Study MKTG 300: Chapter 3 Flash Cards

 
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MKTG 300: Chapter 3

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A defined group most likely to buy a firm’s product.
target market
The idea that socially responsible companies will outperform their peers by focusing on the world’s social problems and viewing them as opportunities to build profits and help the world at the same time.
sustainability
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
recession
A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm’s economic performance supports the entire structure.
pyramid of corporate social responsibility
A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas.
purchasing power
When all major ethnic groups in an area—such as a city, county, or census tract—are roughly equally represented.
multiculturalism
The rules people develop as a result of cultural values and norms.
morals
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
inflation
People born between 1979 and 1994.
Generation Y
People born between 1965 and 1978.
Generation X
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Food and Drug Administration (FDA)
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
Federal Trade Commission (FTC)
The moral principles or values that generally govern the conduct of an individual.
ethics
When a company implements strategies that attempt to shape the external environment within which it operates.
environmental management
The study of people’s vital statistics, such as their age, race and ethnicity, and location.
demography
Business’s concern for society’s welfare.
corporate social responsibility
A federal agency established to protect the health and safety of consumers in and around their homes.
Consumer Product Safety Commission (CPSC)
The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.
component lifestyles
A guideline to help marketing managers and other employees make better decisions.
code of ethics
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
basic research
People born between 1946 and 1964.
baby boomers
An attempt to develop new or improved products.
applied research
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