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Marketing300
Drexel
| Question | Answer |
|---|---|
| Ethics | Moral Principle & values that govern the actions & decisions of an individual or group. Serves as guidelines on how to act rightly and justly with dilemmas. |
| Personal moral philosophy & ethical behavior | Social culture & norms, Business culture and industry practices, Corporate Culture & expectations |
| caveat emptor | Prior to the 1960s, most American business culture believed in the legal concept of caveat emptor, or “let the buyer beware.” |
| Consumer Bill of Rights | In 1962, President John F. Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers. |
| The Federal Trade Commission (FTC) | The Federal Trade Commission (FTC) oversees the claims made by advertising agencies. |
| The Consumer Bill of Rights | The Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers included the right to safety, to be informed, to choose and to be heard. |
| Economic espionage | The clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Bribes & Kickbacks | Bribes (when money is paid before an exchange occurs) or kickbacks (when money is paid after an exchange occurs) is considered unethical behavior in American business culture. Often disguised as gifts, consultant fees, and favors. |
| Code of Ethics | Formal statement of ethical principles and rules of conduct. |
| Whistle-blowers | Employees who have refused to engage in unethical behavior have been punished or received a diminished status in the firm. |
| Moral idealism | A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. |
| Utilitarianism | A personal moral philosophy that focuses on “the greatest good for the greatest number,” by assessing the costs and benefits of the consequences of ethical behavior.If the benefits exceed the costs, then the behavior is ethical. |
| Social responsibility means that | Organizations are part of a larger society and are accountable to that society for their actions. |
| Profit Responsibility | Companies have a simple duty—to maximize profits for their owners or stockholders. |
| Profiteering | A company makes excessive profits usually by taking advantage of a shortage of supply to charge extremely high prices. |
| Stakeholder Responsibility | The obligations an organization has to those who can affect achievement of its objectives (consumers, employees, suppliers, and distributors) and arose out of criticism of the profit responsibility view. |
| Societal Responsibility | The obligations that organizations have (1) to the preservation of the ecological environment and (2) to the general public. |
| Green marketing | Marketing efforts to produce, promote, and reclaim environmentally sensitive products. |
| Cause marketing | The charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. |
| Social Audit | A systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility. |
| Sustainable development | Conducting business in a way that protects the natural environment while making economic progress. |
| Stategic Business Unit (SBU) | A profit making area that focuses on a combination of product offer and market segment, requiring its own marketing plan, competitor analysis, and marketing campaign. |
| Mission Statement | Statement of Organization's scope, often identifying its customers, markets, products, technology, and values. |
| Good Mission Statements contain? | Limited number of goals, stress major policies & values, & competitive scopes |
| Organization Culture | Set of values, ideas, & attitudes that is learned and shared among the members of a organization. |
| Goals/Objectives | These convert the mission into targeted levels of performance to be achieved often by a specific time. |
| Profit | The money left over after a firm's total expenses are subtracted from its total sales. The reward to a business firm for the risk it undertakes in offering a product for sale. |
| Market Share | The Ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself |
| Dogs | Companies that make enough sales to cover costs, but typically will not grow. |
| Question Marks | Companies that have a chance to grow to improve or decline as a company. |
| Cash Cows | Companies that are making profits and have a better chance to improve than dogs. |
| Strategic-Planning Gap | Getting your current portfolio to it's desired sales-----Current Portforlio-Intensive Growth-Integrative Growth-Diversification Growth-Desired Sale |
| Market Penetration | Existing Products meets existing markets |
| Product Development | Existing Markets meets New Products |
| Market Development | Existing Products meets New Markets |
| Diversification | New Products for New Markets |
| Strategic Marketing Process | The approach whereby an organization allocates its marketing mix resources to reach it targets |
| SWOT Analysis | Strengths, Weaknesses, Opportunities, Threats |
| Social Forces | Anything in society capable of causing change. In marketing it involves demographic characteristics of the population and its values. |
| Demographics | Characteristics of a population such as age, gender, ethnicity, income, occupation, etc. |
Created by:
bja34
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