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40 Cards in this Set
- Front
- Back
environmental scanning |
The process of acquiring information on events outside the organization to identify and interpret potential trends |
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social forces |
The demographic characteristics and the culture of the population. |
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demographics |
Description of a population according to characteristics such as age, gender, ethnicity, income and occupation. |
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baby boomers |
The generation of children born between 1946 and 1964. |
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Generation X |
Members of the U.S. population born between 1965 and 1976. |
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Generation Y |
The 72 million Americans born between 1977 and 1994. |
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multicultural marketing |
Marketing programs that reflect unique aspects of different races. |
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culture |
The set of values, ideas, and attitudes that is learned and shared among the members of a group. |
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economy |
Pertains to the income and resources that affect the cost of running a business or household. |
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technology |
Inventions from applied science or engineering research |
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marketspace |
An information- and communication-based electronic exchange environment occupied by digitized offerings. |
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competition |
Alternative firms that could provide a product to satisfy a specific market's needs. |
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regulation |
Restrictions that state and federal laws place on business. |
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consumerism |
A movement started to increase the influence, power, and rights of consumers in dealing with institutions. |
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self-regulation |
An alternative to government control, whereby an industry attempts to police itself. |
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ethics |
The moral principles and values that govern the actions and decisions of an individual or group. |
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Consumer Bill of Rights |
Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard. |
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code of ethics |
A formal statement of ethical principles and rules of conduct. |
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moral idealism |
A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. |
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utilitarianism |
A personal moral philosophy that focuses on the "greatest good for the greatest number." |
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green marketing |
Marketing efforts to produce, promote, and reclaim environmentally sensitive products. |
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cause marketing |
Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products. |
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social responsibility |
The idea that organizations are part of a larger society and are accountable to that society for their actions. |
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gross income |
The total amount of money made in one year by a person, household or family unit. |
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disposable income |
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation. |
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discretionary income |
The money that remains after paying for taxes and necessities. |
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technology |
inventions from applied science or engineering research |
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pure competition |
occurs when many sellers and they each have a similar product |
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monopolistic competition |
occurs when many sellers compete with substitutable products within a price range |
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oligopoly |
occurs when a few companies control the majority of industry sales |
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pure monopoly |
occurs when only one firm sells a product |
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economic espionage |
the clandestine collection of trade secrets or proprietary information about a company's competitors |
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profit responsibility |
holds that companies have a single duty: to maximize profits for their owners or stockholders |
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stakeholder responsibility |
focuses on the obligations an organization has to those who can affect the achievement of its objectives, including consumers, employees, suppliers, and distributors |
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societal responsibility |
obligations that organizations have to the preservation of the ecological environment and to the general public |
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sustainable development |
conducting business in a way that protects the natural environment while making economic progress |
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How does technology impact customer value? |
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 |
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The Federal Trade Commission (FTC) monitors _____________. |
unfair business practices |
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How does the Better Business Bureau encourage companies to follow its standards for commerce? |
The BBB use moral suasion to get members to comply with its standards |
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The __________ Act was punitive towards monopolies, whereas the _________ Act was preventative. |
Sherman Antitrust Act; Clayton Act |