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BUS 223

Chapter Eight Key Terms

TermDefinition
Marketing An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Four P's of marketing Product, price, promotion and placement
Prima Facie Two parties come together and freely agree to an exchange
Caveat Emptor Approach Buyer beware; the burden of risks of information shall be placed on the buyer. Every purchase involves the informed consent of the buyer and therefore it is assumed to be ethically legitimate.
Implied warranty of merchantability Implied assurances by a seller that a product is reasonably suitable for its purpose
Negligence Unintentional failure to exercise reasonable care not to harm other people. Negligence is considered to be one step below “reckless disregard” for harm to others and two steps below intentional harm.
Strict Liability Holds individual/business accountable for damages whether or not it was at fault. No matter how careful the business is in its product or service, if harm results from use, the individual or business is liable.
Stealth or undercover marketing Marketing campaigns that bare based on environments or activities where the subject is not aware that she or he is the target of a marketing campaign those situations where one is subject to directed commercial activity without knowledge or consent
Word-of-mouth marketing Efforts by companies to generate personal recommendations by users
Sustainable or green marketing Marketing or products on the basis of their environmentally friendly nature
Created by: 13rallie
 

 



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