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MKTG 308 - Exam 1 - Chapter 3

Terms

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Morals
The rules people develop as a result of cultural values and norms
Work Ethic
Value held that hard work, dedication to family and frugality were moral and right
Sustainability
The idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
Factors within the external environment
Social, Demographic, Economic, Technological, Political and Legal and Competitive
Consumer Safety Product Commission (CPSC)
A federal agency established to protect health and safety of consumers in and around their homes
Federal Trade Commission (FTC)
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
Code of Ethics
A guideline to help marketing managers and other employees make better decisions
Corporate Social Responsibility
A business's concern for society's welfare.
Levels of Ethical Development
Pre-conventional morality; conventional morality; post-conventional morality
Environmental Management
Occurs when a company implements strategies that attempt to shape the external environment within which they operate.
Conformity
Value held that no one should expect to be treated differently from everyone else
Basic Research
Also called pure research, attempts to expand the frontiers of knowledge but is not aimed at a specific, pragmatic problem. Aims to confirm an existing theory or to learn more about a concept or phenomenon.
Value
Strongly held and enduring belief
Demography
The study of people's vital statistics such as their age, race and ethnicity and location
FDA (Food and Drug Administration)
Strengthened by the Food, drug and Cosmetic Act ad the Kefauver-Harris Drug Amendment Act. Federal agency charged with enforcing regulations against selling and distributing adulterated, misbranding or hazardous food and drug products.
Recession
A period of economic activity characterized by negative growth, which reduces demand for goods and services
Multiculturalism
Occurs when all major ethnic groups in an area such as a city, county, or census tract, are roughly equally represented
Federal Trade Commission Act
Created the Federal Trade Commission to deal with anti trust matters outlaws unfair methods of competition in commerce
Conventional Morality
Level of ethical development that moves from an egocentric viewpoint toward the expectations of society. Loyalty and obedience in the organization (or society) become paramount.
Marketing Strategies for Recession
Improve existing products and introduce new ones, Maintain and expand customer services, Emphasize top of the line products and promote product value
Post-conventional Morality
Level of ethical development that represents the morality of the mature adult. At this level, people are more concerned about how other might see them and how they see and judge themselves over the long run.
Self Sufficiency
Value held that every person should stand on his or her own two feet
RSS (Really Simple Syndication).
Enables automated, seamless delivery of updated news content or marketing message to blog sites or mobile phones.
Tweens
Persons ages 8 to 14.
Pyramid of Corporate Social Responsibility
A model that suggests corporate social responsibility is composed of economic, legal, ethical and philanthropic responsibilities and that the firm's economic performance supports the entire structure.
Baby Boomers
People born between 1946 and 1964
Generation X
People born between 1965 and 1978
Cost of Living Index
Takes into consideration housing, food and groceries, transportation, utilities, health care and miscellaneous expenses such as clothing, services and entertainment
Competitive Factors
Term that encompasses the number of competitors a firm must face, the relative size of competitors and the degree of interdependence within the industry
Purchasing Power
A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas, usually called cost of living. The result of income minus cost of loving (i.e. expenses)
Generation Y
People born between 1979 and 1994
Applied Research
Attempts to develop new or improved products.
Factors affecting Ethical decision making and judgments
Top management actions on ethics, Potential magnitude of the consequences, Social consensus, Probability of a harmful outcome, Length of time between the actions and the onset of consequences, Number of people to be affected
Components of total corporate responsibility
Economic, legal, ethical and philanthropic
Health Insurance Portability and Accountability Act
Limits disclosure of individuals' medical information and imposes penalties on organizations that violate privacy rules.
Ethics
The moral principles or values that generally govern the conduct of an individual or a group
Inflation
A measure of the decrease in the value of money since the previous year
Pre-conventional Morality
The most basic level of ethical development; is childlike, calculating, self-centered and even selfish, based on what will be immediately punished or rewarded.
Upward Mobility
Value held success would come to anyone who got an education, worked hard and played by the rules
Education
The primary determinant of a person's earning potential

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