Ch. 2 Marketing Environment, Social Responsibility, and Ethics Flashcards
Target Market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group
Competition Bureau
the federal department charged with administering most marketplace laws
Self-regulation
programs voluntarily adopted by business groups to regulate the activities of their members
Purchasing Power
a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
Discretionary Income
the amount of money people have to spend on nonessential items
Disposable Income
the amount of money people have to spend after taxes
Gross Income
the amount of money people earn before taxes and expenses
Inflation
a measure of the decrease in the 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 demand for goods and services
Environmental Factors
noncontrollable factors caused by natural disasters, which negatively or positively affect organizations
Component Lifestyle
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
Multiculturalism
the peaceful and equitable coexistence of different cultures, rather than one national 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 (CSR)
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, and resulting in a higher standard of living, but with new socioenvironmental 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 company’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 a 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
