Exam #1 vocab

Question 1

Ethics

Answer 1

Moral principles or values

Question 2

business culture

Answer 2

rules, boundaries and behavior, ethics of exchange

Question 3

caveat emptor

Answer 3

legal concept, “let the buyer beware”

Question 4

consumer bill of rights

Answer 4

rights to safety, information, choice, to be heard

Question 5

economic espionage

Answer 5

collection or trade of info or secrets about competition

Question 6

corporate culture

Answer 6

values, ideas, attitudes shared among an organization

Question 7

code of ethics

Answer 7

formal statement of rules of conduct

Question 8

social responsability

Answer 8

people, plant, profit, long term growth

Question 9

sustainable marketing

Answer 9

meets need today without sacrificing the future

Question 10

green marketing

Answer 10

environmentally sensitive products

Question 11

cause marketing

Answer 11

firms charitable contributions tied to revenue

Question 12

social audit

Answer 12

Assessments of performance of social responsibility

Question 13

moral idealism

Answer 13

philosophy that considered certain individual rights or duties as universal

Question 14

utilitarianism

Answer 14

the philosophy that focuses on “the greatest good for the greatest number”, assesses the cost and benefit/consequences

Question 15

triple bottom line

Answer 15

the recognition that the organization must improve the state of people, planet, and profit if they are to achieve long term growth.

Question 16

sustainable development

Answer 16

conducting the business in a way that protects the natural environment

Question 17

subcultures

Answer 17

subgroups within larger groups

Question 18

customer socialization

Answer 18

process where people acquire the skills, knowledge and attitudes to function as customers

Question 19

evaluate criteria

Answer 19

represent both objective and subjective attributes of a brand, customer uses these to compare brands

Question 20

consideration set

Answer 20

brands a consumer would consider accepatble

Question 21

perceived risks

Answer 21

consumer can’t anticipate the negative outcomes but believes there may be negative consequences.

Question 22

involvement

Answer 22

personal, social, economic significance of the purchase to the consumer

Question 23

personality

Answer 23

persons consistent behavior

Question 24

self concept

Answer 24

how people see themselves

Question 25

perception

Answer 25

how a person selects, organizes, or interprets info