Sustainable Marketing

Question 1

Planned Obsolescence

Answer 1

A manufacturing decision by a company to make consumer products in such a way that they become out-of-date or useless within a known time period.

Question 2

Robinson-Patman Act

Answer 2

A federal law passed in 1936 to outlaw price discrimination

Question 3

Deficient Product

Answer 3

Products that have neither immediate appeal nor long-run benefits

Question 4

Salutary Products

Answer 4

Products that have low immediate appeal but may benefit customers in the long run

Question 5

Federal Trade Commission

Answer 5

An independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws.

Question 6

Consumerism

Answer 6

An organized movement of citizens and government agencies designed to improve the rights and power of buyers in relation to sellers

Question 7

Environmentalism

Answer 7

An organized movement of citizens and government agencies designed to protect and improve people’s current and future living environment

Question 8

Green Marketing

Answer 8

Marketing products and services based on environmental factors or awareness.

Question 9

Sustainable Marketing

Answer 9

Socially and environmentally responsible marketing that meets the present needs of customers and businesses while also preserving or enhancing the ability of future generations to meet their needs

Question 10

Enlightened Marketing

Answer 10

Enlightened Marketing is based on the philosophy that a company should make good marketing decisions by considering some of the long term factors in mind. Those factors should support the best long-run performance of the marketing system. Some of those factors are consumers’ wants, the company’s requirements, and society’s long-term interests. Essentially Enlightened Marketing is broken down into five principles:

1. Consumer-Oriented Marketing: The consumer’s point of view is of utmost importance
2. Innovative Marketing: A company should constantly seek real product and marketing improvements
3. Value Marketing: A company should invest mostly into value-building marketing investments
4. Sense-of-Mission Marketing: A company should define its mission in broad social terms
5. Societal Marketing: A company should make marketing decisions by considering consumers’ wants the company’s requirements, consumers’ long-run interests, and society’s long-run interests

Question 11

Societal Marketing

Answer 11

A principle of sustainable marketing that holds a company should make marketing decisions by considering consumers’ wants, company’s requirements, consumer’s long run interests, and society’s long run interests.