About This Chapter
PLACE Marketing: External Marketing Principles - Chapter Summary
Brush up on the external concepts of marketing, such as consumer behavior theory and calculating market equilibrium, as you study for the PLACE Marketing Education exam. Our video lessons and quizzes can help you answer exam questions on topics including:
- Roles of marketing research
- Consumer behavior theories
- The consumer decision-making process
- Market supply and demand schedules
- Effects of supply and demand on market equilibrium
- Financial and goods markets
- Market and non-market business strategies
- Marketing ethics and cause-related marketing
You can watch these lessons on a computer or mobile device whenever your schedule permits. Video tags make it easy to find particular points you wish to review without re-watching the entire lesson.
Objectives of the PLACE Marketing: External Marketing Principles Chapter
In Colorado, passing the PLACE Marketing Education exam is one of the requirements for obtaining a license to teach marketing. The exam is divided into three subareas, and questions on the material in this chapter are part of the subarea on marketing.
Like the quizzes that accompany our lessons, the PLACE Marketing exam consists entirely of multiple-choice questions. In addition to letting you assess your knowledge, these quizzes will show you what it will be like to answer exam questions in this format.
1. Marketing Research: Definition, Purpose and Role in Marketing Strategy
If you're a business owner, you need to know your clientele. Watch this lesson to understand the purpose and role of marketing research strategy in an overall marketing plan. This might be just the info you need!
2. Consumer Behavior Theory and Marketing Strategy
Watch this lesson to find out how marketers can use predictions about our behavior to create a strategy that helps them reach out to us and influence our decisions to buy.
3. Understanding the Consumer Decision-Making Process: A Marketing Must
In this lesson, you'll see how a consumer moves through a decision making process in order to purchase a product or service. Learn what methods marketers use to take advantage of this process.
4. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
5. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
6. How Changes in Supply and Demand Affect Market Equilibrium
Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.
7. How to Calculate Market Equilibrium
Supply and demand is an important part of macroeconomics. In this lesson, you'll learn how to calculate the equilibrium price and quantity in a market at the intersection of the supply and demand curves.
8. Financial Markets & Goods Markets
Learn about two of the biggest markets in most economies; the financial and goods markets. Find out what financial markets are and the purpose they serve. Explore the stock market and bond market and see how they are different than the goods market.
9. Strategies of Market & Non-Market Business Environments
Companies must employ market and non-market business strategies in order to satisfy stakeholders and be profitable in the workplace environment. In this lesson, you will learn the specific strategies that lead to profits and stakeholders' support.
10. Ethical Behavior in Marketing: What Are Marketing Ethics?
Watch our lesson to learn the definition of ethics and how it relates to business and marketing. You will also learn about the idea of ethical business behavior.
11. Ethics and Cause-Related Marketing
Do you avoid a specific store entrance when people are collecting money for charity outside? In this video, you will learn more about social responsibility and, specifically, the growth of cause-related marketing.
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Other chapters within the PLACE Marketing Education: Practice & Study Guide course
- PLACE Marketing: Internal Marketing Principles
- PLACE Marketing: Product & Services Marketing
- PLACE Marketing: Pricing Objectives & Strategy
- PLACE Marketing: Basic Math Concepts
- PLACE Marketing: Transportation, Distribution & Logistics
- PLACE Marketing: Sales Promotion
- PLACE Marketing: Entrepreneurship
- PLACE Marketing: Accounting
- PLACE Marketing: Finance
- PLACE Marketing: Macroeconomics
- PLACE Marketing: Microeconomics
- PLACE Marketing: International Trade & Global Marketing
- PLACE Marketing: Human Resource Management
- PLACE Marketing: Employee Staffing & Retention
- PLACE Marketing: Business Laws & Regulations
- PLACE Marketing: Business Technology
- PLACE Marketing: Computer Literacy
- PLACE Marketing: Information Systems
- PLACE Marketing: Business Communication
- PLACE Marketing: Education & Career Planning
- PLACE Marketing: Employment Skills
- PLACE Marketing: Career Development