Questions and Answers
What is the likely outcome when a customer buys a product based solely on marketing rather than the product itself?
What is the purpose of continually evaluating consumers' likes, dislikes, and unmet needs?
What is the result of increased sales volume and competition?
What is a code of ethics in a business setting?
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What is the term for concern about the consequences of actions on others?
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What is international trade?
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What federal law protects small businesses from unfair pricing practices?
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What is an organized effort to influence a company by refusing to purchase its products called?
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What percentage of the price of the product is the average cost of marketing?
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What is the primary goal of businesses that use the marketing concept?
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What is the term for moral principles or values based on honesty and fairness?
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What type of marketing involves environmentally friendly production processes?
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Study Notes
Marketing and Consumerism
- A customer who buys a product based solely on marketing is likely to be dissatisfied with the product.
- Standard of Living measures the quality of life for a country's citizens.
Business Practices
- Continually evaluating consumers' likes, dislikes, and unmet needs leads to improvements in products and services, development of new products, and increased choices.
- Social responsibility in businesses is increasing due to consumerism, government regulations, and improved business practices.
Consumer Protection
- Concern about the consequences of actions on others is called Social Responsibility.
- A code of ethics is a set of standards or rules that guide ethical businesses.
- The Better Business Bureau (BBB) is a consumer protection organization sponsored by businesses.
Marketing and Ethics
- A boycott is an organized effort to influence a company by refusing to purchase its products.
- The average cost of marketing is about 50% of the price of the product.
- Businesses that use the marketing concept identify and understand their customers, care about customer needs, and benefit from marketing.
- Senior citizens are especially vulnerable to unethical business practices.
- Agreeing to a code of ethics encourages responsible behavior in business.
Government Regulations
- The Federal Trade Commission (FTC) protects small businesses from unfair pricing practices through the Robinson-Patman Act.
- Federal laws to improve business practices and protect consumers have been in existence since 1960.
Ethics and Responsibility
- Ethics is based on moral principles or values of honesty and fairness.
- Individuals acting alone can usually be effective in influencing the activities of businesses.
- Business practices environmentally friendly production processes use Green marketing.
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Description
Test your understanding of marketing concepts, including consumer behavior and decision-making processes.
