Chapter 3: Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

These flashcards cover key terms and concepts related to Chapter 3 of the marketing principles lecture, focusing on environmental factors, ethical behavior, and social responsibility in marketing.

Environmental Scanning

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

Social Forces

The demographic characteristics of the population and its culture.

Demographics

Statistical data relating to the population and particular groups within it.

Baby Boomers

The generation of 76 million children born between 1946 and 1964.

Generation X

The generation consisting of 55 million people born between 1965 and 1980, also called the baby bust.

Generation Y (Millennials)

The generation that includes 62 million Americans born between 1981 and 1996, also known as the echo-boom.

Generation Z

The post-millennial generation born between 1997 and 2010.

Multicultural Marketing

Marketing that reflects the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

Sustainable Marketing

Efforts to meet today’s economic, environmental, and social needs without compromising future generations.

Consumer Bill of Rights

An outline presented by President John F. Kennedy in 1962 that codified the ethics of exchange, including rights to safety, to be informed, to choose, and to be heard.

Economic Espionage

The clandestine collection of trade secrets or proprietary information about a company’s competitors.

Triple Bottom Line

The recognition that organizations need to improve the state of people, the planet, and profit simultaneously for sustainable growth.

Discretionary Income

The money that remains after paying for taxes and necessities.

Caveat Emptor

The legal concept of 'let the buyer beware' that was common in American business culture before the 1960s.

Self-Regulation

An alternative to government control where an industry attempts to police itself.

Corporate Culture

A set of values, ideas, and attitudes shared among members of an organization.

Utilitarianism

A personal moral philosophy focusing on the 'greatest good for the greatest number' by assessing the outcomes of ethical behavior.

Stakeholder Responsibility

Obligations to those who can affect the achievement of an organization's objectives.

Social Responsibility

The idea that organizations are part of a larger society and are accountable to that society for their actions.

Economics

The study of how people decide to use resources.

Technology

The inventions or innovations from applied science or engineering research.

Marketspace

An electronic exchange environment based primarily on information and communication technologies.