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Chapter 3 & 4
Exam 3
| Term | Definition |
|---|---|
| morals | the rules people develop as a result of cultural values and norms |
| code of ethics | a guideline to help marketing managers and other employees make better decisions |
| Foreign Corrupt Practices Act (FCPA) | a law that prohibits U.S. corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries |
| corporate social responsibility (CSR) | a business's concern for society's welfare |
| pyramid of CSR | model that suggests CSR is composed of economic, legal, ethical. and philanthropic responsibilities and that the firm's economic performance supports the entire structure |
| sustainability | the idea that socially responsible companies will outperform their peers by focusing on the world's social and environmental problems and viewing them as opportunities to build profits and help the world at the same time |
| green marketing | the development and marketing of products designed to minimize negative effects on the physical environment or to improve the enviornment |
| cause-related marketing | the cooperative marketing efforts between a for-profit firm and a nonprofit organization |
| environmental management | when a company implements strategies that attempt to shape the external environment within which it operates |
| component lifestyles | the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
| demography | the study of people's vital statistics, such as age, race and ethnicity, and location |
| generation Y | people born between 1979-1994 |
| generation X | people born between 1965-1978 |
| baby boomers | people born between 1946-1964 |
| purchasing power | a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas |
| inflation | a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
| recession | a period of economic activity characterized by negative growth, which reduces demand for goods and services |
| basic research | pure research that aims to confirm an existing theory or to learn more about a concept of phenomenom |
| applied research | research that attempts to develop new or improved products |
| Consumer Product Safety Commission (CPSC) | a federal agency established to protect the health and safety of consumers in an around their homes |
| Food and Drug Administration (FDA) | a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products |
| Federal Trade Commission (FTC) | a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
Created by:
bdavid16
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