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High School
Business Ownership 1b
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You’ve defined your business and made a plan to launch your vision, and now, it’s time to turn that business into a well-oiled machine! In this course, you’ll familiarize yourself with tried-and-true strategies for success! You’ll distinguish market segments, develop the appropriate market mix, brand your business, create a top-notch customer service environment, and calculate financial factors for the crucial first year- and every year after! Owning a booming business doesn’t happen by accident. Let’s learn what it takes and execute on the essentials to turn your business vision into a reputable reality!
During this course, you will learn career-related skills and earn a badge for this accomplishment. A badge is a digital certification of your career-related learning that you can share on social media or with higher education platforms, colleges, potential employers, peers, and colleagues. Select this link to learn more about badges.
Major Topics and Concepts
Unit 1: Marketing to Customers
- Create a marketing plan and pitch for a business
- Describe customer behavior and what influences customer purchases
- Explain customer segmentation and its importance when developing target customer personas
- Establish the position of a company relative to competitors within a given market
Unit 2: Products and Research
- Identify the product and service mix of a particular business
- Describe the stages in a product’s life cycle and how those stages impact business decisions
- Summarize the various elements of a brand
- Evaluate types of marketing research
- Explain the importance of inventory management
Unit 3: Pricing and Distribution
- Identify and contrast approaches to product pricing
- Describe pricing adjustments and how they can influence product sales
- List various types of distribution channels
- Define and calculate different types of profit margins
Unit 4: Promoting the Business
- Recognize the key components of a promotional mix
- Evaluate the various types of advertising
- Describe how public relations contributes to business promotion
- Identify types of sales promotion and how they are used in a business
- Explain how promotion is used in a physical store environment
Unit 5: Selling and Customer Service
- Describe the various approaches to selling and why sales are important in business
- Discuss the importance of after-sales customer service
- Define and describe approaches to customer relationship management to increase future sales
- Explain how businesses can establish long-term loyalty with customers
Unit 6: Financial Needs and Projects
- Identify the costs and calculate the funds needed to start a new business
- Describe the various sources of funds available to start a new business
- Calculate and describe the importance of the break-even point
- Create future financial projections for the business using available data
Unit 7: Financial Operations and Risk
- Explain risk management and identify risks to business operations
- Build and analyze financial statements to assess business performance
- Monitor company performance using key indicators and controlling methods
Unit 8: Operational Business Planning
- Describe the business model, the business plan, and their importance to a company
- Assemble a business plan using various components, and explain the importance of each one of those components
- Analyze parts of the business plan, and then be able to identify areas for improvement
Course Materials
Physical
- Audio recording device
- Video recording device
- Pencil and paper
Software
- Presentation software
- Word processing software
- Spreadsheet software
- Graphic design software
Other
- Business Model Canvas template
Optional
- Mapping software
Competencies
Business Model and Business Plan
Students will demonstrate an understanding of a business model and business plan by describing the importance of the business model canvas, and describing the importance of a business plan.
Business Products
Students will demonstrate an understanding of business products by explaining types of business products, describing elements of a brand, and explaining product management.
Financial Projects in Business
Students will demonstrate an understanding of financial projections in business by describing the financial costs to a start-up business, explaining the break-even point for a business and describing financial projections for a business.
Financial Risk in Business
Students will demonstrate an understanding of financial risk in business by comparing management of financial risk in a business, describing financial statements, and describing financial performance indicators.
Marketing to the Customer
Students will demonstrate an understanding of marketing to the customer by explaining the role of a marketing plan within a business pitch, describing the identification of target market, and comparing market position relative to competitors.
Product Pricing and Distribution
Students will demonstrate an understanding of product pricing and distribution of the business product by analyzing pricing strategies, explaining distribution of the product, and summarizing the management of the profit margin.
Promoting the Business Product
Students will demonstrate an understanding of promoting the business product by explaining advertising strategies for the product, explaining public relations practices for the business, and describing sales promotions for the product.
Selling and Customer Service
Students will demonstrate an understanding of selling and customer service by describing selling methods to the customer, explaining the importance of customer relationship management, and comparing ways to create customer loyalty.
