Ch 2 Flashcards
Target Market
A group of people or organization for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Competition Bureau
The federal department charged with administrating most marketplace laws
Self-Regulation
Programs voluntarily adopted by business groups to regulate the activities of its members
Purchasing Power
A comparison of income versus the relative cost of a set of standard of goods and services in different geographic areas
Discretionary Income
The amount of money people have to spend on nonessential items
Inflation
A measure of the decrease in value of money, expressed as the percentage reduction in value since the previous year
Recession
A period of economic activity characterized by negative growth, which reduces demands for goods and services
Environmental Factors
Noncontrollable factors caused by natural disasters, which negatively or positively affect organizations
Component Lifestyles
Mode of living that involves choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle
Demography
The study of people’s vital statistics, such as their age, race, and ethnicity, and location
Generation Z
People born between 1995 and 2009
Generation Y
People born between 1979 and 2000
Generation X
People born between 1966 and 1978
Baby Boomers
People born between 1947 and 1965
Multiculturalism
Refers to the peaceful and equitable coexistence of different cultures, rather than one culture, in a country
Basic Research
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
Applied Research
An attempt by marketers to use research to develop new or improved products
Corporate Social Responsibility
A business’s concern for society’s welfare
Triple Bottom Line
A business philosophy seen as the pursuit of profit while also benefiting society and the environment
Social Acceleration
The concept of exponentially rapid growth starting with human desire for improved products, spurring competitive pursuit of market share, driving innovation and technology, resulting in higher standard of living, but with new socio-environmental problems
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
Green Marketing
The development and marketing of products designed to minimize negative effects on the physical environment
Ethics
The moral principles or values that generally govern the conduct of an individual or group
Morals
The rules people develop as a result of cultural values and norms
Code of Ethics
A guideline to help marketing managers and other employees make better decisions
