Business (Grades 5–12) Subtest 1

Subarea III. Marketing and Business Law and Ethics

0006

Understand marketing and the selling process.

demonstrating knowledge of the roles of marketing and its effect on individuals, businesses, and society
identifying principles of market research, marketing variables, factors that influence marketing decisions, components of a comprehensive marketing plan, and strategies to address the needs of a diversified marketplace
demonstrating knowledge of product development, the product life cycle, and principles for forecasting and determining sales potential
demonstrating knowledge of the role of pricing in the marketing process and the use of various pricing strategies
demonstrating knowledge of the types of product promotion and how each contributes to successful marketing
demonstrating knowledge of product placement and distribution, including the functions of retailing and wholesaling
demonstrating knowledge of principles of selling and merchandising (e.g., sales presentations, steps in the selling process, methods for closing a sale)

0007

Understand business law and ethics.

demonstrating knowledge of the sources of laws, the structure of the court system, and the different types of procedural and substantive laws
demonstrating knowledge of business-related laws (e.g., contract law, agency law, employment law, laws related to sales, consumer law, property law) and how they affect the conduct of business
demonstrating knowledge of how advances in computer technology affect property law, contract law, criminal law, and international law
examining the relationship between law and ethics and the role of ethics in marketing, management, and other aspects of business
demonstrating knowledge of the effects of government regulations (e.g., environmental regulations, product safety regulations), community standards, and social responsibility on business management and decision making