Standard: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions
Performance Element: Acquire foundational knowledge of business laws and regulations to understand their nature and scope.
Performance Indicators:
Describe methods used to protect intellectual property (BL:051) (SP)
Describe legal issues affecting businesses (BL:001) (SP)
Performance Element: Understand the civil foundations of the legal environment of business to demonstrate knowledge of contracts.
Performance Indicators:
Identify the basic torts relating to business enterprises (BL:069) (SP)
Describe the nature of legally binding contracts (BL:002) (SP)
Performance Element: Understand human-resources laws and regulations to facilitate business operations.
Performance Indicators:
Explain the nature of human resources regulations (BL:007) (SU)
Explain the nature of workplace regulations (including OSHA, ADA) (BL:008) (SU)
Performance Element: Apply knowledge of business ownership to establish and continue business operations.
Performance Indicators:
Explain types of business ownership (BL:003, LAP-BL-003) (CS)
Select form of business ownership (BL:006, LAP-BL-006) (ON)
Performance Element: Understand tax laws and regulations to adhere to government requirements.
Performance Indicators:
Explain the nature of tax regulations on business (BL:009) (ON)
Explain the nature of businesses’ reporting requirements (BL:010) (ON)
Develop strategies for legal/government compliance (BL:011) (ON)
Performance Element: Apply knowledge of business contracts to establish business relationships.
Performance Indicators:
Discuss the nature of contract suspensions (BL:084) (SP)
Explain the nature of contract terminations (BL:085) (SP)
Performance Element: Develop a compliance program to protect the company wellbeing.
Performance Indicators:
Explain the nature of a compliance program (BL:162) (SP)
Develop policies/procedures to comply with regulatory requirements and self-regulatory guidelines (BL:150) (MN)
Develop a compliance program (BL:132) (MN)
Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers
Performance Element: Foster positive relationships with customers to enhance company image.
Performance Indicators:
Explain management’s role in customer relations (CR:008) (MN)
Performance Element: Reinforce company’s image to exhibit the company’s brand promise.
Performance Indicators:
Identify company’s brand promise (CR:001, LAP-CR-001) (CS)
Standard: Understands the economic principles and concepts fundamental to business operations
Performance Element: Understand economic systems to be able to recognize the environments in which businesses function.
Performance Indicators:
Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)
Explain the concept of private enterprise (EC:009, LAP-EC-909) (CS)
Identify factors affecting a business’s profit (EC:010, LAP-EC-910) (CS)
Determine factors affecting business risk (EC:011, LAP-EC-911) (CS)
Explain the concept of competition (EC:012, LAP-EC-012) (CS)
Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.
Performance Indicators:
Determine the relationship between government and business (EC:008, LAP-EC-008) (CS)
Describe the nature of taxes (EC:072, LAP-EC-072) (SP)
Performance Element: Analyze cost/profit relationships to guide business decision-making.
Performance Indicators:
Describe the concept of economies of scale (EC:077) (MN)
Standard: Understands techniques, strategies, and systems used to foster self-understanding and enhance relationships with others
Performance Element: Apply ethics to demonstrate trustworthiness to staff.
Performance Indicators:
Explain the nature of managerial ethics (EI:079) (MN)
Standard: Understands the concepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture
Performance Element: Understand fundamental factors about entrepreneurship to recognize its role and importance in the economy
Performance Indicators:
Describe the nature of entrepreneurship (EN:039) (SP)
Explain the role requirements of entrepreneurs and owners (EN:040) (SP)
Describe the use of business ethics in entrepreneurship (EN:044, LAP-EN-044) (SP)
Describe small-business opportunities in international trade (EN:041) (SP)
Performance Element: Employ entrepreneurial discovery strategies to generate feasible ideas for business ventures.
Performance Indicators:
Explain the need for entrepreneurial discovery (EN:001) (ON)
Discuss entrepreneurial discovery processes (EN:002) (ON)
Assess global trends and opportunities for business ventures (EN:003) (ON)
Determine opportunities for venture creation (EN:004) (ON)
Assess opportunities for venture creation (EN:005) (ON)
Generate venture ideas (EN:006) (ON)
Determine feasibility of venture ideas (EN:038, LAP-EN-038) (ON)
Performance Element: Develop concept for new business venture to evaluate its success potential.
Performance Indicators:
Describe entrepreneurial planning considerations (EN:007) (ON)
Explain tools used by entrepreneurs for venture planning (EN:008) (ON)
Assess start-up requirements (EN:009) (ON)
Assess risks associated with venture (EN:010) (ON)
Describe external resources useful to entrepreneurs during concept development (EN:011) (ON)
Assess the need to use external resources for concept development (EN:012) (ON)
Select strategies to protect intellectual property (EN:013) (ON)
Use components of business plan to define venture idea (EN:014) (ON)
Select market-entry strategies for conducting business internationally (EN:122) (ON)
Performance Element: Determine needed resources for a new business venture to contribute to its start-up viability.
Performance Indicators:
Describe processes used to acquire adequate financial resources for venture creation/start-up (EN:015) (ON)
Select sources to finance venture creation/start-up (EN:016) (ON)
Explain factors to consider in determining a venture’s human-resources needs (EN:017) (ON)
Explain considerations in making the decision to hire staff (EN:018) (ON)
Describe considerations in selecting capital resources (EN:019) (ON)
Identify capital resources needed for the venture (EN:020) (ON)
Assess the costs/benefits associated with resources (EN:021) (ON)
Performance Element: Actualize new business venture to generate profit and/or meet objectives.
Performance Indicators:
Establish banking procedures (EN:042) (ON)
Use external resources to supplement entrepreneur’s expertise (EN:022) (ON)
Explain the complexity of business operations (EN:023) (ON)
Establish line of credit (EN:043) (ON)
Evaluate risk-taking opportunities (EN:024) (ON)
Explain the need for business systems and procedures (EN:025) (ON)
Describe the use of operating procedures (EN:026) (ON)
Explain methods/processes for organizing workflow (EN:027) (ON)
Develop and provide product/service (EN:028) (ON)
Use creative problem-solving in business activities/decisions (EN:029) (ON)
Explain the impact of resource productivity on venture success (EN:030) (ON)
Create processes for ongoing opportunity recognition (EN:031) (ON)
Develop plan to invest resources into improving current products or creating new ones (EN:032) (ON)
Adapt to changes in business environment (EN:033) (ON)
Performance Element: Select harvesting strategies to identify entrepreneur’s role in the business venture.
Performance Indicators:
Explain the need for continuation planning (EN:034) (ON)
Describe methods of venture harvesting (EN:035) (ON)
Evaluate options for continued venture involvement (EN:036) (ON)
Develop exit strategies (EN:037) (ON)
Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources
Performance Element: Use risk management products to protect a business’s financial well-being.
Performance Indicators:
Obtain insurance coverage (FI:082) (ON)
Performance Element: Acquire a foundational knowledge of accounting to understand its nature and scope.
Performance Indicators:
Explain the concept of accounting (FI:085, LAP-FI-085) (CS)
Performance Element: Implement accounting procedures to track money flow and to determine financial status.
Performance Indicators:
Prepare cash flow statements (FI:092) (MN)
Explain the nature of balance sheets (FI:093, LAP-FI-093) (SP)
Describe the nature of income statements (FI:094, LAP-FI-094) (SP)
Performance Element: Implement financial skills to obtain business credit and to control its use.
Performance Indicators:
Explain the purposes and importance of obtaining business credit (FI:023) (ON)
Analyze critical banking relationships (FI:039) (ON)
Make critical decisions regarding acceptance of bank cards (FI:040) (ON)
Determine financing needed for business operations (FI:043) (ON)
Identify risks associated with obtaining business credit (FI:041) (ON)
Explain sources of financial assistance (FI:031) (ON)
Explain loan evaluation criteria used by lending institutions (FI:034) (ON)
Complete loan application package (FI:033) (ON)
Performance Element: Manage financial resources to ensure solvency.
Performance Indicators:
Describe the nature of cost-benefit analysis (FI:357, LAP-FI-357) (MN)
Determine relationships among total revenue, marginal revenue, output, and profit (FI:358) (MN)
Develop company’s/department’s budget (FI:099, LAP-FI-099) (MN)
Forecast sales (FI:096) (MN)
Calculate financial ratios (FI:097) (MN)
Interpret financial statements (FI:102) (MN)
File business tax returns (FI:652) (ON)
Verify the accuracy of business financial records (FI:653) (ON)
Describe types of financial statement analysis (e.g., ratio analysis, trend analysis) (FI:334) (MN)
Discuss limitations of using financial statements to assess business performance (FI:655) (MN)
Spot problems in/issues with financial statements (FI:335) (MN)
Interpret cash-flow statements (FI:541) (SP)
Monitor business’s profitability (FI:542) (MN)
Performance Element: Use debt and equity capital to raise funds for business growth.
Performance Indicators:
Describe the financial needs of a business at different stages of its development (FI:339) (MN)
Discuss factors to consider in choosing between debt and equity capital (FI:340) (MN)
Performance Element: Understand the fundamentals of managerial accounting to aid in financial decision-making.
Performance Indicators:
Describe types of costs used in managerial accounting (e.g., direct cost, indirect cost, sunk cost, differential cost) (FI:658) (SP)
Describe marginal analysis techniques and applications (FI:659) (SP)
Explain the nature of managerial accounting (FI:660) (SP)
Discuss the use of variance analysis in managerial accounting (FI:661) (SP)
Standard: Understands the tools, techniques, and systems that businesses use to plan, staff, lead, and organize its human resources
Performance Element: Understand the role and function of human resources management to obtain a foundational knowledge of its nature and scope.
Performance Indicators:
Discuss the nature of human resources management (HR:410, LAP-HR-410) (CS)
Performance Element: Staff a business unit to satisfy work demands while adhering to budget constraints.
Performance Indicators:
Determine hiring needs (HR:353) (SU)
Screen job applications/resumes (HR:354) (SU)
Interview job applicants (HR:355) (SU)
Select and hire new employees (HR:356) (SU)
Dismiss/Fire employees (HR:358) (SU)
Maintain human resources records (HR:359) (SU)
Performance Element: Manage staff growth and development to increase productivity and employee satisfaction.
Performance Indicators:
Train staff (HR:392) (SU)
Supervise staff (HR:393) (SU)
Foster “right” environment for employees (HR:403) (SU)
Assess employee performance (HR:368) (SU)
Performance Element: Implement organizational skills to facilitate others’ work efforts.
Performance Indicators:
Coordinate human, capital, and fiscal resources to meet business priorities (HR:508) (MN)
Performance Element: Determine staffing needs to minimize costs while maximizing business contribution.
Performance Indicators:
Describe the nature of human-resources planning (HR:490) (SU)
Determine causes of staff turnover (HR:492) (MN)
Performance Element: Understand staff issues/problems to enhance productivity and improve employee relationships.
Performance Indicators:
Discuss issues associated with workplace diversity (e.g., ethnic, generational, religious, gender) (HR:515) (SP)
Performance Element: Resolve staff issues/problems to enhance productivity and improve employee relationships.
Performance Indicators:
Handle employee complaints and grievances (HR:366) (SU)
Explain the nature of remedial action (HR:369) (SU)
Standard: Understands the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives
Performance Element: Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Performance Indicators:
Explain marketing and its importance in a global economy (MK:001, LAP-MK-901) (CS)
Describe marketing functions and related activities (MK:002, LAP-MK-002) (CS)
Performance Element: Acquire foundational knowledge of customer/client/business behavior to understand what motivates decision-making.
Performance Indicators:
Explain factors that influence customer/client/business buying behavior (MK:014, LAP-MK-014) (SP)
Describe connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share) (MK:019, LAP-MK-019) (SP)
Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making
Performance Element: Utilize information-technology tools to manage and perform work responsibilities.
Performance Indicators:
Establish specifications for selecting hardware/software systems (NF:091) (MN)
Determine venture’s information technology needs (NF:012) (MN)
Performance Element: Maintain business records to facilitate business operations.
Performance Indicators:
Describe the nature of business records (NF:001, LAP-NF-001) (SP)
Performance Element: Acquire information to guide business decision-making.
Performance Indicators:
Describe current business trends (NF:013) (SP)
Monitor internal records for business information (NF:014) (SP)
Conduct an environmental scan to obtain business information (NF:015, LAP-NF-015) (SP)
Interpret statistical findings (NF:093) (SP)
Translate research findings into actionable business recommendations (NF:216) (SP)
Performance Element: Create and access databases to acquire information for business decision-making.
Performance Indicators:
Explain the principles of data analysis (NF:139) (SP)
Performance Element: Apply data mining methods to acquire pertinent information for business decision-making.
Performance Indicators:
Discuss the nature of data mining (NF:148) (CS)
Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning
Performance Element: Understand operation’s role and function in business to value its contribution to a company.
Performance Indicators:
Explain the nature of operations (OP:189, LAP-OP-189) (CS)
Performance Element: Determine needed safety policies/procedures to protect employees.
Performance Indicators:
Identify potential safety issues (OP:151) (MN)
Establish safety policies and procedures (OP:012) (MN)
Performance Element: Develop policies/procedures to protect workplace security.
Performance Indicators:
Identify potential security issues (OP:154) (MN)
Establish policies to protect company information and intangibles (OP:155) (MN)
Establish policies and procedures to maintain physical security of the work environment (OP:157) (MN)
Performance Element: Implement purchasing activities to obtain business supplies, equipment, resources, and services.
Performance Indicators:
Explain the nature and scope of purchasing (OP:015, LAP-OP-015) (CS)
Select vendors (OP:161) (SP)
Evaluate vendor performance (OP:162) (SP)
Performance Element: Understand production’s role and function in business to recognize its need in an organization.
Performance Indicators:
Explain the concept of production (OP:017, LAP-OP-017) (CS)
Performance Element: Determine technology security strategies needed to protect customer information and company image.
Performance Indicators:
Evaluate strategies for protecting business’ digital assets (e.g., website, social media, email), customer data, and other protected information (OP:473) (MN)
Performance Element: Develop an understanding of business analysis to improve business functions and activities.
Performance Indicators:
Discuss the nature of business analysis (OP:327) (SP)
Discuss business process thinking and its impact (OP:474) (SP)
Describe the factors that influence business process design (OP:475) (SP)
Explain the causes of business process changes (OP:476) (SP)
Performance Element: Implement quality-control processes to minimize errors and to expedite workflow.
Performance Indicators:
Describe the role of management in the achievement of quality (OP:020) (MN)
Establish efficient operating systems (OP:022) (MN)
Performance Element: Implement expense-control strategies to enhance a business’s financial wellbeing.
Performance Indicators:
Explain the nature of overhead/operating costs (OP:024, LAP-OP-024) (SP)
Conduct break-even analysis (OP:192) (MN)
Negotiate service and maintenance contracts (OP:027) (MN)
Negotiate lease or purchase of facility (OP:028) (MN)
Develop expense control plans (OP:029) (MN)
Use budgets to control operations (OP:030) (MN)
Performance Element: Understand supply chain management’s role in business to appreciate its contributions to efficiency and profitability.
Performance Indicators:
Explain the concept of supply chain (OP:443, LAP-OP-443) (CS)
Explain the impact of supply chains on business performance (OP:477, LAP-OP-477) (SP)
Discuss the nature of supply chain management (OP:303, LAP-OP-303) (SP)
Performance Element: Manage facilities to reduce costs and minimize social impact.
Performance Indicators:
Explain the nature of facilities management (OP:466) (SP)
Design sustainability strategies (OP:467) (MN)
Develop a real estate master plan (OP:468) (MN)
Performance Element: Manage operational risks to protect a business’s financial well-being.
Performance Indicators:
Identify the factors that contribute to operational risk (e.g., insufficient training, lack of supervision, inadequate security, poor system design, poor HR policies) (OP:447) (SP)
Discuss the nature of operational risk management (OP:448) (SP)
Assess legal risks (OP:469) (MN)
Evaluate speculative business risks (OP:470) (MN)
Assess business’s potential to expand into new markets (OP:471) (MN)
Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career
Performance Element: Achieve organizational goals to contribute to company growth.
Performance Indicators:
Establish performance standards to meet organizational goals (PD:256) (MN)
Monitor progress in achieving organizational goals (PD:257) (MN)
Performance Element: Utilize critical-thinking skills to determine best options/outcomes.
Performance Indicators:
Explain the need for innovation skills (PD:126, LAP-PD-126) (CS)
Make decisions (PD:017, LAP-PD-017) (CS)
Demonstrate problem-solving skills (PD:077, LAP-PD-077) (CS)
Use time-management skills (PD:019, LAP-PD-019) (SP)
Performance Element: Acquire knowledge of corporate governance to be aware of the restraints imposed upon finance functions.
Performance Indicators:
Discuss the importance of corporate governance in business (PD:213) (CS)
Identify the factors that impact governance structures (PD:302) (SP)
Describe the components of a well-governed company (e.g., board of directors, reporting, transparency, internal and external audit functions) (PD:214) (SP)
Performance Element: Adhere to a professional code of ethics to guide business decisions.
Performance Indicators:
Utilize an established professional code of ethics (PD:262) (MN)
Standard: Understands tools, techniques, and systems that affect a business’s ability to plan, control, and organize an organization/department
Performance Element: Recognize management’s role to understand its contribution to business success.
Performance Indicators:
Explain the concept of management (SM:001, LAP-SM-001) (CS)
Explain the nature of managerial ethics (SM:002, LAP-SM-002) (MN)
Describe factors that influence management (SM:028) (MN)
Discuss the nature of global management (SM:029) (MN)
Explain motivation theories and their applications (SM:080) (MN)
Explain expectation-setting processes and their application (SM:081) (MN)
Performance Element: Utilize planning tools to guide organization’s/department’s activities.
Performance Indicators:
Explain the nature of business plans (SM:007, LAP-SM-007) (MN)
Develop company goals/objectives (SM:008) (ON)
Define business mission (SM:009) (ON)
Conduct an organizational SWOT (SM:010) (ON)
Explain external planning considerations (SM:011) (MN)
Identify and benchmark key performance indicators (e.g., dashboards, scorecards) (SM:027) (MN)
Develop action plans (SM:012) (ON)
Develop business plan (SM:013, LAP-SM-013) (ON)
Performance Element: Control an organization’s/department’s activities to encourage growth and development.
Performance Indicators:
Select and apply metrics for measuring organizational success (SM:074) (MN)
Analyze operating results in relation to budget/industry (SM:005) (MN)
Track performance of business plan (SM:006) (MN)
Performance Element: Implement corporate social responsibility to achieve business objectives.
Performance Indicators:
Explain the nature of corporate social responsibility (SM:082) (SP)
Monitor compliance with corporate social responsibility policies (SM:083) (SP)
Measure corporate social responsibility impact (SM:084) (SP)
Develop corporate social responsibility policies (SM:085) (MN)
Develop corporate social responsibility strategy (SM:086) (MN)
Performance Element: Plan organization’s/department’s activities to guide and support decision-making and to ensure that staff focuses on the right priorities.
Performance Indicators:
Describe the strategic planning process in an organization (SM:040) (MN)
Identify and set benchmarks for key performance indicators (SM:041) (MN)
Develop strategies for achieving company vision (SM:042) (MN)
Develop processes that can be used to improve business results (SM:045) (MN)
Analyze exit plan options (SM:046) (ON)
Develop company vision (SM:047) (ON)
Determine business’s overall global strategy (SM:048) (ON)
Develop company’s management plan (SM:049) (ON)
Performance Element: Design organizational structure to facilitate business activities.
Performance Indicators:
Develop an organizational plan for human resources (SM:032) (MN)
Performance Element: Control organization’s/department’s activities to monitor business activities and to make business decisions.
Performance Indicators:
Discuss the importance of the coordinating/controlling role in the business environment (SM:055) (MN)
Evaluate individual department’s contribution to organizational effectiveness (SM:056) (MN)
Apply benchmarking techniques (SM:057) (MN)
Interpret internal information for strategic planning (e.g., financial/accounting, marketing, operations, human resources, information technology, and individual employee data) (SM:058) (MN)
Assess company’s strategic-planning processes (SM:059) (MN)
Performance Element: Adapt to and manage change within an organization to accomplish organizational objectives.
Performance Indicators:
Describe relationship among innovation, learning, and change (SM:094) (CS)
Explain the nature of change management (SM:095) (SP)
Explain the impact of organizational change on organizational development (SM:087) (SP)
Describe strategies and approaches for leading change (SM:088) (SP)
Assess change readiness (SM:089) (MN)
Develop change management strategy (SM:090) (MN)
Design change management programs (SM:091) (MN)
Performance Element: Identify potential business threats and opportunities to protect a business’s financial well-being.
Performance Indicators:
Explain the nature of risk management (SM:075, LAP-SM-075) (SP)
Standard: Understands the systems, strategies, and techniques used to collect, organize, analyze, and share information known in an organization
Performance Element: Use knowledge management strategies to improve the performance and competitive advantage of an organization.
Performance Indicators:
Identify ways to use crowdsourcing in business (KM:017) (SP)
Standard: Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities and to build brand for the organization
Performance Element: Generate product ideas to contribute to ongoing business success.
Performance Indicators:
Determine initial feasibility of product idea (PM:129) (MN)
Adjust idea to create functional product (PM:204) (MN)
Create processes for ongoing opportunity recognition (PM:136) (MN)
Performance Element: Apply quality assurances to enhance product/service offerings.
Performance Indicators:
Evaluate customer experience (PM:138) (MN)
Performance Element: Employ product-mix strategies to meet customer expectations.
Performance Indicators:
Explain the concept of product mix (PM:003, LAP-PM-003) (SP)
Plan product mix (PM:006) (MN)
Determine services to provide customers (PM:036) (MN)
Identify internal and external service standards (PM:273) (MN)
Performance Element: Position company to acquire desired business image.
Performance Indicators:
Build corporate brands (PM:126, LAP-PM-126) (ON)
Performance Element: Position products/services to acquire desired business image.
Performance Indicators:
Explain the role of customer service in positioning/image (PM:013, LAP-PM-013) (MN)
Identify company’s unique selling proposition (PM:272, LAP-PM-272) (MN)
Build product/service brand (PM:209) (MN)
Standard: Understands the concepts and processes needed to identify, select, monitor, and evaluate sales channels
Performance Element: Acquire foundational knowledge of channel management to understand its role in marketing.
Performance Indicators:
Explain the nature and scope of channel management (CM:001, LAP-CM-001) (CS)
Explain the nature of channels of distribution (CM:003, LAP-CM-003) (CS)
Performance Element: Manage channel activities to minimize costs and to determine distribution strategies.
Performance Indicators:
Explain the nature of channel strategies (CM:009) (MN)
Select channels of distribution (CM:010) (MN)
Evaluate channel members (CM:011) (MN)
Standard: Understands the concepts, systems, and tools needed to gather, access, synthesize, evaluate, and disseminate information for use in making business decisions
Performance Element: Acquire foundational knowledge of marketing-information management to understand its nature and scope.
Performance Indicators:
Describe the need for marketing data (IM:012, LAP-IM-012) (CS)
Performance Element: Understand marketing-research activities to show command of their nature and scope.
Performance Indicators:
Explain the nature of marketing research (IM:010, LAP-IM-010) (SP)
Standard: Understands the concepts and strategies utilized to determine and target marketing strategies to a select audience
Performance Element: Develop marketing strategies to guide marketing tactics.
Performance Indicators:
Explain the concept of marketing strategies (MP:001, LAP-MP-001) (CS)
Performance Element: Select target market appropriate for product/business to obtain the best return on marketing investment (ROMI).
Performance Indicators:
Explain the concept of market and market identification (MP:003, LAP-MP-003) (CS)
Identify market segments (MP:004) (MN)
Develop customer profile (MP:031) (MN)
Select target market (MP:005) (MN)
Performance Element: Employ marketing-information to plan marketing activities.
Performance Indicators:
Conduct market analysis (market size, area, potential, etc.) (MP:009) (MN)
Conduct SWOT analysis for use in the marketing planning process (MP:010, LAP-MP-010) (MN)
Conduct competitive analysis (MP:012) (MN)
Forecast sales for marketing plan (MP:014) (MN)
Set marketing goals and objectives (MP:015) (MN)
Develop marketing plan (MP:018) (MN)
Performance Element: Assess marketing strategies to improve return on marketing investment (ROMI).
Performance Indicators:
Explain strategies for linking performance measures to financial outcomes (MP:020) (MN)
Translate performance measures into financial outcomes (MP:021) (MN)
Standard: Understands concepts and strategies utilized in determining and adjusting prices to maximize return and meet customers’ perceptions of value
Performance Element: Develop a foundational knowledge of pricing to understand its role.
Performance Indicators:
Explain the nature and scope of the pricing function (PI:001, LAP-PI-001) (SP)
Explain factors affecting pricing decisions (PI:002, LAP-PI-902) (SP)
Standard: Understands the concepts and strategies needed to communicate information about products, services, images, and/or ideas to achieve a desired outcome
Performance Element: Acquire a foundational knowledge of promotion to understand its nature and scope.
Performance Indicators:
Explain the role of promotion as a marketing function (PR:001, LAP-PR-901) (CS)
Explain the types of promotion (i.e., institutional, product) (PR:002, LAP-PR-902) (CS)
Identify the elements of the promotional mix (PR:003, LAP-PR-903) (SP)
Performance Element: Understand promotional channels used to communicate with targeted audiences.
Performance Indicators:
Explain types of advertising media (PR:007, LAP-PR-007) (SP)
Describe word-of-mouth channels used to communicate with targeted audiences (PR:247) (SP)
Explain the nature of direct marketing channels (PR:089) (SP)
Identify communications channels used in sales promotion (PR:249) (SP)
Explain communications channels used in public-relations activities (PR:250) (SP)
Performance Element: Understand the use of public-relations activities to communicate with targeted audiences.
Performance Indicators:
Identify types of public-relations activities (PR:252) (SP)
Standard: Understands the need for standards and the strategies and techniques used to implement, monitor, and evaluate them
Performance Element: Understand the role and function of quality management to obtain a foundational knowledge of its nature and scope.
Performance Indicators:
Explain the nature of quality management (QM:001, LAP-QM-001) (SP)
Performance Element: Manage quality to achieve organizational objectives.
Performance Indicators:
Develop a plan/program for quality achievement (QM:005) (MN)
Develop continuous-improvement strategies (QM:007) (MN)
Standard: Understands risk-management strategies and techniques used to minimize business loss
Performance Element: Manage risk to protect a business’s well-being.
Performance Indicators:
Describe types of indicators used to manage business risk (e.g., key risk indicators, key performance indicators, key process indicators) (RM:088) (SP)
Discuss the nature of enterprise risk management (ERM) (RM:062) (SP)
Discuss the relationship between risk and business objectives (RM:044) (MN)
Identify business risks (RM:056) (MN)
Explain ways to assess risk (RM:059) (MN)
Develop a risk management program (RM:045) (MN)
Assess enterprise risk (RM:067) (MN)
Develop risk-management plan (RM:090) (MN)
Evaluate risk-management plan (RM:091) (MN)
Select risk-management strategies (RM:089) (MN)
Performance Element: Manage risks to protect a business’s financial well-being.
Performance Indicators:
Assess business risks (RM:094) (MN)
Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Performance Element: Acquire a foundational knowledge of selling to understand its nature and scope.
Performance Indicators:
Explain the nature and scope of the selling function (SE:017, LAP-SE-017) (CS)