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Buss. Environment 13
Business Environment Chapter 13
| Term | Definition |
|---|---|
| Accurate information | Information that communicates truths without gross exaggeration or innuendo |
| Ad creep | The increasing abundance of advertising in every facet of life |
| Adequate information | Information complete enough to let consumers make the best choice among the options available |
| Age compression | A phenomenon also referred to as “kids getting older younger,” in which marketers target younger children with products once meant for older children or teenagers |
| Ambient advertising | Advertising located in nontraditional places, such as school buses, textbooks, etc. |
| Ambiguous advertising | Advertising in which something about a product or service is not made clear because it is stated in a way that may mean several different things |
| Clear information | Information that is direct and straightforward and does not rely on deception or manipulation |
| Co-opted self-regulation | A form of business self-regulation of advertising, in which the industry, on its own volition, involves non-industry people such consumer representatives in the development, application, and enforcement of norms |
| Comparative advertising | The practice of directly comparing a firm’s product with the product of a competitor |
| Concealed facts | A form of deceptive advertising referring to the practice of not telling the whole truth or deliberately not communicating information the consumer ought to have access to in making an informed choice |
| Consumer Financial Protection Agency (CFPA) | A new agency created in May 2010 to write and enforce rules protecting consumers of financial products |
| Consumer’s Magna Carta | Four basic consumer rights spelled out by President John F. Kennedy in his “Special Message on Protecting the Consumer Interest,” consisting of the right to safety, the right to be informed, the right to choose, and the right to be heard |
| Consumerism | A social movement seeking to augment the rights and powers of buyers in relation to sellers |
| Credit Card Act of 2009 | A law intended to protect consumers against a number of practices of credit card companies, such as interest rate increases, difficult-to-understand terms, and fees; effects of law are as yet unclear |
| Customer relationship management (CRM) | The ability of an organization to effectively identify, acquire, foster, and retain loyal profitable customers; an important mantra of marketing |
| Exaggerated claims | A form of deceptive advertising in which a claim is made about a product that cannot be substantiated by any kind of evidence |
| Express warranty | A warranty explicitly offered at the time of sale, ranging from advertising claims to formal certificates; may be oral or written |
| Extended warranty | A service plan that lengthens the warranty period of a product at an additional cost; an issue of increasing ethical concern |
| Full warranty | A warranty covering every aspect of a product and all forms of defect |
| Implied warranty | An unspoken promise between business and consumer that there is nothing significantly wrong with a product and that a product can be used for the purposes intended |
| Limited warranty | A warranty covering only certain parts of the product or certain types of defect |
| Mandated self-regulation | A form of business self-regulation of advertising, in which the industry is ordered or designated by the government to develop, use, and enforce norms, whether alone or in concert with other bodies |
| Negotiated self-regulation | A form of business self-regulation of advertising, in which the industry voluntarily negotiates the development, use, and enforcement of norms with some outside body, such as a government department or consumer association |
| Plot placement | A variation of product placement, in which sponsors have paid to make their products integrated into the plotline of a movie or TV show |
| Product information | A major area of issue in the business-consumer relationship, information about a product as expressed in any number of ways, such as advertising, warranties, packaging, and labeling |
| Product placement | The practice of embedding products in movies and TV shows |
| Psychological appeals | A form of deceptive advertising designed to persuade on the basis of emotions and emotional needs rather than reason |
| Puffery | The use of general superlatives in making exaggerated claims; e.g., Budweiser is the “king of beers” |
| Pure self-regulation | A form of business self-regulation of advertising, in which the industry (one’s peers) controls advertising |
| Right to be heard | The right of consumers to communicate to businesses their desires and grievances |
| Right to be informed | Linked to marketing and advertising, a consumer’s right to know about a product, its use, and the cautions to be exercised while using it |
| Right to choose | A consumer right concerning the assurance that competition is working effectively and choices are available |
| Right to safety | A consumer right concerning many products, such as foods, drugs, and automobiles, that are dangerous |
| Self-discipline | A form of business self-regulation of advertising, in which the firm itself controls its own advertising |
| Self-regulation | The control of business conduct and performance by the business itself or business associations, rather than by government or market forces |
| Warranties | A mechanism used by manufacturers to limit the amount of time they are responsible for a product, and to protect buyers against faulty or defective products |
| Weasel words | Words or phrases used in advertising, such as “help,” “like,” or “up to,” that are inherently vague and allow a company to claim it is not misleading a consumer |
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poolguy84
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