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MKTG 2P91 > Chapter 3 The Marketing Environment, Ethics and Social Responsibility > Flashcards

Chapter 3 The Marketing Environment, Ethics and Social Responsibility Flashcards

1
Q

Define External Audit (environmental scanning)

A

Focuses on identifying and evaluating trends and events beyond the control of a single firm
Revels key opportunities and threats confronting an orgnizations

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2
Q

Define Environmental Scanning

A

Collecting external marketing environment information to identify and interpret potential trends

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3
Q

Define 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

Define Strategic Alliance

A

Partnerships in which 2 or more partners combine resources and capital to create a competitive advantage in a new market

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5
Q

Define PESTLE Analysis (PEST Analysis)

A

Used to track/scan the market environment

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6
Q

Components of the PESTLE Analysis

A 
P for political
E for economic
S for social
T for technological
L for legal
E for environmental
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7
Q

Define Monopoly and provide an example

A

Market structure in which a single seller dominates trade in a good or service which buyers can find no close substitutes
Example: Some pharmaceutical firms have temporary monopolies because of patents on drugs (Advil)

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8
Q

Define Oligopoly and provide an example

A

Few number of sellers in an industry with high start-up costs that keep out new competitors
Example: Auto manufacturers - Ford, GMC, Chrysler

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9
Q

Types of Competition

A 
Direct
- Among marketers of similar products
- Example: Bell, Rogers, Fido, Telus
Indirect
- Involves new products that are easily substituted
- Example: Pizza, tacos, burgers, wings
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10
Q

Define Competitive Strategy

A

Methods through which a firm deals with its competitive environment

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11
Q

Define Time Based Competition

A

Strategy of developing and distributing goods more quickly than competitors

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12
Q

Define the Political/Legal Environment

A

Consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights

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13
Q

Define Competition Act

A

Comprehensive legislation administered by Industry Canada and designed to help both consumers and businesses by promoting a healthy competitive environment

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14
Q

Define Price Fixing (pricing issue)

A

Sellers collude to set prices higher than they would be in a free market

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15
Q

Define Bid Rigging (pricing issue)

A

Sellers collude to set prices with respect to one or more bids or quotations

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16
Q

Define Price Discriminations (pricing issue)

A

A sellers charges different prices for the same quantity and quality to 2 customers who are in competitions with each other

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17
Q

Define Predatory Pricing (pricing issue)

A

Seller set prices so low they deter competition from entering a market or with the intention to drive marketing

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18
Q

Define Double Ticketing (pricing issue)

A

An item has been ticketed with 2 prices (the lowest price must prevail although there are limits now to protect sellers)

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19
Q

Define Resale Price Maintenances (pricing issue)

A

Manufacturers or other channel members try to influence the price at which products are sold to subsequent buyers

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20
Q

Define Misleading Advertising (promotion issue)

A

Representations, in print or made orally, concerning a product are false or misleading

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21
Q

Define Referral Selling (promotion issue)

A

Price reductions or other inducements are offered to a customer for the names of other potential customers

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22
Q

Define Bait and Switch Selling (promotion issue)

A

Sellers attract customers with low prices but then offer another product at a higher price because they are unable to provide the originally promoted item

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23
Q

Define Tied Selling (promotion issue)

A

A seller requires a buyer to purchase another product or to refrain from purchasing a product from a specific manufacturer as a condition to getting the product they want

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24
Q

Define Refusal to Deal (distribution issue)

A

Sellers refuse to sell to legitimate buyers

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25
Q

Define Exclusive Dealing (distribution issue)

A

A seller refuses to sell to another channel member unless that customer agrees to buy only from that seller

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26
Q

Define Primary Selling (distribution issue)

A

Salespeople are paid to recruit additional salespeople, and each new sales person pays to “invest” in the scheme, with some of that investment going to earlier participants in the scheme

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27
Q

Importance of provincial laws

A

Focused on protection of buyers and sellers with respect to direct sales contracts

28
Q

Government Regulatory Agencies

A
  • Canadian Radio Television and Telecommunications Commission (CRTC)
  • National Energy Board
29
Q

Define Canadian Radio Television and Telecommunications Commission (CRTC)

A

Regulates and supervises all aspects of the Canadian broadcasting system

30
Q

Define National Energy Board

A

Regulates the construction and operation of interprovincial and international pipeline and power lines

31
Q

Define Economic Environment

A

Factors that influence consumer buying power and marketing strategies

32
Q

Define Gross Domestic Product (GDP)

A

Sum of all goods and services produced by a nation in a year

33
Q

Define Business Cycle

A

Pattern of stages in the level of economic activity

34
Q

Stages in the Business Cycle

A
  • Prosperity
  • Recession
  • Depression
  • Recovery
35
Q

Explain Prosperity

A

Consumer spending is brisk; growth in services sector

36
Q

Explain Recession

A

Consumers focus on basic, fundamental products

37
Q

Explain Depression

A

Consumer spending sinks to its lowest

38
Q

Explain Recovery

A

Consumer purchasing power increases

39
Q

Define Inflation

A

Devalues money by reducing the products it can buy through persistent price increases

40
Q

Impact of Deflation

A
  • A free fall in business profits
  • Lower returns on most investments
  • Widespread job layoffs
41
Q

Define Unemployment

A

Proportion of people in the economy who are actively seeking work but do not have jobs

42
Q

DefineDiscretionary Income

A

The amount of money people have to spend after buying necessity items

43
Q

Define Shortages

A

Result from lack of raw materials, component parts, energy and labour

44
Q

Define Demarketing

A

Reducing consumer demand for a good or service to a level that the firm can supply

45
Q

Technology leads to

A
  • New products
  • Improvement in existing products
  • Better customer service
  • Reduced prices
46
Q

Sources of technology

A
  • Industry
  • Educational institutions
  • Not for profit institutions
  • Federal government
47
Q

Value of technology

A

Marketers monitor new technology to gain a competitive edge and to enhance customer service

48
Q

Define Voice Over Internet Protocol (VOIP)

A

Alternative to traditional telecommunications services

49
Q

Define Internal Protocol Multimedia Subsystem (IMS)

A

Will offer new opportunities to marketers

50
Q

The Social/Cultural Environment

A

The relationship between the marketer; society and culture

51
Q

Define Consumerism

A

Social force within the environment that aids and protects the consumer by exerting legal, moral and economic pressures on the government and business

52
Q

Define Marketing Ethics

A

Marketers’ standards of conduct and moral values

53
Q

Ethics in Marketing Research

A

Consumers are concerned about privacy

54
Q

Ethics in Product Strategy

A

Product quality, obsolescence, brand similarity and packaging raise ethical issues

55
Q

Ethics in Distribution

A

Determining the appropriate degree of control over the distribution channel

56
Q

Ethics in Promotion

A

Truth in advertising

57
Q

Ethics in Pricing

A

Credit card companies, payday loan companies and health clubs often was a fine line between being ethical and unethical

58
Q

Ethics and Social Responsibility

A
  • Philanthropic
  • Ethical
  • Legal
  • Economic
59
Q

Philanthropic Factors

A
  • Be a good corporate citizen
  • Contribute resources to the community
  • Improve quality of life
60
Q

Ethical Factors

A
  • Be ethical

- Obligation to do what is right, just and fair

61
Q

Legal Factors

A
  • Obey the law
  • Law is society’s codification of right and wrong
  • Play by the rules of the game
62
Q

Economic Factors

A
  • Be profitable

- The foundation upon which all the others rest

63
Q

Define Ecology

A

Relationship between organisms and their natural environments

64
Q

Define Green Marketing

A

Production, promotion and reclamation of environmentally sensitive products

65
Q

Define Divestiture

A

Is selling a division of part of an organization and is often used to raise capital for further strategic acquisitions or investments

MKTG 2P91 (5 decks)

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