 | Term | Definition |
| |
corporate social responsibility |
a business' concern for society's welfare |
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sustainability |
idea that socially responsible companies will outperform their peers by focusing on world's social problems & viewing them as opportunities to build profits & help work at same time |
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pyramid of social responsibility |
consists of four components: economic, legal, ethical, & philanthropic, with economic as the base of the others |
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ethics |
the moral principles or values that generally govern the conduct of an individual or a group |
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morals |
the rules people develop as a result of cultural values & norms |
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code of ethics |
a guideline to help marketing managers & employees make better decisions |
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target market |
a defined group most likely to buy a firm's product |
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environmental management |
when a company implements strategies that attempt to shape the external environment w/in which it operates |
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component lifestyles |
practice of choosing good & services that meet one's diverse needs & interests rather than conforming to a single, traditional lifestyle |
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demography |
the study of people's vital statistics, such as their age, race & ethnicity, and location |
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generation Y |
people born 1979-1994 |
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generation X |
people born 1965-1978 |
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baby boomers |
people born 1946-1964, largest demographic segment of the population |
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multiculturalism |
when all major ethnic groups in an area-- such as a city, county, or census tract-- are roughly equally represented |
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3 economic areas of greatest concern to marketers |
consumers' incomes, inflation, recession |
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purchasing power |
a comparison of income versus the relative cost of a set standard of goods & services in diff geographic areas |
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inflation |
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous yr |
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recession |
a period of economic activity characterized by negative growth, which reduces demand for goods & services |
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basic research |
pure research that aims to confirm an existing theory or to learn more a/b a concept/phenomenon |
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applied research |
an attempt to develop new/improved products |
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food & drug administration (FDA) |
a federal agency charged w/ enforcing regulations against selling & distributing adulterated, misbranded, or hazardous food & drug products |
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consumer product safety commission (CPSC) |
a federal agency established to protect the health & safety of consumers in & around their homes |
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federal trade commission (FTC) |
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
