450 Exam #4

Philanthropic Responsibilities

Contribute resources to the community to improve the quality of life

Informal Marketing Controls

Employee SElf Control, Social Control, Cultural Control

Customer Relationship Strategies

Financial, Social, Customization, STructural

Formal Marketing Controls

Inputs, Process, Output

Links between Planning and Implementation

Interdependency, Evolutions, Separation

Elements of Marketing Implementation

Marketing strategy, Shared Goals and values, Marketing Structure, Systems and Processes, People, Resources, Leadership

Range of Expectations

Ideal, Normative, Experience Based, Minimum tolerable

Ethical Responsibilities

Obligations to do what is right just and fair

Minimum Tolerable Expectations

Price Driven Purchases, low involvement

Social Responsiblity

a broad concept that relates to an organizations obligations to maximize its positive impact on society while minimizing its negative impact

CRM

a business philosophy aimed at defining and increasing customer value in ways that motivate customers to remain loyal

Quality

a relative term that refers to the degree of superiorotiy of a firms goods or services

Process Control

actions taken during the implementation of the strategy

Input Controls

actions taken prior to implementation of the strategy

Regulating Marketing Ethics

compliance with laws and regulations, trade associations, better business bureau

Structural Bonding

contractual relations, electronic transactions, ultimate reduction in switching, time consuming, costly, customer retention

Employee Self Control

control based on personal expecations and goals

In the realm of marketing ethics, great leaders

create a common goal or vision of the company, obtain buy in support, motivate others to be ethical, use the resources that are available to them, enjoy their jobs

A climate of ethics and social responsibility has many bottom line benefits

creates trust with firm's stakeholders, enhances the firms reputation, efficient supply chains, stronger customer loyalty and satisfaction and higher profits

Green Marketing

creating customer relationships while also enhancing the natural environment

Output Controls

evaluated after implementation of the strategy

Product Related Ethical Issues

failure to disclose risks, product design, counterfeit products

Promotion Related Ethical Issues

false or misleading communication, ambiguous statements, bribery, direct marketing fraud

Code of Conduct

formal statement that describes what an organization expects of its employees; should be implemented into daily decision making

Developing Relationships in Consumer Market

goal is to move consumers through levels of increasing relationship intensity; not all consumers are of equal value to the firm

Links between implementation and planning

interdependency, evolution, separation

Value

is a subjective evaluation of benefits relative to costs to determine the worth of a firm's product offering relative to other product offerings

Marketing Implementation

is the process of executing the marketing strategy by creating and performing specific actions that will ensure the achievement of the firm's marketing objectives.

Interdependency

it is true that how the marketing strategy is to be implemented determines the content of the marketing plan

Supply Chain Related Ethical Issues

labor issues, raw material sources, quality control

LEgal Responsibilities

law is society's codivtications of right and wrong

Cause Related Marketing

link products to a particular cause on an ongoing or short term basis

Social Bonding

membership progams, customer events, reduces brand switching, hard to imitate, takes time, must build customer trust.

Separation

middle or upperlevel managers often do strategic planning; however, the responsibility of implementation almost always falls on lower level managers and frontline employees.

Greenwashing

misleading consumers about the eco-friendly nature of products

A strong ethical climate leads employees to be

motivated to serve customers, commited to the firm, committed to high quality standards, statisfied with their job

Superficial Discounting

occurs when a firm advertises a sale price as a reduction below the normal price when it is not the case.

Price Discrimination

occurs when firms charge different prices to different customers

Predatory Pricing

occurs when firms charges very low prices for a product with the intent of driving competitors out of business and then raising the prices

Price Fixing

occurs when the firms collaborate to set prices

Experience Based Expectations

past experience, loyalty , frequent purchase,

Ideal Expectations

perfect performance, highly involving purchase, unique events, special occasions

Customer Delight

performance exceeds desired expectations

Customer Dissatisfaction

performance falls below adequate expectations

Customer Satisfaction

performance falls within the zone

Price Related Ethical Issues

price discrimination, price fixing, predatory pricing, superficial discounting

Price Gouging

pricing products at exorbitant levels

Marketing Ethics

principles and standards that define acceptable marketing conduct as determined by the public, government regulators, private groups, competitors and the firm itself

Sustainability

programs designed to protect and preserve the natural environment

Customization

reminder notices, personal shoppers, promotes brand loyalty, very hard to imitate, can be expensive, takes time to devleop

Social Control

small group control based on groups norms and expectations

Stakeholder Orientation

the degree to which a firm understands and addresses stakeholder demands

Stakeholder Orientation

the degree to which a firm understands and addresses stakeholders demands

Zone of Toerlerance

the difference between the upper and lower level of possible customer expectations

Economic Responsibilities

the foundations upon all other responsibilities

The stakeholder orientation means

the organization generation of data about stakeholder groups and assessment of the firms effects on these groups, the distribution of information throughout the firm, and the organization of responsiveness as a whole to this intelligence

Marketing Implementation

the process of executing the marketing strategy by creating and performing specific actions that will ensure the achievement of the firm's marketing objectives

Strategic Philanthropy

the synergistic use of organizational core competencies and resources to address key stakeholders' interests anc achieve both organizational and social benefits.

Financial

using financial incentives, coupons, volume, easy to use, effective short term, easy to imitated and hard to end

Normative expecations

what ought to be, shopping comparisons, value judgements

Product Related Ethical Issues

when the firm fails to disclose risks associated with a product or information regarding the function, value, or use of a product.

Ethical Issue

an identifiable problem, situation, opportunity that requires an individual or organization to choose among several actions that must be evaluated as right or wrong, ethical or unethical.

The right marketing strategy is the one that

attracts and retains customers over the long term

Value

balances the five types of utility, is braoder in scope, takes into account everything in the marketing program,

Cultural Control

based on organizational norms and expectations

Evolution

because planning and implementation are intertwined, both must constantly evolve to fit each other