Essential Standard Objective Essential Questions

Understand the role of marketing in business. 3.02 B2 5% Understand buying behaviors x What are the steps of developing a marketing strategy? x What are the steps of the consumer decision-making process? How are the sources of consumer information classified? x How are shopping locations classified? UNPACKED CONTENT

6200/6600 Principles Unit A of Business and Finance 3.00 B2 10%

Principles of Business

I. A marketing strategy provides vital information on how a business will meet its goals of satisfying customers that will result in making sales and profits. The steps of developing a marketing strategy are: A. Identify a target market B. Create a marketing mix II. Consumers use the consumer decision-making process in order to make decisions on purchases. The steps in the consumer decision-making process are: A. Recognize a need or want B. Gather information C. Select and evaluate alternatives D. Make a purchase decision E. Determine the effectiveness of the decision III. Consumers use information sources to assist them with the consumer decisionmaking process. The major sources of consumer information are classified as: A. Product testing organizations B. Media sources C. Government agencies D. Business sources E. Personal contacts IV. Competitive markets and technology infrastructures provide consumers with a variety of shopping location. Shopping locations are classified as: A. Traditional retailers B. Contemporary retailer C. Non-Store retailers

6200/6600 Principles of Business and Finance

Summer 2010

Page 208

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