Marketing The Core 5Th Edition Chapter 3

Front 1

environmental scanning

Back 1

The process of acquiring information on events outside the organization to identify and interpret potential trends

Front 2

social forces

Back 2

The demographic characteristics and the culture of the population.

Front 3

demographics

Back 3

Description of a population according to characteristics such as age, gender, ethnicity, income and occupation.

Front 4

baby boomers

Back 4

The generation of children born between 1946 and 1964.

Front 5

Generation X

Back 5

Members of the U.S. population born between 1965 and 1976.

Front 6

Generation Y

Back 6

The 72 million Americans born between 1977 and 1994.

Front 7

multicultural marketing

Back 7

Marketing programs that reflect unique aspects of different races.

Front 8

culture

Back 8

The set of values, ideas, and attitudes that is learned and shared among the members of a group.

Front 9

economy

Back 9

Pertains to the income and resources that affect the cost of running a business or household.

Front 10

technology

Back 10

Inventions from applied science or engineering research

Front 11

marketspace

Back 11

An information- and communication-based electronic exchange environment occupied by digitized offerings.

Front 12

competition

Back 12

Alternative firms that could provide a product to satisfy a specific market's needs.

Front 13

regulation

Back 13

Restrictions that state and federal laws place on business.

Front 14

consumerism

Back 14

A movement started to increase the influence, power, and rights of consumers in dealing with institutions.

Front 15

self-regulation

Back 15

An alternative to government control, whereby an industry attempts to police itself.

Front 16

ethics

Back 16

The moral principles and values that govern the actions and decisions of an individual or group.

Front 17

Consumer Bill of Rights

Back 17

Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard.

Front 18

code of ethics

Back 18

A formal statement of ethical principles and rules of conduct.

Front 19

moral idealism

Back 19

A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

Front 20

utilitarianism

Back 20

A personal moral philosophy that focuses on the "greatest good for the greatest number."

Front 21

green marketing

Back 21

Marketing efforts to produce, promote, and reclaim environmentally sensitive products.

Front 22

cause marketing

Back 22

Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.

Front 23

social responsibility

Back 23

The idea that organizations are part of a larger society and are accountable to that society for their actions.

Front 24

gross income

Back 24

The total amount of money made in one year by a person, household or family unit.

Front 25

disposable income

Back 25

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation.

Front 26

discretionary income

Back 26

The money that remains after paying for taxes and necessities.

Front 27

technology

Back 27

inventions from applied science or engineering research

Front 28

pure competition

Back 28

occurs when many sellers and they each have a similar product

Front 29

monopolistic competition

Back 29

occurs when many sellers compete with substitutable products within a price range

Front 30

oligopoly

Back 30

occurs when a few companies control the majority of industry sales

Front 31

pure monopoly

Back 31

occurs when only one firm sells a product

Front 32

economic espionage

Back 32

the clandestine collection of trade secrets or proprietary information about a company's competitors

Front 33

profit responsibility

Back 33

holds that companies have a single duty: to maximize profits for their owners or stockholders

Front 34

stakeholder responsibility

Back 34

focuses on the obligations an organization has to those who can affect the achievement of its objectives, including consumers, employees, suppliers, and distributors

Front 35

societal responsibility

Back 35

obligations that organizations have to the preservation of the ecological environment and to the general public

Front 36

sustainable development

Back 36

conducting business in a way that protects the natural environment while making economic progress

Front 37

How does technology impact customer value?

Back 37

1. Customers can now assess value on the basis of other dimensions such as quality, service, and relationships due to the decline in cost of technology

2. Technology provides value through the development of new products

Front 38

The Federal Trade Commission (FTC) monitors _____________.

Back 38

unfair business practices

Front 39

How does the Better Business Bureau encourage companies to follow its standards for commerce?

Back 39

The BBB use moral suasion to get members to comply with its standards

Front 40

The __________ Act was punitive towards monopolies, whereas the _________ Act was preventative.

Back 40

Sherman Antitrust Act;

Clayton Act