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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:

Boby Abraham on 2012-04-22

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Marketing300

Drexel