Marketing Chapter 3 Flashcards

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?

The moral principles or values that generally govern conduct of the individual. Signup and view all the answers

What are morals?

The rules people develop as a result of cultural values and norms. Signup and view all the answers

What is a code of ethics?

A guideline to help marketing managers and other employees make better decisions. Signup and view all the answers

What is a target market?

A defined group most likely to buy a firm's product. Signup and view all the answers

What is environmental management?

When a company implements strategies that attempt to shape the external environment within which it operates. Signup and view all the answers

What are component lifestyles?

The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single traditional style. Signup and view all the answers

What is demography?

The study of people's vital statistics, such as their age, race and ethnicity, and location. Signup and view all the answers

What is Generation Y?

People born between 1979 and 1994. Signup and view all the answers

What is Generation X?

People born between 1965 and 1978. Signup and view all the answers

What are baby boomers?

People born between 1946 and 1964. Signup and view all the answers

What is multiculturalism?

When all major ethnic groups in an area are roughly equally represented. Signup and view all the answers

What is purchasing power?

A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas. Signup and view all the answers

What is inflation?

A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. Signup and view all the answers

What is a recession?

A period of economic activity characterized by negative growth, which reduces demand for goods and services. Signup and view all the answers

What is basic research?

Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon. Signup and view all the answers

What is applied research?

An attempt to develop new or improved products. Signup and view all the answers

What is the Consumer Product Safety Commission (CPSC)?

A federal agency established to protect the health and safety of consumers in and around their homes. Signup and view all the answers

What is the Federal Trade Commission (FTC)?

A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce. Signup and view all the answers

What is the Food and Drug Administration (FDA)?

A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products. Signup and view all the answers

Study Notes

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.