Performance Standards/Performance Indicators
|ü Culminating Activity||Design, develop and implement a marketing plan that promotes a product, service, idea or organization, is sensitive to societal and industry ethics and meets a consumer need in the domestic or international community.|
Apply marketing principles to make informed decisions in a diverse, dynamic, global marketplace.
|ü Market Research/Analysis|
· Market Environment Analysis
· Consumer Market Analysis
· Customer Profile
· Situation Analysis
ü Marketing Strategy Proposal
ü Evaluation Plan
|BLK-1.1 Conduct market research and analysis that is sensitive to cost and time constraints by using the marketing research process to prepare a research report.|
The following steps are included in the marketing research process:
1. Formulate Problem/Market Research Question.
2. Determine Research Design.
3. Determine Data Collection Method.
4. Design Data Collection Forms.
5. Design Sample and Collect Data.
6. Analyze and Interpret the Data.
7. Prepare the Market Research Report.
· Write a Market Research Report that may include the following analyses depending upon the findings of the marketing research process:
· Write a market environment analysis that applies knowledge of macro environmental factors, uncovers trends that will influence marketing decisions, and justifies the identification of opportunities and threats.
Market Environment Analysis
ü Demographics (Including Cultural Trends)
The market environment analysis may include the following external environmental factors:
ü Economic Environment
ü Natural Environment
ü Technological Environment
ü Political Environment (Government/Special Interest Groups)
· Write a consumer market analysis that applies market research information to evaluate how buyer characteristics influence buying behavior.
ü Buyer characteristics which may include the following factors:
The consumer market analysis may include:
· Create a customer profile that applies knowledge of and analyzes influences affecting buying decisions.
ü Buying roles
The customer profile may include discussion and analysis of:
ü Types of buying behavior
ü Buyer decision-making process
· Develop a decision-making model that illustrates the phases in the buying decision process.
· Write a situation analysis that examines current market conditions in which the product or service will be competing.
ü A comparison of features/benefits of products/services currently offered to the market(s) by competitors.
The situation analysis may include:
ü Identification of specific external and internal factors affecting the current competitors and their market(s).
ü Documents and analyzes market shares, detailed sales, marketing expenditures and sales statistics of primary competitors.
· Select a viable target market.
ü Utilizes market research information to provide a justification for the selection of the target market based on an identified business opportunity.
BLK-1.2 Develop viable marketing mix strategies based on an assessment of market research results. Select, explain, and justify product service planning and management, pricing, distribution, and marketing communication strategy decisions for the identified target market based on market research information, and support for the goals and expected outcomes of the marketing plan.
· Describe a product and/or product mix and its features/benefits.
· Delineate the strengths and weakness of the product in relation to its position on the product life cycle and in the market
· Create a complete product service plan that includes branding, labeling, packaging, and extended product features.
· Forecast strategies for future product viability.
· Research and apply pricing concepts and techniques.
· Explain price elasticity and sensitivity to product and the effects of both on buying.
· Explain how and where the product will be distributed and sold in the marketplace.
· Describe inventory control policies chosen for effective inventory management.
· Assess appropriate forms of communication that informs, persuades or reminds consumers about the product (including internet/web-based options) and creates a complete and appropriate promotional mix.
BLK-1.3 Determine the cost of the implementation of the marketing plan and expected revenues to be
generated upon full implementation of the marketing plan.
ü Advertising and promotional plan.
ü Determine the costs for the advertising and promotional plan.
ü Develop a list of advertising and promotional materials.
ü List of advertising media to be used and an estimate of cost for each medium.
ü Provide and justify revenue projections.
BLK-1.4 Utilize control and evaluation processes to measure the success and profitability of the marketing plan.
· List methods to track and assess expenditures relative to the forecasted data and information.
· Write a justification for the application of market research indicators such as market share, and sales growth to measure market plan effectiveness.
· Document methods used to gather and report market research findings to be used first as a benchmark, and then as a measure of the plan’s effectiveness.
Apply the conventions and principles of communication in business and industry to inform and influence marketing decisions.
|BLK-2.1 Select the structure, format and features appropriate to the purpose, audience and context of the written marketing plan and materials for the oral presentation.|
· Check the accuracy and relevance of information.
· Develop documentation cognizant of neatness and audience appeal.
· Anticipates reader’s problem/questions.
· Use a variety of formatting techniques to add emphasis such as headings, subheadings, highlighting main ideas, including graphics, utilizing color and motion.
BLK-2.2 Exhibit mastery of written and oral English language rules in the marketing plan and in materials for the oral presentation.
· Ensure the proper application of:
ü Sentence structure
ü Sentence construction
ü Word usage
BLK-2.3 Prepare a written marketing plan in accordance with industry expectations.
· Develop a formal written marketing plan to support facts, analysis and conclusions.
· Develop an executive summary that encapsulates the marketing plan and includes the main points of the following:
ü Project Goals
ü Highlighted details of the marketing plan
ü Recommended course of action
BLK-2.4 Make an oral presentation of the marketing plan to an audience of practitioners.
· Create and deliver a presentation detailing the essential components of the marketing plan.
ü Organize the presentation in a logical way.
§ Identify main points and subpoints.
§ Select best presentation pattern (chronological, spatial, topical, cause and effect, problem solution).
§ Provide supporting details (graphs, charts, examples, etc.)
§ Plan the introduction, body and conclusion.
§ Include effective transitions.
ü Adjust the presentation to suit the audience.
ü Select pertinent verbal, visual and other supporting material.
ü Speak clearly, fluently, confidently, and expressively.
§ Speak loudly enough to be heard.
§ Use proper vocabulary, enunciation, pronunciation.
§ Utilize oral speaking styles (keep sentences short; use personal pronouns, contractions, and an active voice; and directly address listeners).
§ Establish and maintain eye contact.
§ Stand and move effectively.
§ Speak with enthusiasm and sincerity.
ü Respond appropriately to questions posed by practitioners and members of the audience.
· Evaluate the presentation for effectiveness and identify specific revisions that would strengthen the presentation.