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MKT 251 - Intro to Marketing > Chapter 3 - The Marketing Environment, Ethics, and Social Responsibility > Flashcards

Chapter 3 - The Marketing Environment, Ethics, and Social Responsibility Flashcards

1
Q

Environmental Scanning

A
  • The process of collecting information about the external marketing environment to identify and interpret potential trends
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2
Q

Consumer Product Safety Commission (CPSC)

A
  • Responsible for keeping unsafe products out of the US marketplace
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3
Q

Environmental Management

A
  • Attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social-cultural environments
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4
Q

Strategic Alliances

A
  • Partnership in which two or more companies combine resources and capital to create competitive advantages in a new market
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5
Q

Competitive Environment

A
  • Interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the customer’s purchasing power
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6
Q

Monopoly

A
  • Market structure in which a single seller dominates trade in a good or service for which buyers can find no close sustitutes
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7
Q

Antitrust

A
  • Laws designed to prevent restraints on trade such as business monopolies
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8
Q

Oligopoly

A
  • Market structure in which relatively few sellers compete and where high start-up costs form barriers to keep out new competitors
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9
Q

Types of Competition

A
  • Direct - among marketers of similar products
  • Indirect - products that are easily substituted
  • All - competition over the limited amount of dollars consumers will spend
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10
Q

Competitive Strategy

A
  • Methods through which a firm deals with its competitive environment
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11
Q

Time-Based Competition

A
  • Strategy of developing and distributing goods and services more quickly than competitors
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12
Q

Political-Legal Environment

A
  • Component of the marketing environment consisting of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights
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13
Q

Phases of US Government Regulation

A
  • Anti-monopoly Period - antitrust legislation
  • Protecting Competitors - small firms wanting legal protection
  • Consumer Protection - underlies most laws
  • Industry Deregulation - increase competition in certain areas
  • Cyberspace - regulating the internet
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14
Q

FTC

A
  • The most powerful federal agency
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15
Q

Gross Domestic Profit

A
  • Sum of all goods and services produced by a nation in a year
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16
Q

Economic Environment

A
  • Factors that influence customer buying power and marketing strategies including: stage of the business cycle, inflation and deflation, unemployment, income, and resource availability
17
Q

Stages of the Business Cycle

A
  • Prosperity
  • Recession
  • Depression
  • Recovery
18
Q

Business Cycle

A
  • Patter of stages in the level of economic activity: prosperity, recession, depression, and recovery
19
Q

Inflation

A
  • Rising prices caused by some combination of excess consumer demand and increases in the costs of one or more factors of production
20
Q

Unemployment

A
  • Proportion of people in the economy actively seeking work that do not have jobs
21
Q

Discretionary Income

A
  • Money available to spend after buying necessities such as food, clothing, and housing
22
Q

Demarketing

A
  • Reducing consumer demand for a good or service to a level that the firm can supply
23
Q

Technological Environment

A
  • Application to the marketing of knowledge based on discoveries in science, inventions, and innovations
24
Q

VoIP - Voice over Internet Protocol

A
  • A phone connection through a personal computer with any type of broadband internet connection
25
Q

Social-Cultural Environment

A
  • Component of the marketing environment consisting of the relationship between the marketer, society, and culture
26
Q

Consumerism

A
  • Social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on businesses and government
27
Q

Consumer Rights

A
  • List of consumer expectations suggested by JFK

- Right to choose freely, right to be informed, right to be heard, right to be safe

28
Q

Marketing Ethics

A
  • Marketers’ standards of conduct in moral values such as marketing research, product strategy, distribution, promotion, and pricing
29
Q

Social Responsibility

A
  • Marketing philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as a primary objective
30
Q

Green Marketing

A
  • Production, promotion, and reclamation of environmentally sensitive products

MKT 251 - Intro to Marketing (10 decks)

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