MKT 301 -JSU - Chapter 1

Week 1 - Overview of Marketing and Marketing Ethics

Marketing

An organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

SDG’s

According to the United Nations, __________ are “an urgent call for action by all countries- developed and developing- in global partnerships”

17

There are a total of ______ Sustainable Development Goals (SDG’s).

SDG

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all is an example of a ________.

SDG

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all is an example of a _______.

marketing environment

Competition, societal changes, economic uncertainty, technological disruption, evolving customer demand, and regulation are factors of the ______ ________.

accounting

The _______ function of the firm is tasked with accurately and properly keeping track of the firms income’s and expenditures.

financial

The ____ function of the firm is responsible for accurately forecasting the future financial inflows and outflows of the firm.

HR (Human Resources)

__________ is responsible for attracting, onboarding, and maintaining employees that work for the firm.

operations/technology

The ____________ work to produce or facilitate a firm’s products or services.

fuel

Marketing is the _______ that keeps all the functional areas going.

needs and wants of the firms customers

What do marketers focus on first?

marketing strategy

The set of actions taken to accomplish an organizations marketing objectives

strategic planning

The process of thoughtfully defining a firms objectives and developing a plan for achieving those objectives.

marketing mix

The foundation of modern marketing; a combination of activities related to the product, price, place, and promotion that represent areas a firm can adjust to influence demand for its good, service, or idea.

The 4 P’s of Marketing

Product, price, place and promotion are referred to as what?

Marketing manager

Responsible for short and long term marketing operations

Z

Those born in mid 1990’s and on are referred to as Gen ______.

SDG

Build resilient infrastructure, promote sutaible and sustainable industrialization, and foster innovation is a ________.

SDG

Promote peaceful and inclusive societies for sustainable development, provide access to justice for all, and build effective, accountable and inclusive institutions at all levels is a ______.

ethics

Moral standards expected by society are known as ______.

bias

Marketing must avoid _____, especially when using AI.

American Marketing Association

What is the AMA?

AMA / American Marketing Association

The _______ is the leading organization for promoting and advancing marketing thought.

Honesty, responsibility, equity, transparency, citizenship

What are the 5 core values that the AMA believes are the most important?

Honesty

To be forthright in dealings with customers and stakeholders

Responsibility

Accept the consequences of marketing decisions and strategies

Equity

Build a diverse marketing workforce and support inclusive marketing practices by valuing and embracing individual, cultural, and ethnic differences

Transparency

Create a spirit of openness in marketing operations

Citizenship

To fulfill the economic, legal, philanthropic, and societal responsibilities that serve stakeholders

one (1)

Determine the facts in an unbiased manner is step _ of the ethical decision making framework.

two (2)

Identify the ethical issue at hand is step _ of the ethical decision making framework.

three (3)

Identify the stakeholders impacted by the decision is step _ of the ethical decision making framework.

four (4)

Consider all available alternatives is step _ of the ethical decision making framework.

five (5)

Consider how the decision will affect stakeholders is step _ of the ethical decision making framework.

six (6)

Discuss the pending decision with stakeholders is step _ of the ethical decision making framework.

seven (7)

Make the decision is step _ of the ethical decision making framework.

eight (8)

There are _ steps in the ethical decision making framework.

eight (8)

Monitor and access the quality of the decision is step _ of the ethical decision making framework.

Diversity, Equity and Inclusion

What does DEI stand for?

Diversity

_______ provides an opportunity to learn form others who’s experiences and lives are different from our own.

Equity

_______ provides an opportunity to realize that, despite our differences, we should all deserve equal treatment.

Inclusion

_______ means fostering a community of people where we can break down silos and, instead, develop connections and collaborations that can build successful communities.

Corporate Social Responsibility (CSR)

___________ refers to an organizations obligations to maximize its positive impact and minimize its negative impact on society.

Success

_______ begins with the quality of the relationships that a company develops with its customers and stakeholders.

Economic, Legal, Ethical, and Philanthropic

What are the 4 dimensions to CSR that companies must consider to reach all the people affected by their business practices?

Corporate philanthropy

____ _______ is the act of an organizations voluntarily donating some of their profits or resources to charitable causes.

Sustainable marketing

The process of creating, communicating, and delivering value to customers through the preservation and protection of the natural systems that provide the natural resources upon which our society and economy depend.

green

Sustainable marketing is also called ___________ marketing.

3 levels of sustainable marketing

tactical greening, quasi-strategic greening, and strategic greening are what?

tactical greening

Implementing limited change within an area of an organization

quasi-strategic greening

Involves more substantive actions in marketing strategy, such as purchasing or advertising

strategic greening

Requires a holistic approach that integrates and coordinates all the firm’s activities on environmental issues across every functional area.

five (5)

There are ___ types of environmental marketing strategies.

beyond compliance leadership

An environmental marketing strategy that focuses on communicating to stakeholders the companies attempts to adopt environmentally friendly practices

environmental

Eco-efficient, beyond compliance leadership, eco-branding, environmental cost leadership, and sustainable value innovation are the five (5) types of ___________ marketing strategies.

eco-efficiency

An environmental marketing strategy that involves identifying environmental friendly practices that also have the effect of creating cost savings and driving efficiencies throughout the organization.

eco-branding

An environmental marketing strategy that focuses on creating a credible green brand. For this to be effective, consumers must recognize a noticeable benefit from their purchase.

environmental cost leadership

An environmental marketing strategy in which firms seek a price premium for their environmentally friendly products.

sustainable value innovation

An environmental marketing strategy that entails reshaping the industry through the creation of differential value for consumer and through making contributions to society in the form of both reduced costs and reduced environmental impact.

planned obsolescence

A marketing criticism where companies frequently come out with new models of a product that make existing models obsolete. I can also involve limiting the products lifespan rather than the products availability.