• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/56

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

56 Cards in this Set

  • Front
  • Back
Environmental Forces: Social
1. Demographic shifts
2. Cultural changes
Environmental Forces: Economic
1. Macroeconomic conditions
2. Consumer income
Environmental Forces: Technological
1. Changing technology
2. Technology's impact on customer value
3. Electronic business technologies
Environmental Forces: Competitive
1. Alternative forms of competition
2. Small businesses
Environmental Forces: Regulatory
1. Laws protecting competition
2. Laws affecting marketing mix actions
3. Self-regulation
Environmental Scanning
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
Demographics
describe population according to selected characteristics such as age, gender, ethnicity, income and occupation
Baby boomers
consist of the generation of children born between 1946 - 1964
Generation X
Includes the 15% of the population born between 1965 - 1976
Generation Y
Includes the 72 million Americans born between 1977 - 1994.
Social forces
the demographic characteristics of the population and its values
Blended family
family formed by merging two previously separated units into a single household
Multicultural Marketing
consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races
Culture
consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group
Value consciousness
The concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.
Economy
Pertains to the income, expenditures, and resources that affect the cost of running a business and a household.
Gross Income
the total amount of money made in one year by a person, household, or family unit.
disposable income
the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation
discretionary income
the money that remains after paying for taxes and necessities
technology
consists of inventions or innovations from applied science or engineering research
Marketspace
an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
Electronic commerce
any activity that uses some form of electronic communication in inventory, exchange, advertisement, distribution and payment of goods and services
Continuum of competition: Pure Competition
Number of sellers: Large number of sellers
Product differences: Similar products
Importance of Marketing mix: Place (distribution) is important
Continuum of competition: Monopolistic Competition
Number of sellers: Large number of sellers
Product differences:Unique but substitutable
Importance of Marketing mix: Pricing is important
Continuum of competition: Oligopoly
Number of sellers: A few large competitors
Product differences: Similar products
Importance of Marketing mix: Promotion is key to achieve perceived product differences
Continuum of competition: Monopoly
Number of sellers: Single producer
Product differences: Unique and unsubstitutable
Importance of Marketing mix: Unimportant
Competition
consists of the alternative firms that could provide a product to satisfy a specific market's needs
Barriers to entry
business practices or conditions that make it difficult for new firms to enter the market
Components of competition
1. Threat of New Entrants
2. Bargaining Power of Buyers
3. Threat of Substitute Offerings
4. Bargaining Power of Suppliers
Consumerism
grassroots movement started in the 1960s to increase the influence, power and rights of consumers in dealing with institutions
self-regulation
an alternative to government control where an industry attempts to police itself
Ethics
the moral principles and values that govern the actions and decisions of an individual or group
Four ways to classify marketing decisions according to ethical and legal relationships
1. Ethical but illegal
2. Ethical and legal
3. Unethical and illegal
4. Unethical but legal
Framework for understanding ethical behavior
1. societal culture and norms
2. business culture and industry practices
3. corporate culture and expectations
4. personal moral philosophy and ethical behavior
Consumer Bill of Rights (1962)
The right....
to safety
to choose
to be informed
to be heard
Caveat emptor
the legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s
Right to Safety
consumer product safety commission
right to be informed
federal trade commission (FTC)
right to choose
slotting allowances/fees
right to be heard
do not call registry
economic espionage
clandestine collection of trade secrets or proprietary information about a company's competitors
code of ethics
formal statement of ethical principles and rules of conduct
whistle-blowers
employees who report unethical or illegal actions of their employers
Moral idealism
personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
Utilitarianism
a personal moral philosophy that focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior.
Three concepts of social responsibility
1. profit responsibility
2. stakeholder responsibility
3. societal responsibility
Profit responsibility
1. public interest groups
2. ecological environment
3. general public
stakeholder responsibility
1. suppliers
2. distributors
3. employees
4. consumers
profit responsibility
1. owners
2. stockholders
triple-bottom line
the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
social responsibility
the idea that organizations are part of a larger society and are accountable to that society for their actions
cause marketing
when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
social audit
consists of a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility
sustainable development
consists of conducting business in a way that protects the natural environment while making economic progress
green marketing
consists of marketing efforts to produce, promote and reclaim environmentally sensitive products
laws
society's values and standards that are enforceable in the courts