About This Chapter
Praxis Marketing Education - Strategic Planning: Chapter Summary
To work as a high school-level marketing teacher, you'll need a solid understanding of strategic planning. This includes knowing what a business product is from a marketing standpoint, as well as how to create a marketing plan. This chapter will introduce you to fundamentals of strategic planning through a series of video lessons. You can use this chapter as a study guide for the Praxis Marketing Education test, which you'll likely need to pass if you want to work in a public high school. Topics included in this chapter include:
- Convenience, shopping, specialty and unsought products
- Product development, business growth and market strategy
- Planning analysis
Praxis Marketing Education - Strategic Planning Objectives
You'll have two hours to complete the Praxis Marketing Education test's 120 multiple-choice questions. The section of the test on marketing-information management and planning, which makes up 14% of the Praxis, is likely to feature questions about strategic planning. Although some states have their own certification tests, most use the Praxis Marketing Education test for aspiring high school marketing teachers.
The video lessons in this chapter on strategic planning are led by experienced, knowledgeable educators. To complete each online lesson, you'll watch a brief video presentation and take an assessment quiz. The quizzes, which feature questions modeled after those on the Praxis Marketing Education test, can be taken both before and after watching the videos as a way to gauge how much knowledge you've gained.
1. What is a Business Product: Definition for Marketers
In this lesson, you'll find out the difference between a consumer product and a business product. You will also learn about the different business categories and seven types of business products.
2. Consumer Products: Convenience, Shopping, Specialty & Unsought Products
In this lesson, you will learn the difference between business and consumer products. We will also discuss the different ways they can be classified, which include the areas of convenience, shopping, specialty and unsought.
3. Product Development and Business Growth: Process & Strategies
Product development is an essential part of any company's growth strategy. It allows for growth in sales and market share. This development, though, is a finely tuned process that we will discuss in this lesson.
4. What Is Inventory? - Definition & Example
Most businesses carry some inventory. In this lesson, you'll learn about what inventory is, some related concepts and be provided examples along the way. A short quiz follows the lesson.
5. Inventory Cost: Definition, Methods & Types
Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.
6. Items that Make Up Merchandise Inventory
In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.
7. What Is Inventory Management? - Demand vs. Cost
Inventory management is about making sure that there is enough product to meet the demand of the customers. But, what exactly is involved in inventory management? Watch this video lesson to find out.
8. Accounting for Inventory Purchases
A merchandising company must purchase inventory, and it has to be accounted for in the accounting records. In this lesson, you will learn how to calculate inventory purchase amounts as well as how to record them in the accounting journals.
9. 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.
10. How to Write a Marketing Plan
In this lesson, you'll learn how to write a marketing plan. We'll explore a step-by-step process for organizing and formatting a marketing plan for your business.
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Other chapters within the Praxis Marketing Education (5561): Practice & Study Guide course
- Praxis Marketing: Professional Development
- Praxis Marketing: Economics
- Praxis Marketing: Finance
- Praxis Marketing: Types of Business Ownership
- Praxis Marketing: Business Law
- Praxis Marketing: Workers' Rights & Collective Bargaining
- Praxis Marketing: Business Communication
- Praxis Marketing: Management
- Praxis Marketing: Information Management
- Praxis Marketing: Research and Segmentation
- Praxis Marketing: Marketing Channels
- Praxis Marketing: Pricing
- Praxis Marketing: Product Management
- Praxis Marketing: Promotion
- Praxis Marketing: Selling
- Praxis Marketing Education Flashcards