MKT 3343 Chapter 3 LS
What are 2 laws that forbid monopolies or other actions that cause restraint in trade?
1. The Sherman Act 2. The Clayton Act
Give 3 examples of societal responsibility
1. cause marketing 2. use of the triple-bottom line 3. green marketing
What are two things typically addresses in a company's code of ethics?
1. conflicts of interest 2. political contributions
Examples of an ethical problem in which a marketer is violating the Consumer Bill of Rights include...
1. failing to disclose actual costs of an auto lease 2. promoting a dangerous product
In what ways can top management contribute to the unethical behavior of employees?
1. penalize employees who refuse to engage in unethical behavior 2. reward employees for ethically troubling behavior
Societal responsibility extends the concept of social responsibility to...
1. preservation of the ecological environment 2. the general public
Give 2 examples of government legislation designed to protect the consumer
1. prohibition of unsafe products 2. laws against false advertising
What are 3 concepts of social responsibility?
1. stakeholder responsibility 2. societal responsibility 3. profit responsibility
What are 2 characteristics that describe Generation X?
1. supportive of racial and ethnic diversity 2. born between 1965 and 1976
The right to safe products and to be informed by businesses that sell them are part of the ________ Bill of Rights.
Consumer
The ________ might issue a cease and desist order or require corrective advertising as a response to deceptive business practices.
FTC - federal trade commission
_______ is predicted to have the world's largest population by 2050.
India
Define Oligopoly.
a few companies control the majority of industry sales
Define Monopoly.
a single seller of a product exists
In an ethical exchange, both buyer and seller should be ________ afterward
better off
The concept "let the buyer beware" that was prevalent in the US before the 1960s is known by what legal term?
caveat emptor
Modern idealism considers...
certain individual rights or duties as universal
What should a marketer be especially careful about in order to be sensitive to the Consumer Bill of Rights?
collecting personal information from online consumers
The Sherman Antitrust Act and the Clayton Act were passed to protect
competition
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
Pepsi-Cola received an offer from a Coca-Cola employee to purchase a confidential marketing plan for a new Coke product. Had this transaction been carried out, it would have been an example of...
economic espionage
Economic ______ is the clandestine collection of trade secrets or proprietary information about a company's competitors.
espionage
The Lanham Act provides
for registration of a company's trademarks
Smart grid electricity services and consumer-generated energy are examples of what type of technology?
green technology
It can be difficult to define discretionary versus disposable income because
it is hard to determine what is a luxury and what is a necessity
Define Monopolistic Competition
many sellers offering substitute products with a price range
Define Pure Competition.
many sellers offering substitutes products in a marketplace in which they have little control of marketing elements
Consumer income is a _______ trend that is important to marketers
microeconomic
Two personal philosophies are ______, which considers certain rights and duties as universal, and ____, which focuses on the greatest good for the greatest number
moral idealism; utilitarianism
Discretionary income is the money left after paying for taxes and ________.
necessities
_______ responsibility holds that companies have a simple duty: to maximize profits for their owners or stockholders.
profit
What is a way that technology can improve existing products and the ways they are produced?
recycling
When an industry attempts to police itself with guidelines for practice, this may help that industry to avoid government interference. This idea is known as self-_________.
regulation
An environmental scan will include _______ forces impacting a business by way or state and federal laws that may restrict activities
regulatory
When adjusted for inflation, gross income has been _____ since 1970.
relatively stable
Consumers who are increasingly switching media of short, engaging message is specifically an example of a _______ force.
social
_________ development involves conducting business in a way that protects the natural environment while making economic progress
sustainable
Disposable income is the money a consumer has after paying ________.
taxes
________ is an environmental force that involves developing applications from science or engineering research
technology
Legislation that allows companies to protect themselves from competitors copying their property includes both
the patent law and copyright law
Even when a product is well-suited for its intended targets, it wont be sold if
they dont have necessary income
Stakeholder responsibility focuses on the obligation an organization has to
those who can affect achievement of its objectives