MKT Ch 3

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self regulation

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

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

Consumerism

Social Responsibility

The idea that organizations are part of a larger society and are accountable to that society for their actions. 3 concepts: 1) profit responsibility 2) stakeholder responsibility 3) societal responsibility

caveat emptor

The legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s.

disposable income

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

economy

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

Discretionary income

The money that remains after paying for taxes and necessities.

ethics

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

Internet of Things

The network of products embedded with connectivity-enabled electronics.

environmental scanning

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

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.

culture

The set of values, ideas, and attitudes that are learned and shared among the members of a group. -socializing force that dictates what is morally right and just

gross income

The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.

Which of the following are included in culture?

Values Ideas attitudes

Oligopy

a common industry structure, occurs when a few companies control the majority and find industry sales

monopolistic competition

a market structure in which many companies sell products that are similar but not identical -substitutable products

An example of ________, is the elimination of passwords based on facial or fingerprint recognition.

authentication technology

A company's ______ can be described as the set of values, ideas, and attributes that is learned and shared among its members.

culture

Social forces include _________ characteristics of the population and its culture.

demographic

Describing a population with characteristics like age, gender, ethnicity, and income is referred to as

demographics

The moral values that govern the actions and decisions of an individual or group and serve as guidelines on how to act rightly and justly when faced with a moral dilemma are referred to as ______. Multiple choice question.

ethics

stakeholder responsibility

focuses on the obligations an organization has to those who can affect achievement of its objectives

Clayton Act

forbids certain actions that are likely to lessen competition, although no actual harm has yet occurred

A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates.

forces

Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort?

gen x

To get a comprehensive look at your competition, you should consider firms that

provide a product that satisfies the same specific need as yours does.

societal responsibility

refers to obligations that organizations have (1) to the preservation of the ecological environment and (2) to the general public.

An environmental scan will include ____forces impacting a business by way of state and federal laws that may restrict its activities. (one word)

regulatory

Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities?

regulatory

Because culture is a socializing force that dictates what is morally right, moral standards are

relative to particular societies

Sherman Antitrust Act (1890)

1) forbids contracts, combinations, or conspiracies in retraint of trade 2. forbids actual monopolies or attempts to monopolize trade and commerce

1. pure competition 2. Monopolistic comp 3. Oligopoly 4. Monopoly EXAMPLES

1. Wheat, grains, and rice 2. coffee tea 3. cell phone carriers 4. water, electricity, natural gas

Baby boomers are those people born between the years

1946 and 1964.

Gen Z

1997-2012

code of ethics

A formal statement of ethical principles and rules of conduct.

consumerism

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

pure monopoly

A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.

Moral idealism

A 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.

marketspace

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digital offerings.

JFK's Consumer Bill of Rights

An outline presented by President John F. Kennedy in 1962 that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.

Which generational cohort was born between 1946 and 1964?

Baby Boomers

The best known self-regulatory group is the

Better Business Bureau

multiculural marketing

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

sustainable development

Conducting business in a way that protects the natural environment while making economic progress. 1) companies benefit from favorable word of mouth 2) outperform irresponsible companies

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

Culture

demographics

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

whistle-blowers

Employees who report unethical or illegal actions of their employers

_____ is the generational cohort that includes Americans born between 1981 and 1996.

Generation Y

Gen Y

Includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom. -increasing pop -Millennials

baby boomers

Includes the generation of 76 million children born between 1946 and 1964.

Which of the following are among the goals of environmental scanning?

Interpreting and identifying trends Continually acquiring information on external events

technology

Inventions or innovations from applied science or engineering research.

Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan?

Macroeconomic conditions Consumer income

green marketing

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

cause marketing

Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.

regulation

Restrictions state and federal laws place on a business with regard to the conduct of its activities.

sustainable marketing

The effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs.

Which of the following environmental forces is most likely to result in replacement of existing products or companies?

Technology

1. Intranets and 2. Extranets

Technology platforms that increase integration and expedite the flow of information 1. to communicate with the organization 2. to communicate with suppliers, distributors, partners

electronic commerce

The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce.

competition

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

Economic espionage

The clandestine collection of trade secrets or proprietary information about a company's competitors. -include trespassing, theft, fraud...etc

social forces

The demographic characteristics of the population and its culture.

Consumerism is ____

a movement to increase the power and rights of consumers in dealing with institutions

Gen X

also called baby bust, includes the 55 million people born between 1965 and 1980. Also called the baby bust. -declining pop

Self-regulation is

an alternative to government control in which industry attempts to police itself

The marketspace is defined as

an electronic exchange environment with computer technologies and digitized offerings.

Select three characteristics that describe Generation X?

born between 1965 and 1980 often called the "baby bust" generation supportive of racial and ethnic diversity

The Sherman Antitrust Act and the Clayton Act were passed to protect

competition

Which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs?

competition

Gross, disposable, and discretionary are three components related to

consumer income

Microeconomic vs Macroeconomics

consumer vs economy

Even when a product is well-suited for its intended targets, it won't be sold if

consumers don't have the necessary income

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in

consumers focusing instead on quality, service, and relationships with the retailer

The Generation Y cohort is also referred to as the

echo-boomers

Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household?

ecomomy

The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes.

economy

The_____ is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income. (one word)

economy

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

environmental scanning

FTC Act of 1914

established the FTC as an organization to police unfair methods of competition and unfair or deceptive practices in commerce

The moral principles and values that govern the actions and decisions of an individual or group are referred to as . (one word)

ethics

profit responsibility

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

Which two of the following are macroeconomic factors?

inflation gross domestic product

Environmental scanning is necessary for an organization to

interpret trends that may be a source of opportunity

What is considered a human rights abuse by an American company may be viewed as an acceptable business practice in China, which illustrates that___

moral standards are relative to particular societies

A ________ is described with demographics.

population

Robinson-Patman Act

prevents unfair price discrimination by ensuring that the seller offer the same price terms to customers at a given level of trade

In the United States, the majority of new jobs are generated by _______ businesses.

small

The majority of the competitive landscape in this country is made up of

small businesses

The demographic characteristics of a population and its culture are the basis of the ________ forces of the environment.

social

environmental forces

social, economic, technological, competitive, regulatory (some easy things can really (help))

Which of the following environmental forces refers to inventions or innovations from applied science or engineering research?

technology

The right to be informed and the right to choose, as both pertain to the exchange process in marketing, are part of

the Consumer Bill of Rights.

The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called

the Robinson-Patman Act

pure competition

the market structure that exists when there are many small businesses selling one standardized product

An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called

the marketspace

corporate culture

the set of values, attitudes, and ideas learned and shared among members of an organization

Using technology for the development of new products creates _____ for customers.

value

What are the newest forms of technological changes that are occurring now?

wearable technology biotechnology blockchain


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