Chapter 3: Marketing Environment

Question 1

What is social responsibility?

Answer 1

• Corporate social responsibility is a business’s concern for society’s welfare. This concern is demonstrated by mangers who consider both the long term best interests of the company and the company’s relationship with the society within which it operates

Sustainability- refers to the idea that social responsible companies will outperform their peers by focusing on the worlds social problems, view them as opportunities to build profits and helping the world at the same time.

Question 2

Describe each of the CREST factors.

Answer 2

Competition
Regulations
Economics
Social
Technology

Question 3

Crest: Competition

Answer 3

How many competitors?
		How big are competitors?
		Specific strategies?
		How strong and aggressive?
		How interdependent is
the industry?

Question 4

crest: Regulations

Answer 4

Any federal, provincial, or self-regulation that is protecting the business or the consumer

Question 5

Crest: Economics

Answer 5

Cosumer’s income, inflation (decrease in the value of money), recession

Question 6

crest: social

Answer 6

Attitudes, values, lifestyle (demographics/age/race/ethnicity/location)

Question 7

crest” technology

Answer 7

New technology creates a long-term competitive advantage