Explain the United States’ Judiciary System
The system of courts that interprets and applies the law in the name of the state.
Describe legal issues affecting businesses
Disgruntled Employees, Discrimination/Harassment Cases, Immigration Audits, Copyright and Patent Issues, Dissatisfied Customers, etc.
Describe the nature of legally binding contracts
one agrees with the terms under a written or spoken contract to behave in certain ways. The terms and conditions of such a contract can either prohibit or define appropriate behavior under the agreement. Violation of terms in this type of agreement can either void the contract, or cause legal repercussions.
Name the 4 types of business ownership
Sole proprietorship, partnership, corporation, and limited liability company (LLC). The choice depends on the financial and tax situation of the owner, the type of business, the number of employees, and the level of risk involved.
Explain the nature of effective verbal communications
Know you audience, know your topic, plan your presentation, own the room, showing respect, knowing the purpose of why you are speaking, using your voice effectively, using enumeration where appropriate, and providing examples.
Explain the nature of positive customer relations
Believing that your customers deserve the best – focused attention, expectations, have important problems and complaints
Consider and attempt to meet their needs, give them your attention, and follow through on what is being said, and being efficient in handling issues
Demonstrated when communicating with customers, while handling complaints, inquiries, and requests
Determine ways of reinforcing the company’s image through employee performance
By giving people an idea of what the company is like. If the employees are rude and lazy it will make the company look bad.
Explain the nature of staff communication
How information is passed through the company
for example horizontal, vertical, grapevine,etc.
Distinguish between economic goods and services
Goods are tangible (such as tires), services are intangible (such as an oil change).
Describe the use of technology in customer relationship management
Is useful for developing and maintaining customer relationships.
Describe factors that affect the business environment
Internal factors which are within the company and under the control of company like product Organizational culture, Leadership, and Manufacturing(quality). External factors are not under the control of the company and include Social environment, political conditions, suppliers, competitors of the company, Government regulations and policies, accounting agencies like Accounting standard board, Resources in an economy and demographics of people.
Explain the role of ethics in customer relationship management
Involves finding customers and keeping them satisfied through a variety of means.
Explain supply and demand
Supply is defined as the availability of a product or service. Some things are very rare, while others are abundant. For example, gold is generally considered a rare commodity, while iron is much more common.
Demand is a measure of the public’s desire to purchase a product or service. If something is very popular, or very necessary, it will generally be in high demand.
Explain the nature of business ethics
Is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations
Identify factors affecting a business’s profit
How much is spent and how much is earned, the business owner, the company.
Explain the concept of competition
“The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.”
Determine factors affecting business risk
Theft, Increased competition, Natural disasters such as fires and storms, Internet fraud and scams, Breakdown of machinery and equipment, High staff turnover, etc.
Determine the relationship between government and business
Government and business institutions in a country in many ways are interrelated and interdependent on each other. The government and organizations or businesses always tries to influence and persuade each other in many ways for various matters. A balanced relationship between the government and businesses is required for the welfare of the economy and the nation.
Explain the concept of productivity
Is an average measure of the efficiency of production. It can be expressed as the ratio of output to inputs used in the production process, i.e. output per unit of input.
Describe the nature of taxes
A fee charged (“levied”) by a government on a product, income, or activity.
Explain the nature of global trade
It allows us to expand our markets for both goods and services that otherwise may not have been available to us. It is the reason why you can pick between a Japanese, German or American car.
What are the four p’s of Marketing?
Price, Product, Promotion, Place
Demonstrate a customer-service mindset
An attitude that customer satisfaction always comes first. Making customers feel welcome, be willing to answer questions or find answers to questions.
How should we handle difficult customers?
Take the customer aside to discuss the complaint
Repeat the facts to ensure that you understand what the customer has stated
Get assistance from a supervisor if necessary
Establish a plan that determines the next step
Be caring, considerate, and respectful
Explain key factors in building a clientele
Take care of your current customers, Develop a relationship with your clients, Build a network that you visit on a regular basis, Give your customers 100 percent all the time, etc.
Explain the nature of a promotional plan
An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service.
Explain customer/client/business buying behavior
The process that customers use to decide what they will buy, where they will buy it, and from whom they will buy it.
Explain the concept of marketing strategies
Is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.
Describe planning techniques used in the hiring process
Coming up with interview questions, requiring certain forms or other things, determining the interview location and who is giving the interview, etc.
Explain the need for ongoing education as a worker
A well-trained work force is an important productivity enhancement. Just as important, employees greatly value education benefits.
Explain the selling process
The separate, but related, stages forming the activity of personal selling; these include preapproach, approach, need identification, presentation, handling objections, closing the sale and post-sale follow-up.
Why is acquiring product information for use in selling important?
It could raise the amount of sales the company has.
Analyze product information to identify product features and benefit
Involves finding out what the customer really wants and needs, not just listing a variety of product features.
Identify communications channels used in sales promotion
Advertising, Sales promotion, Events and experiences, Public relations and publicity, Direct marketing, Interactive marketing, Word-of-mouth marketing, Personal selling
The extent of the area or subject matter that something deals with or to which it is relevant.
Explain SWOT analysis
SWOT stands for strengths, weaknesses, opportunities and threats. S and W are internal and they show how capable a company is. O and T are external factors and they evaluate the effect the outside world will have on the company.
Describe the need for marketing information
Is needed for businesses so that they make effective decisions about their products, pricing and promotion strategies, competitor awareness and to ensure that they understand what the customer wants and needs.
Describe options businesses use to obtain marketing-research data
Interviews (either by telephone or face-to-face)
Surveys (online or by mail)
Questionnaires (online or by mail)
Focus groups gathering a sampling of potential clients or customers and getting their direct feedback
Explain factors affecting pricing decisions
To a large extent these factors are controllable by the company and, if necessary, can be altered. There are a number of influencing factors which are not controlled by the company but will impact pricing decisions.
Explain the concept of product mix
A range of associated products that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others.
Explain the nature of product/service branding
The “name, term, design, symbol, or any other feature that identifies one seller’s product distinct from those of other sellers.
Describe the nature of product bundling
Offering several products for sale as one combined product. It is a common feature in many imperfectly competitive product markets.
Explain the types of promotion
Contests, Social Media, Mail Order Marketing, Product Giveaways, Point-of-Sale Promotion and End-Cap Marketing, Customer Referral Incentive Program, Causes and Charity, Branded Promotional Gifts, Customer Appreciation Events, After-Sale Customer Surveys
Identify the elements of the promotional mix
Advertising, Personal Selling, Sales Promotion, Public Relations, Direct Marketing
Explain types of advertising media
Television, Radio, Print Publications, Internet, Direct Mail, Signage, Product Placement, Mobile Devices, Sponsorships, Other Media Outlets
Describe word-of-mouth channels used to communicate with targeted audiences
Blogs, social media, friend to friend, etc.
Discuss the relationship between promotion and marketing
Promoting a product involves activities like advertising, direct selling, or other ways of generating a sale. Marketing involves a range of activities like market research, developing a new product, analyzing market conditions which may effect the sale of a product and a lot more.
Explain the importance of company involvement in community activities
Builds a stronger company, public awareness, personal benefits such as feeling successful, etc.
Distinguish between retailing and marketing
Marketing is creation of demand for goods and services whereas retailing is selling the goods and services.
Is the place where a retail transaction is completed. It is the point at which a customer makes a payment to the merchant in exchange for goods or services.