Ontario Grade 11 BMX3E Marketing: Retail and Service (Grade 11, Workplace Preparation)

Chapters: 4

1. The Marketing Plan

1 The Process · 2 The Development · 3 The Analysis

Demand, Supply and Market Equilibrium – The law of demand says buyers want less when the price rises; the law of supply says sellers offer more. The market price settles at equilibrium, where quantity demanded equals quantity supplied, and shifts in demand or supply move it. Some goods break the usual laws (Giffen, Veblen, panic buying). A price ceiling set below equilibrium causes shortages. Markets can also fail, for example with pollution or public goods like street lights, so the government steps in.

1 The Marketing Mix · 2 Consumers · 3 Competition · 4 The Buying and Selling Processes

Marketing Management – Marketing means finding out what buyers need and meeting that need in exchange for value, at a profit. It has many functions (research, planning, branding, labelling, packaging, pricing, promotion, distribution, service) and five philosophies (production, product, selling, marketing, societal). The marketing mix is the 4Ps: product (with branding, labelling, packaging), price (shaped by cost, demand, competition, government rules, objectives and marketing methods), place (channels and physical distribution) and promotion (advertising, personal selling, sales promotion, public relations).
Demand, Supply and Market Equilibrium – The law of demand says buyers want less when the price rises; the law of supply says sellers offer more. The market price settles at equilibrium, where quantity demanded equals quantity supplied, and shifts in demand or supply move it. Some goods break the usual laws (Giffen, Veblen, panic buying). A price ceiling set below equilibrium causes shortages. Markets can also fail, for example with pollution or public goods like street lights, so the government steps in.

1 Information Technology · 2 Types of Business · 3 Issues, Ethics, and the Environment · 4 Global Trends

Demand, Supply and Market Equilibrium – The law of demand says buyers want less when the price rises; the law of supply says sellers offer more. The market price settles at equilibrium, where quantity demanded equals quantity supplied, and shifts in demand or supply move it. Some goods break the usual laws (Giffen, Veblen, panic buying). A price ceiling set below equilibrium causes shortages. Markets can also fail, for example with pollution or public goods like street lights, so the government steps in.
Ethics: How to Decide What Is Right – Ethics (moral philosophy) asks what we ought to do and why. Values such as honesty, kindness, fairness and respect guide choices. Three main theories help: consequences (utilitarianism, Bentham and Mill: most good for most people), duty (Kant: act on rules you could want everyone to follow; treat people as ends, never only as means) and virtue (Aristotle: build good character; virtue is the mean between extremes). Conscience is our inner sense of right and wrong. Freedom brings responsibility. Meta-ethics asks what "good" means and whether values are universal or relative. Applied ethics deals with the environment, animals, work, friendship and peace.

1 Inventory Control Methods · 2 Merchandise and Service Presentation · 3 Human Resources in Retailing and Service

Retail and Service Operations: Stock, Display and Staff – A shop or service business runs on four things: the right goods (merchandise classes), a layout and display that guide and attract shoppers, inventory control so stock never runs out or piles up, and a well-organised, fairly paid, safe and diverse team. The reorder point tells you when to order: daily sales × delivery days + safety stock.