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Ch 6: Marketing & Financial Plans in Business

About This Chapter

Use the text and video lessons in this chapter to expand your knowledge of marketing and financial plans in business. Learn about goal setting, SWOT analysis and writing marketing plans.

Marketing & Financial Plans in Business - Chapter Summary

Working through this chapter gives you knowledge about the pivotal steps in creating and managing a successful business, including how to make decisions relate to marketing, creating a harvest strategy and finding the right location. You'll also have the opportunity to look more closely at how businesses utilize SWOT, a type of analysis that gives a business direction in terms of marketing. Once you view all of the videos, you should know how to:

  • Define business goals
  • Determine how businesses pick a location for their operations
  • Analyze examples of financial plans and calculate opportunity cost
  • Explain why businesses use SWOT analysis
  • Define merchandise planning and describe the product development process
  • Describe vendor analysis
  • Identify the dimensions of retailing's role in marketing

Completing this chapter doesn't take long because the lessons are short; the videos averaging around 5-10 minutes. If you want to see if you are effectively retaining information after every lesson, be sure to use the self-assessment quizzes.

11 Lessons in Chapter 6: Marketing & Financial Plans in Business
Test your knowledge with a 30-question chapter practice test
What Are Business Goals? - Definition & Examples

1. What Are Business Goals? - Definition & Examples

Goals are used to help a business grow and achieve its objectives. They can be used to foster teamwork and help the business describe what it wants to accomplish. Setting goals is an important part of any business plan.

Creating a Harvest Strategy in a Business Plan

2. Creating a Harvest Strategy in a Business Plan

What is a harvest strategy for a business? When does it come up? What are the two main types? This lesson explains these concepts in easy to understand language and shows how to use them in the classroom.

Choosing the Location for a Business

3. Choosing the Location for a Business

One important aspect companies need to consider when opening a business is location. Business educators need to detail the ideas behind this consideration. This lesson gives an overview of aspects to consider when choosing a business location.

What Is a Financial Plan for a Business? - Definition & Example

4. What Is a Financial Plan for a Business? - Definition & Example

A financial plan for a business can help managers determine if they can achieve the organization's goals. The financial plan is one of the first things created to help managers make decisions that are in the best interest of the organization.

How to Calculate Opportunity Cost

5. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

What is a Marketing Plan? - Definition & Sample

6. What is a Marketing Plan? - Definition & Sample

In this lesson, we will learn what a marketing plan is and why it is so important for a business to have one. We will cover the specific strategies the plan should have in order to help the organization achieve its goals.

What is SWOT: Situation Analysis in Marketing

7. What is SWOT: Situation Analysis in Marketing

A successful business needs to know its capabilities as well as the marketplace in which it competes. In this video, learn how to define a mission statement and conduct a situational analysis.

What is Merchandise Planning? - Definition & Process

8. What is Merchandise Planning? - Definition & Process

What is a merchandise plan, how does it fit into the overall business plan, and what are the steps to create it? This lesson explains merchandise planning and shows how teachers can use this information in educating students.

What Is the Product Development Process?

9. What Is the Product Development Process?

You have to develop a product before you can sell it, right? In this lesson, you'll learn about the product development process in four steps. Learn what it takes to go from an idea to market.

Retailing's Role in Marketing: Definition and Dimensions

10. Retailing's Role in Marketing: Definition and Dimensions

When you start a retail store, there are many things to consider, from the type of service you'll offer to the scale of the business. In this lesson, you will learn about retailing's role in marketing and the different forms retail stores can take.

Vendor Analysis: Definition & Process

11. Vendor Analysis: Definition & Process

Vendors play a major role in a firm's performance. Firms use vendor analysis to select the right vendors for their organization. In this lesson, learn what vendor analysis is and how it is used.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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