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