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Questions and Answers
What is corporate social responsibility?
Business's concern for society's welfare.
What is sustainability?
The idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
What is the pyramid of corporate social responsibility?
A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities.
What are ethics?
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What are morals?
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What is a code of ethics?
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What is a target market?
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What is environmental management?
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What are component lifestyles?
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What is demography?
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What is Generation Y?
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What is Generation X?
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What are baby boomers?
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What is multiculturalism?
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What is purchasing power?
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What is inflation?
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What is a recession?
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What is basic research?
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What is applied research?
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What is the Consumer Product Safety Commission (CPSC)?
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What is the Federal Trade Commission (FTC)?
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What is the Food and Drug Administration (FDA)?
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Study Notes
Corporate Social Responsibility
- Corporate social responsibility (CSR) reflects a business's concern for societal welfare, incorporating ethical, legal, philanthropic, and economic responsibilities.
- The pyramid of corporate social responsibility illustrates how economic performance supports the overall structure of societal obligations that businesses have.
Sustainability
- Sustainability emphasizes that socially responsible companies can excel by addressing social issues while also generating profits.
Ethics and Morals
- Ethics encompasses moral principles guiding individual conduct in business.
- Morals are the culturally influenced rules that govern behavior based on societal norms and values.
Decision-Making Guidelines
- A code of ethics serves as a framework to help marketing managers and employees make informed business decisions.
Target Market
- The target market is a specific demographic group identified as the most likely consumers of a product.
Environmental Management
- Environmental management refers to companies adopting strategies to influence their external operational environment.
Component Lifestyles
- Component lifestyles involve selecting goods and services that cater to diverse needs and interests rather than adhering to traditional consumer profiles.
Demography
- Demography is the analysis of vital statistics of populations, including age, race, ethnicity, and geographic location.
Generational Cohorts
- Generation Y includes individuals born from 1979 to 1994.
- Generation X refers to those born between 1965 and 1978.
- Baby Boomers are characterized as those born from 1946 to 1964.
Multiculturalism
- Multiculturalism occurs when all major ethnic groups in a locality are proportionately represented.
Economic Concepts
- Purchasing power assesses income against the cost of a standardized set of goods and services across various regions.
- Inflation is a measure indicating how much the value of money has diminished, expressed as a percentage reduction.
- A recession denotes a decline in economic activity that negatively affects demand for goods and services.
Research Types
- Basic research aims to validate existing theories or enhance understanding of concepts.
- Applied research focuses on developing or improving products.
Regulatory Agencies
- The Consumer Product Safety Commission (CPSC) is tasked with safeguarding consumer health and safety in domestic products.
- The Federal Trade Commission (FTC) works to eliminate unfair competitive practices in commerce.
- The Food and Drug Administration (FDA) enforces regulations on food and drug safety to prevent the sale of harmful products.
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Description
This quiz features flashcards based on Chapter 3 of Marketing, focusing on key terms related to corporate social responsibility and sustainability. Test your understanding of important concepts like the pyramid of corporate social responsibility and how businesses impact society. Perfect for marketing students looking to enhance their knowledge.