Intructional Area

Identify types of public-relations activities.

(Didn't give any answers on the review sheet so this is what I think but i may be wrong) a. General - Define public relations: Public relations involve managing the company's perceived image through non-paid advertising and different media channels. It is the development of a favorable image for a company, its products or its policies b. Specific - Give examples that relate to you. Types of public relations activities include sponsoring product, sports, cultural or charitable events, awarding scholarships, and donations. Another aspect of public relations is creating news releases, an announcement that a company sends to the news media.

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Channel Management below

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Communications below

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Economics below

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Entrepreneurship below

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Marketing below

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Product service management below

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Promotion below

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Selling below

Describe technology in the channel management function

Technological tools can be used to increase efficiency along a supply chain, but dedication and cooperation is required of all parties. Automatic order systems can instantly place orders along the supply chain when stock levels reach economic quantities. Picking, packing and shipping activities can be tied into automatic order systems to further improve efficiency and decrease delivery lead times. Order tracking technology can help individual companies to provide better customer service by knowing exactly when materials and other orders will arrive. Technology as a tool for communication has had a grand effect on how markets operate.

Demonstrate active listening skills.

a. 1. Face the speaker. Sit up straight or lean forward slightly to show your attentiveness through body language. 2. Maintain eye contact. 3. Minimize external distractions. 4. Respond appropriately to show that you understand. b. Connect this to your roleplay by explaining how you will show active listening skills, and give the utmost respect to anyone you are communicating with because you represent your company and its branding/ image.

Explain the nature of channels of distribution

a. A distribution channel is the path used to get a product from the manufacturer or creator to the end user. In other words, how the customer gets their product after purchase, which often includes intermediaries. Distribution channels can be long or short, direct or indirect. Producer: Producers combine labor and capital to create goods and services for consumers. b. Agent: Agents commonly act on behalf of the producer to accept payments and transfer the title of the goods and services as it moves through distribution. c. Wholesaler: A person or company that sells large quantities of goods, often at low prices, to retailers. d. Retailer: A person or business that sells goods to the public in small quantities for immediate use or consumption. e. End Consumer: A person who buys a product or service.

Explain the concept of market and market identification

a. A market is a group of consumers who have a common interest, need or want of a given good or service. This group of consumers also must be able to purchase the product. Identifying a market is an important activity in marketing as products will not appeal to everyone. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information. b. (Apply your market and target market to this indicator). Focus on age, gender, income, education, buying behavior. Understand your market properly to truly apply it to your specific scenario.

Explain communication techniques that support and encourage a speaker.

a. Active listening, taking notes, and nonverbal cues such as eye contact. b. It's important to connect their to the situation in your role play, for example, if you are the owner and are talking to an employee, or an employee talking to a customer, it is super important to note the different communication techniques necessary to convey your message

Explain the relationship between customer service and channel management.

a. Channel management: Process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base, also delivering through different channels. Ex: if you have a horrible shipping company and customer service sucks, nobody will buy from you! That's channel management b. Customer satisfaction is a goal of any profitable businesses. In order to meet the needs and wants of customers, channel management must work effectively to deliver a product at the right time to the right place. This includes a business' ability to select a good channel.

Explain the nature of channel-member relationships.

a. Channel members can consist of the producer/manufacturer, agents, wholesalers, retails and consumers. A group that is able to have influence on a bunch of consumers so organizations partner with these groups to market their products/services because they know it will reach a certain audience. b. CHAIN OF PRODUCTION- MEMORIZE IT

Explain the nature of staff communication

a. Create a culture of transparency and straightforwardness, to encourage staff communication i. Nontransactional conversation with ii. Meet one on one iii. Group meetings to discuss goals, challenges or operating plan for the day iv. Group chat technology v. Group document sharing technology vi. Emails and phone calls b. The employees are the face of any company so it is crucial that they are representing your brand in the way you want them to. Connect employees to training programs, and how a business owner might aid them in achieving the company goals

Explain the nature of corporate branding

a. Define corporate branding - the practice of promoting the brand name of a corporate entity, as opposed to specific products or services b. Explain the usage of a trade name in terms of promotion for corporate branding (which goes on advertisements and signs, unlike business legal names that are on documents). Discuss brand image and the significance of certain aspects of the brand image specific to the roleplay like customer service experience, product packaging, or even the way the company communicates with its customers. Specific to the corporate branding, discuss the company's name, logo, slogan, mission statement, tagline, or even website depending on the information provided. Discuss a properly designed and managed corporate image or how you will achieve that considering having an organization commit to quality; excellence; relationships with many entities (current and potential customers, employees, and future staff, competitors, partners, governing bodies and the general public)

Explain the role of customer services as a component of selling relationships

a. Define customer service. Link between customer and business. Customer service should and will be available to customers for any questions, concerns, or commentary. b. Describe the mindset that employees should use behind the customer service base. Always positive, compassionate and willing to help the customers. Customers are always right. We want to make sure that the customers are happy and comfortable at all costs and will create a 24 hour customer service line, as well as a live chat for those who are not comfortable speaking directly with one of the representatives. In order to improve the overall customer shopping experience.

Explain new product-development processes

a. Define new product-development process: The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts b. If possible, go into detail of all 7 steps of the new product-development process, or just specifically target a few of the steps depending on the roleplay, which include: Idea generation, idea screening, concept development and testing, marketing strategy and business analysis, product development, test marketing, product launch. To provide an example, if you are focusing on screening, you can target SWOT analysis. Also, explain how as a company you want to maintain a good understanding of customer needs and wants, the competitive environment and the nature of the market for the success of a new product. Cost, time and quality are the main variables that drive the customer's needs.So, detail how companies develop continuous practices and strategies to better satisfy the customer requirements and increase their market share by a regular development of new products, which you can also explain what technology might be used to make this process possible.

Describe factors used by marketers to position products/services.

a. Define positioning i. Way of designing perception of product or service in market place b. Apply to situation i. Position your own product a certain way

Develop positioning concept for a new product idea

a. Define positioning - the place you want your brand or product to have within a particular target market (define the specific target market) b. In order to position products or brands, companies may emphasize the distinguishing features of their brand (what it is, what it does and how, etc.) or they may try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.). Explain any methods of promoting that goes towards that product idea (could start discussing the promotional mix to some extent). Also, explain how a position statement should include identification of the target market, the market need, the product name and category, the key benefit delivered and the basis of the product's differentiation from any competing alternative.

Identify product opportunities

a. Define product opportunities - a gap between what is currently on the market and the possibility for new or significantly improved products that result from emerging trends b. Explaining, specific to the roleplay, the source that the new product opportunity came from (including consumers, competitors, wholesalers, etc.). Use creativity behind the product opportunity specifically with the slogan and logo considering product image. Explain how ideas can be generated from competitive analysis (if you have time, possibly you include parts of SWOT or its entirety) or customers.

Describe factors used by marketers to position products/businesses

a. Define product/business positioning - a form of marketing that presents the benefits of your product to a particular target audience (How we can differentiate our product/business from that of our competitors and then determine which market niche to fill) b. Depending on the role play, factors used by marketers include pricing, competition, and quality. Ex. high price means good quality (like lululemon), or with low price, it means good value. Dive into the benefit your product provides to set yourself apart in the world of competition and mention how you will specifically plan on setting your product apart from competitors (be unique). And, you could even discuss business buying behavior and how marketers have to target their product/business specific to their specific target market (say what the target market is depending on ur roleplay) and with marketers positioning their products/businesses, you can discuss the demographic, geographic, psychographic, and/or behavioral segmentation that could be incorporated based on the role play.

Explain the nature of effective verbal communications

a. Explain the nature of effective verbal communications. Examples of interpersonal communication, communication between two or more individuals, include talking with friends and having a family meeting. Important aspects to interpersonal communication include what you say and the atmosphere you're in, especially when making a first impression. Public speaking, a more formal version of verbal communication, involves speaking to a group of people. The purpose for public speaking can vary from sharing information to persuasion. b. Connect this to your roleplay by explaining how you will effectively communicate with others, and which methods will be most useful to convey your message

Ask relevant questions.

a. Explain your misunderstanding. i. State what you know. ii. State what you don't know. iii. Sound confident. iv. Speak as well as you can. v. Always research first. vi. Keep calm. vii. Use the best spelling and grammar possible. viii. Think about what they said. ix. Ask for clarification when you need it. Sometimes the roleplay might ask you this and have you apply it to a situation in which you are speaking to your boss. It is important to always remember to be respectful and relevant with any information you use

Explain the concept of market and market identification.

a. General i. Define "market" - the people who have the ability and desire to purchase a specific product or service ii. Define "target market" - the specific, smaller group within your market that you wish to aim your product of service towards iii. List types of segmentation - demographic, geographic, psychographic, and behavioral b. Specific i. Explain who is your target market in terms of each of these categories ii. Be specific! Mention all the specific characteristics of your target market (demographics, psychographics, etc) iii. You can also choose primary and secondary target market if it applies (be specific for both)

Discuss motivational theories that impact buying behavior

a. General i. Maslow's Hierarchy of Needs - ranks the levels of needs ranging from basic human needs to self actualization ii. Draw it! b. Specific i. Talk about how your product or promotional strategy or brand satisfies at least one of these needs ii. If applicable, try to explain how you are helping the customer reach self actualization (This doesn't mention it but maslows hierarchy of needs tries to discover why the customer is purchasing a product and it uses that to aim their marketing strategies better. Ex. Someone who is looking for safety needs doesn't care about the product being fancy or eloquent.)

Describe marketing functions and related activities

a. General - i. Define marketing: marketing is the process of developing, promoting, and distributing goods and services to satisfy the wants and needs of customers and to succeed in the marketplace. ii. Discuss the Four P's, which are product, price, place, and promotion. Products are the decisions about the good or service (design, name, packaging, etc). Discuss the decisions you will make about the product. Price includes the three C's, which are cost, competitor, consumer. Place is how you make the product available to consumers. Discuss where you will place your product (ex: retail stores, online, etc.) Promotion is how the goods and services are communicated to their customers. Discuss how you will advertise the product. b. Specific - Connect it back to your roleplay by discussing how each of the 4 P's applies to your situation.

Explain marketing and its importance in a global economy

a. General - i. Define marketing: marketing is the process of developing, promoting, and distributing goods and services to satisfy the wants and needs of customers and to succeed in the marketplace. ii. Many companies have overlapping target markets, so marketing helps companies acquire customers and helps consumers choose what products to purchase and from which company to do so iii. Explain the difference between marketing domestically vs. globally (Ex: how to overcome language barriers and instruct employees to be culturally sensitive and aware) b. Specific - Connect this back to your roleplay by discussing your company's competition and how you can use marketing strategies to get consumers to choose you over them (Ex: Use a logo in a country with another language that gets your point across without many words)

Explain the nature of marketing plans

a. General - i. Define marketing: marketing is the process of developing, promoting, and distributing goods and services to satisfy the wants and needs of customers and to succeed in the marketplace. ii. Marketing plans help to create set goals for how a company will promote their product to their target market b. Specific - i. Connect this back to your roleplay by explaining your idea for a marketing plan and use segmentation to show how you will create your marketing plan specifically for your target market. ii. Use the Four P's to create your marketing plan. The Four P's are product, price, place, and promotion. Products are the decisions about the good or service (design, name, packaging, etc). Discuss the decisions you will make about the product. Price includes the three C's, which are cost, competitor, consumer. Place is how you make the product available to consumers. Discuss where you will place your product (ex: retail stores, online, etc.) Promotion is how the goods and services are communicated to their customers. Discuss how you will advertise the product

Describe the nature of marketing strategies

a. General - i. Define marketing: marketing is the process of developing, promoting, and distributing goods and services to satisfy the wants and needs of customers and to succeed in the marketplace. ii. Marketing strategies help to get consumers interested in a product iii. Some strategies include slogans, logos, and color psychology b. Specific - Connect this back to your roleplay by creating a slogan or logo using color psychology. i. Green: makes people think of money and getting rich ii. Blue: makes people feel trustworthy and calm iii. Red: makes people hungry iv. Yellow: makes people feel optimistic v. Purple: makes people think of royalty and high-class items vi. You can also discuss other logos that utilize color psychology

Describe ethics in selling

a. General - i. Ethics is the concept of right vs. wrong ii. Explain the concept of selling: Selling is the process in which a buyer exchanges cash for a seller's good or service iii. Companies need to use ethical mens when selling their product or service. Examples of this include delivering accurate and correct information, selling safe products, being upfront with customers about the product's function and price) iv. Ethics help build trust with customers because customers won't buy products if they don't trust the company selling. v. Ethics help a company establish a strong clientele and customers who are willing to return to a company - It is important to treat customers right so that they return. b. Specific - Connect this back to your roleplay by discussing the way in which you will sell your product or the conscious choices you will make about whether a certain practice is ethical.

Explain the concept of market and market identification

a. General - i. First Define Market: potential customers who have the desire and ability to buy a product. ii. Next define market identification: segmentation divides the market into small sections. These smaller sections are demographic, psychographic, geographic, and behavioral. iii. Define Target market: specific group chosen as primary focus of marketing plan. One can use segmentation to find their target market. b. Specific - First discuss your market. Then find your target market through segmentation. Discuss your target markets demographic, psychographic, geographic, and behavioral.

Explain the key factors in building a clientele

a. General - There are 3 main factors to build a clientele. 1. Making a sale: interacting with consumers during the selling process 2. After-sales activities: includes processing and payment, the follow up purchase, customer service, and an evaluation of employee performance 3. Customer relationship management: how you will retain a customer and keep them satisfied. Examples of this include loyalty/rewards programs and happy birthday emails. b. Specific - Connect this back to your roleplay by discussing your ideal clientele. You can do this by discussing your target market, which is a specific group chosen as the primary focus of a marketing plan. Then you can discuss how you will use each of the three factors of building a clientele to accumulate clients and build your clientele.

Explain the nature of promotion as a marketing function

a. General: i. Define promotion: "The way goods and services are communicated to the customer, involves 1. informing, 2. persuading, and 3. Reminding customers about product or service ii. Define promotion in context of marketing- Promotion is one of the four elements of the marketing mix, which is the core group of decisions a business makes including product, price, place, and promotion b. Specific i. This is usually first indicator, so you'd lay out the general goal of your promotional plan here and give more general than specific ii. Potentially include slogan or months of your campaign

Explain the types of promotion/Identity the elements of the promotional mix

a. General: i. Promotional mix includes PRAPPS (you can list all of them but you don't have to define all of them) ● Public Relations a. Deal with building an image and relationship with community, great word to use is "rapport" (RUH-PORE) which basically means positive relationship i. ex: "We are doing this to build our rapport with our target market" b. Activities, events, charity work, press conferences ● Advertising a. Paid forms of communication to customer about product ● Sales Promotion a. Deals, sales, Buy-One-Get-One, coupons ● Personal Selling a. Personally communicating with customers 1-1 i. Ex- Girl Scout cookie selling ii. Telemarketing

Identify company's brand promise

a. General: A brand promise is a value or experience a company's customers can expect to receive every single time they interact with that company. The more a company can deliver on that promise, the stronger the brand value in the mind of customers and employees. b. Specific: Step 1: market to the right people, attract the right employees, plan strategic direction, know the goals of the company. Companies that succeed in keeping promises to customers often, gain a reputation of being reliable and trustworthy. This in turn enhances the reputation and reach of a company since existing customers tend to share their great experiences with others. A Brand Promise with purpose speaks to the heart. It makes consumers feel good about supporting the brand as a loyal customer. (Walmart example: company's mission is to save people money so they can live better. By running an every day low cost company, they deliver every day low prices on great merchandise — and help customers around the world provide for their families)

Forecast sales

a. General: A sales forecast is a projection of future sales revenue and a prediction of which deals will move through the sales cycle b. Specific: Explanation should include the purposes/uses of sales forecasts and a description of how sales are projected. Some of the most common factors affecting sales, and thus should be taken into account when creating the forecast include: Marketing spend. Budget allocation. Economic conditions. (example 1: If the size of a market is $500 million, for example, a company may estimate they can win 10% of that market, making their sales forecast $50 million for the year. Example 2: you may predict since your company is doing well and entering the growth phase you will increase sales next year by...)

Explain the concept of competition

a. General: Competition refers to the struggle among businesses for customers. Competition forces businesses to offer lower prices and higher quality goods. This is known as price competition, and no price competition. Price competition-If two businesses offer the same product, but one is cheaper, consumers will buy the cheaper one. Non-price competition- if two businesses offer similar products, but one has better quality, location, reputation, payment options, etc., consumers will buy that product over the competitor. These two types of competition force businesses to always try to outperform their competitors, breeding better products at a lower price for the consumer. b. Specific: (Apply to specific roleplay. Identify a type of competition present, and elaborate on the issues that arise with it). In specific cases, it might ask what a business should do regarding competition. In businesses where products are exactly the same, price competition would be something you should talk about. If businesses where products are differentiated (slightly different), you should be creative in what you should do (be specific in your roleplay!). Talk about how maybe the business should advertise their products to increase sales, offer promotions, expand their payment options, etc. Don't be vague. Make sure whatever you're saying applies to your specific roleplay.

Determine economic utilities created by business activities

a. General: Economic utility refers to the added value of a product or service. In general, the more you consume something, the less "added value" that thing has for you. Take for example eating cookies— the first cookie you eat has high utility, or high value to you. The fifth cookie has less utility than the first cookie, and the tenth cookie may have "negative utility", meaning you'd rather not have eaten the tenth cookie at all. This concept is referred to as the law of diminishing marginal utility— each time you consume an additional unit of something, the less utility it has for you. b. Specific: This law of diminishing marginal utility applies to businesses in that ... (apply to your specific roleplay). Take for example a roleplay in which a business sells products. Certain businesses such as gas stations benefit from utilizing "Place Utility". In offering coffee at stations where people stop to get gas, this coffee offers much more utility than coffee offered 1 mile away at some coffee shop. The station also applies "Time utility"— people working night shifts can buy food and drinks at 1AM in a 24 hour gas station that wouldn't be available in many other places at that time.

Describe the functions of prices in markets

a. General: In a free market economy, prices are used to distribute goods and resources throughout the economy. Prices provide a standard of measure of value throughout the world, and acts as a signal that tells producers and businesses how to adjust their expectations for a product, how much of a product to make, and how much of a product to buy. As prices are influenced by the supply and demand model as well as inflation, prices are ever-changing. Businesses want to keep prices high to continue to profit, and thus, if prices are low, businesses will try to regulate the production of a product to increase prices, and vice versa. b. Specific: Within a roleplay, you could talk about how by setting prices for the product that you are selling helps set perception for the customer about the business as a brand. For example, people usually visit dollar trees to pick up something that they will only use temporarily because it is cheap and easy to pick out yet with its inexpensive price, it also tells about the quality of the product they're receiving. Many customers use price as a gauge to make judgments about products and companies.

Explain the concept of private enterprise

a. General: Private enterprises are businesses carried on for profit and not owned by government; the system discourages public ownership of business; same as free enterprise (an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control) b. Specific: In a private enterprise system, the three basic economic questions—what goods/services will be provided, how, and by whom—are answered by individuals and businesses, not by government. Individuals and organizations own and control the economic resources, including natural, human, and capital goods used to produce goods and services. i. Private enterprise is characterized by a number of qualities, including the following: - Businesses are free to choose what they wish to produce, how to produce them, and what price they will charge - Individuals and businesses are free to own, use, buy, and sell private property - Government control in private enterprise is limited - Competition exists and is encouraged by government - Businesses are motivated by the ability to make and maintain a profit Prices are important in making the supply and demand system work correctly. - Individuals and enterprises are free to set their own financial goals, including the ability to choose what kind of work they would like to do

Explain the principles of supply and demand

a. General: Supply and demand of products and services determine the prices and quantities of those goods produced. Supply refers to the amount of goods producers are willing to sell at given prices. Demand refers to the amount of goods consumers are willing to buy at given prices. The Law of Supply states that price and quantity supplied have a direct relationship. As you increase the price of the products (they are selling at that price), the more of that good they would like to offer. As you decrease the offering price, many less suppliers are willing to offer goods at a cheaper price for the consumer. The Law of Demand states that as price of a good increases, the amount that good that people are willing to buy decreases. However, the cheaper that good gets, the more willing people are to buy that good. (To better understand supply and demand, you should contact an officer to explain the supply and demand graph. This really helps visualizing these concepts). b. Specific: (Apply supply and demand to your specific roleplay scenario!) Talk about how if the business wants to increase the amount of sold products, they should decrease their price. If they find that raising the price of their goods doesn't change the quantity demanded of that product, then maybe they should increase the price (which therefore increases profits). Be specific, and try to truly understand the concepts of supply and demand. Once you understand the basics, it's very easy to apply to any roleplay, even if your performance indicators don't refer to concepts of supply and demand.

Identify the impact of product life cycle on marketing decisions

a. General: We define what the product life cycle is considering its 4 stages; Introduction, Growth, Maturity, and Decline or even the possibility of Combatting Decline (provided with a drawing for the students if they are able to use it in their roleplay) b. In specific to the product of the company, a student can explain the marketing decisions depending on where the company currently stands → In the introduction phase: marketing decisions targeting promotion and production to draw the attention of their consumers + increase product awareness. Growth Stage: marketing decisions targeted towards customer satisfaction + introducing new models to compete against competitors. Maturity stage: company focuses on fighting off competition + decides on weather or not to improve production to gain more sales. Decline stage: company decisions targeted towards management deciding how long it will continue to support the product, when it will be dropped if necessary or to target product mix strategies, etc.

Explain tools used by entrepreneurs for venture planning

a. General: What entrepreneurs need to analyze before creating their venture b. Specific:SWOT analysis (strengths, weaknesses, opportunities, and threats). A SWOT Analysis is a marketing tool used to help in the development of a marketing plan. Helps businesses identify the goals, objectives, and obstacles they may face in implementing their marketing plan. In order to work, businesses must be REALISTIC and TRUTHFUL when doing a SWOT analysis. i. Strengths (Characteristics of the business that give it an advantage over the competition) & Weaknesses (Characteristics of the business that are at a disadvantage when compared to others) Internal factors that we can control: - We capitalize on our strengths - We "fix" or strengthen our weaknesses i. Opportunities (External chances to make greater sales or profits) & Threats (External elements that could cause trouble for the business) External factors that we cannot control, but can impact: - We invest in our opportunities - We identify our threats

Encourage team building

a. General: the action or process of causing a group of people to work together effectively as a team, especially by means of activities and events designed to increase motivation and promote cooperation. b. Specific: Clear expectations are set in the workplace, commitment - is important within teams because it can inspire employees to complete their best work at all times. If an employee is engaged and committed to their work, it can motivate them to improve their contributions for the good of the team and their own personal advancement - control - Does the team have enough freedom and empowerment to feel the ownership necessary to accomplish its task? At the same time, do team members clearly understand their boundaries?, collaboration - improves the way your team works together and problem solves. This leads to more innovation and efficient processes, communication - allows for the better exchange of ideas, execution of projects, and cooperation amongst team members, consequences - participants might feel competitive and tense with each other, leading to problems like communication breakdowns or morale-sapping arguments, coordination - Individuals who coordinate with each other come to know each other better, reducing the chances of unnecessary conflicts among them and every individual tries his level best to support his fellow team mate. (these are the main points you must cover). Make sure you create a positive and motivated environment that is supportive. If your employees are being inefficient a certain issue could arise from the lack of support to your employees and a bad work environment.

Establish policies to protect company information and intangibles

a. General: what can you or the company do to ensure that your information and things you aren't able to obtain in your hand are secure. b. Specific: - patents, copyrights, trademarks - confidentiality/nondisclosure agreements - employment agreements - restricted access based on role in company (passwords, safes, locked file cabinets) - data backup - social media policies

Determine hiring needs

a. General: why or why not you may need to hire someone b. Specific: what you are analyzing to determine if you should/shouldn't hire someone: 1. Develop accurate job descriptions, salaries and requirements. 2. Evaluate current workforce skills and gaps. 3. Identify and move the most productive employees upward. 4. Determine short-term and long-term hiring needs. 5. Create training programs to develop team skillsets. 6. Partner with a staffing agency to maintain the candidate pipeline.

Explain the types of economic systems

a. General:An economic system is a way in which societies and governments organize resources, services and goods in a region. There are four main types of economic systems. One is the traditional economic system, which is when each member of a society has a specific role and surplus is rare. This is a very elementary type of economic system. Then, we have the command economic system, which is like communism or socialism, where the system is controlled by a centralized government. Then, we have the free market system, in which businesses act in their own self interest and society is improved in this way. There is little government intervention in a free market, and capitalism is an example of a free market system. Finally, we have the mixed economic system, which is a cross between a market and command economic system, like the one in China, where there are some policies that are capitalist and some that are socialist. b. Specific: Within a roleplay, you could discuss how depending on the specific economic system your roleplay situation may be involved in, it can drastically affect the functioning of a business. Depending on the type of economic system a business may be in or trying to break into, there are different shifts that should be considered. For example, if you are within a command economy or trying to shift into a common economy for your business, your business culture might need to be changed in order to follow the government regulation of that country/area.

Identify the elements of the promotional mix

a. Includes personal selling, advertising, public relations, sales promotion. Define which ones apply to your specific roleplay. Personal selling is when sales reps sell their products by speaking directly to the customer. Public relations is how the company will be perceived through an outsider's perspective (consumers view), or, development of a favorable view to an outsider. Advertising is any non-paid, non personal activity to promote one's product, good, or service. Sales promotion is any way activities can be used to create purchases, such as limited time offers - not related to other types of promotion. b. Directly apply these concepts to your own roleplay. Understanding how and why a company is doing so will help you develop unique strategies of personal selling, advertising, public relations, and sales promotion. Use market segmentation to gain a better understanding and direct way to promote your products. Use bogo or any special codes for sales promotion. How a company will create a favorable image- a good company mindset by having weekly meetings with workers to maintain a positive image and mindset for public relations. Making sure the customer feels heard and welcomed by the business.

Explain the nature and scope of the product/service management function

a. Produce/Service Management - the process of managing the lifecycle of products and services from conception through design, development, production, distribution, and disposal b. Explain whether or not the company ensures the delivery of quality products and services that meet customer needs and expectations. If it doesn't, detail on how they can by developing product and service offerings, pricing and promotion, or even delivery of their products and services. Also, if possible, discuss specific to customers, in terms of their feedback, or issues they endured with customer satisfaction.

Identify communication channels used in sales promotion

a. Sales promotion - word of mouth promotion, standard media, online promotion. All 3 ways of sales promotion are effective and can be incorporated into a businesses marketing. b. Speak about how these different communication channels will apply to your target markets. Younger generation- use apps, such as tiktok (give a specific app, dont just say social media) in order to follow 21st century trends. Say why and what will be promoted exactly. Online websites. Describe a specific layout and what can be included (slogans, logos, color psychology). Define each one before speaking about it and draw out a picture if using it. Email marketing. Why will it be effective and how. Cost effective and efficient. Benefits of doing so. Apply to ur roleplay

Explain the nature and scope of channel management.

a. The term Channel Management is widely used in sales marketing parlance. It is defined as a process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base. The channels are nothing but ways or outlets to market and sell products. The ultimate aim of any organization is to develop a better relationship between the customer and the product. b. Channel management helps in developing a program for selling and servicing customers within a specific channel. The aim is to streamline communication between a business and the customer. To do this, you need to segment your channels according to the characteristics of your customers: their needs, buying patterns, success factors, etc. and then customize a program that includes goals, policies, products, sales, and marketing programs. The goal of channel management is to establish direct communication with customers in each channel. If the company is able to effectively achieve this goal, the management will have a better idea which marketing channel best suits that particular customer base.

Coordinate activities in the promotional mix

a. Using definitions of the promotional mix... Includes personal selling, advertising, public relations, sales promotion. Personal selling is when sales reps sell their products by speaking directly to the customer. Public relations is how the company will be perceived through an outsider's perspective (consumers view), or, development of a favorable view to an outsider. Advertising is any non-paid, non personal activity to promote one's product, good, or service. Sales promotion is any way activities can be used to create purchases, such as limited time offers - not related to other types of promotion. b. Apply this to your roleplay specifically. How will these activities be able to be incorporated into your plan? Propose an actual plan and list out the different strategies to do so. Good example of an actual answer to a roleplay question: For personal selling, we will have employees stationed in every department of our store. For public relations, we will release updates regarding our product lines in the form of press releases every 6 months. For advertising, we will utilize traditional media (e.g. TV and radio ads, newspaper, etc.) as well as social media via our Facebook page and Twitter feed. For direct marketing, we will promote a 30% discount for seniors during the Monday-Friday 9am-4pm period. Finally, for sales promotion, we will hold a 3-week contest for a Caribbean cruise, for customers with purchases over $50. By releasing these promotions over a time period of approximately 4 months, we can regulate the flow of customers and steadily draw in potential customers for the business. Notice how answers are directly reflecting the question, yet also reflecting back onto the roleplay itself specifically.

Coordinate channel management with other marketing activities

a. What is channel management?? process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base, also delivering through different channel.

Describe the nature of product bundling

a. What is product bundling? Combining and packaging 2 or more products together and selling them at a lower price then they would be if purchased separately. Done to create more sales. Possibly of creating more attention to the company. b. Apply to your product exactly. How can you do this? With what products will you do this with? How will this benefit the product?Relate back product life cycle and in what ways it will affect it. How can this product be marketed to the public? What advertising methods will be most beneficial for it? What is the target market of this product? relate everything back to ur roleplay exactly?

Explain the impact of product life cycle on marketing decisions

a. What is the product life cycle and its stages- intro, growth, maturity decline. Product must be adjusted to fit to each of its stages in the cycle. Attempt to stay in the growth phase at all times. b. Draw out the product life cycle. Show that you are trying to stay in the growth phase at all times. Keep up with the lifestyle and environmental changes to do so in order to keep the product relevant. Understand what your target market is looking for. In the intro phase, focus on promotion and spreading awareness around your product by creating sales promotions. During the growth phase, focus on customer satisfaction and gaining a solid client to also introduce models to compete with your competitors. Maturity phase focuses on how you will fight off your competitors and whether or not to improve your product at this stage. During decline, how long should management continue to support the product or to drop it. Will the product be advanced, discontinued, revitalized. Apply your product to it and describe what stage it is in and what steps it will do to get to/remain in the growth phase.

Describe word-of-mouth channels used to communicate with targeted audiences.

a. Word of mouth channels are the cheapest and most effective form of communication. i. This is because people trust each other more than brands b. Also called "buzz marketing" i. Creating a "buzz" surrounding a product

Explain the nature of effective written communications

a. Writer must know their goal, their purpose and state it clearly i. Tone is important, eg certain forms of communication such as memorandums and proposals ii. explain in clear terms what you want them do to, simple language iii. Use active language, eg I caught the ball iv. Good grammar and punctuation v. Use visual elements clearly eg bold vi. SELECT APPROPRIATE FORMAT b. Apply this through examples of specific techniques you want to use to deliver information. Remember to clearly explain what message you are trying to convey, and how these written communications help you achieve the goal

Select and use appropriate graphic aids

a. goal is to make the data stand out on the page, and do make the data support the main purpose of the document as clearly and strongly as possible b. I would draw examples of aids you would use, and explain how they each relate to your idea