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MK 498 Exam 3
| Term | Definition |
|---|---|
| ethics | Play a vital role in strategic planning process |
| social responsibility | Firm’s obligation to maximize its positive impact on society while minimizing its negative impact |
| philanthropic responsibilities | contribute resources to the community; improve quality of life |
| ethical responsibilities | obligations to do what is right, just, and fair; avoid harm |
| legal responsibilities | law is society's codification of right and wrong; play by the rules |
| economic responsibilities | foundation upon which all other responsibilities rest |
| sustainability | Programs designed to protect and preserve the natural environment |
| green marketing | Creating long-term customer relationships while also maintaining, supporting, and enhancing the natural environment |
| greenwashing | Misleading consumers about the eco-friendly nature of products |
| marketing ethics | Principles and standards that define acceptable marketing conduct |
| standards of conduct | Firms and individuals must accept responsibility and comply with established value systems |
| laws | Most basic ethical standards have been codified as ? |
| product related ethical issues | Failure to disclose risks, product design, and counterfeit products |
| pricing related ethical issues | Price discrimination, price fixing, predatory pricing, and superficial discounting |
| supply chain related ethical issues | Labor issues, raw material sources, and quality control |
| promotion related ethical issues | False or misleading communication, ambiguous statements, bribery, and direct marketing fraud |
| sales | Employees in ? positions hold key responsibility for ethical behavior |
| code of conduct/ethics | Formal statement that describes what firms expect of their employees |
| Less expensive Practical and realistic guidelines Reduced need to expand government bureaucracy | benefits of self-regulation |
| Non-member firms are not obligated to follow guidelines Most associations lack necessary tools to enforce guidelines Less strict than government regulations | limitations of self-regulation |
| methods of implementation of code of ethics | Integrating code into daily decision making Periodically revising code to eliminate possible weaknesses |
| ethical climate | Requires firms to incorporate interest of all stakeholders in actions and decisions |
| stakeholder orientation | Degree to which firms understand and address stakeholder demands |
| interdependency | Implementation depends on strategy and strategy depends on implementation |
| evolution | Planning and implementation must evolve over time because environmental factors constantly change |
| separation | Planning is often done at the top of the organizational hierarchy, and implementation occurs at the firm’s frontline |
| external customers | Customers who visit stores |
| internal customers | Employees who work in stores |
| formal controls | Initiated by management |
| informal controls | Unwritten control activities initiated by employees |
| customer relationship management (CRM) | Business philosophy aimed at defining and increasing customer value in ways that promote brand loyalty |
| relationship capital | key asset that stems from value generated by the trust, commitment, cooperation, and interdependence among relationship partners |
| goal of developing relationships in consumer markets | Move consumers through levels of increasing relationship intensity |
| avocates | Customers will reach a point where they become ? for firms and their products |
| 20% of customers provide 80% of business profits | 80/20 rule |
| quality | Relative term referring to degree of superiority of firm’s goods or services |
| core product | Firm’s justification for existence Satisfies basic customer need |
| supplemental product | Extra features added to enhance total product experience, but not crucial to product function |
| symbolic or experiential attributes | Usually based on image, prestige, or branding |
| fire | if customers are costing companies money, they can ? them |
| awareness, initial purchase, repeat customer, client, community, advocacy | stages of customer development |
| benefits over cost | formula for value |
| Time, effort, risk, and opportunity costs | nonmonetary costs |
| zone of tolerance | Difference between upper and lower end of the range of possible customer expectations (desired expectations-minimum expectations) |
| width of zone | Degree which customers recognize and are willing to accept variability in performance |
| Customer delight, Customer satisfaction, Customer dissatisfaction | three potential outcomes of zone of tolerance |
| Customer delight | Performance exceeds desired expectations |
| Customer satisfaction | Performance falls within the zone |
| Customer dissatisfaction | Performance falls below adequate expectations |
| Lifetime Value of a Customer (LTV) | one new metric of customer satisfaction measurement |
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