide restitution in the case of damage of malfunction, whereas guarantees state that a buyer can return a product to its seller for a full refund.
Identify consumer protection provisions of appropriate agencies.
The Bureau of Consumer Protection has provisions banning unethical business practices such as price-fixing.
Explain the concept of product mix.
A product mix is the total products that a business sells.
Explain the nature of corporate branding.
Corporate brands are the names of companies, used to allow consumers to easily identify products by a certain business.
Describe factors used by businesses to position corporate brands.
Attractive logos, captivating names, powerful slogans, etc.
Identify customer touch points.
A touchpoint is any interaction between the buyer and seller (e.g. customer viewing promotional materials, customer asking about a product/service, customer buying a product/service).
Describe factors used by marketers to position products/services.
Marketers ensure that products/services related to one another are near eachother and fit all the needs and wants of consumers in that market.
Explain the nature of product/service branding.
Flaunting features and benefits, dissing competititon, attractive logos, captivating names, powerful slogans, etc.
Describe the role of customer voice in branding.
The brand needs to appeal to the consumer, so businesses often use testimonials.
Explain the role of promotion as a marketing function.
Promotion is the function of informing potential consumers of a product/service.
Explain the types of promotion.
TV ads, billboards, magazine ads, buyer/seller interactions, etc.
Identify the elements of the promotional mix.
The promotional mix consists of public relations, advertising, sales promotion and personal selling.
Describe the use of business ethics in promotion.
Businesses must provide accurate information about a product/service.
Describe the use of technology in the promotion function.
Digital media can be used in promotion (e.g. social media, printing computer-generated materials, etc.)
Describe the regulation of promotion.
There are laws in place to prohibit slanderous promotional tactics or tactics that limit competition.
Explain types of advertising media.
Advertising media are the channels used to promote a product/service. Some kinds are TV ads, social media content marketing, etc.
Describe word-of-mouth channels used to communicate with targeted audiences.
Customer advocacy is the most common word-of-mouth in which consumers show approval for a product, service, or businesses by telling others about them through various media including social media and personal conversation.
Explain the nature of direct marketing channels.
Direct marketing refers to when a seller sells straight to the buyer without intermediaries. They can often be less expensive, but the business needs the expertise.
Identify communications channels used in sales promotion.
Telemarketing, social media, e-mail listings, etc.
Explain communications channels used in public-relations activities.
The press is the most common methods of public relations.
Explain the components of advertisements.
Headline, tagline, copy, slogan
Identify types of public-relations activities.
advertising, corporate philantrophy, corporate sponsorship, development, internal communications, external communications, lobbying, promotion, publicity, PR research, special event management
Discuss internal and external audiences for public-relations activities.
Internal audiences is about making employees feel happy about their job, external is about making customers feel happy about the business.
Explain the nature and scope of the selling function.
Selling is the function of a buyer meeting with a seller to present a product, persuade the prospect, and close the sale.
Explain the role of customer service as a component of selling relationships.
Customer service teams must be clear about all aspects of the concerning product in order to sell.
Explain key factors in building a clientele.
The importance of customer loyalty, the worth of a customer in terms of dollars, sales techniques that contribute to loyalty, and the development of clientele, as well as the factors that contribute to building and retaining clientele, including word-of-mouth, reputation, product quality, and sales follow-up.
Explain company selling policies.
terms-of-sale, service policies, etc.
Explain legal and ethical considerations in selling.
Customer should feel free to make a choice between multiple sellers, and integrity must be maintained.
Describe the use of technology in the selling function.
CRM can be used to effectively provide customer service such that the customer will want to buy from that business.
Describe the nature of selling regulations.
Regulations are in place by the USFG to promote competitition, meaning that different businesses in the same market cannot agree to “split” customers.
Acquire product information for use in selling.
Information can be found in brochures, pamphlets, and company websites when selling to customers.
Analyze product information to identify product features and benefits.
Product information can typically be found in brochures and pamphlets, as well as the company website.
Explain the selling process.
Prospecting – determine market
Preapproach – plan how to sell
Approach – speak to customer, “hook” them
Presentation – demonstrate product/service
Handling Objections – pressure the buyer
Closing the Sale – agreeing on terms
Follow-up – maintaining satisfaction, collecting MIM data, etc.
Discuss motivational theories that impact buying behavior.
Buying behavior is the set of psychological principles a consumer follows when purchasing a good/service.
Risk-taking – willing to try new things even at risk
Status-oriented – cares about what is trendy and fashionable
Brand-insistent – only purchases from one brand
Variety-seeking – willing to try new things for no reason