MKT 381, Chapter 3 & 4

Corporate social responsibility is defined as the

business’s concern for society’s welfare

According to the lecture, which of the following social factors has changed the way marketing is carried out?

The growing use of social media

Which of the following statements about Generation X is true?

Members of Generation X are the first generation of latchkey kids

The CAN-SPAM Act:

prohibits commercial e-mailers from using false addresses and presenting false or misleading information

Baby boomers can be defined as

the generation of children born between 1946 and 1964

Generally, the U.S. population is becoming

larger, older, and more diverse.

_______ is a period of economic activity characterized by negative growth

Recession

The _______ is a federal regulatory agency that seeks out and challenges anti-competitive conduct in the marketplace, including monopolization and agreements between competitors.

Federal Trade Comission

What is Environmental Scanning

continual collection and evaluation of environmental information to identify market opportunities and threats

Unless managers understand the __________, the firm cannot intelligently create a marketing plan

external environment

What are the 6 Key Marketing Environmental Factors

Social, Demographic, Economic, Tech & Innovation, Political & Legal, and Competitive

Define Social Factors

changes in a society’s attitudes, values, and lifestyle influences

How have Social Factors Impact Marketing

social media impacting marketing and opinion sharing, etc

Define Demographic Factors

study of people’s vital statistics, such as age, race, gender, and location

1946 — 1964

Baby Boomer

Millenials

1981 — 1996

1965 — 1980

Generation X

Generation Z

1997 — 2012

Generation Alpha

2013 — 2025

_____ is the determinant of a person’s earning potential

Education

How do you determine purchasing power?

(given salary/living index) (100)

Define Inflation

measure of the decrease in value of money expressed as a percentage reduction in value

How have technological factors effected Marketing?

adoption of new technology can improve efficiency, new product development, and can render old products obsolete

Define Basic Research

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

Define Applied Research

research that attempts to develop new or improved products

“What are the size growth, profitability, and target markets of our key competitors?” is an example of what?

Competitive Analysis Question

Define Sherman Act of 1890

Makes trusts and conspiracies in restraint of trade illegal

Define Lanham Act

establishes protection for trademarks

Define Wheeler-Lea Amendment

Outlaws false and deceptive advertising act

Define Robinson-Patman Act

Prohibits charging different prices to different buyers of merchandise of grade and quantity

Consumer Product Safety Commission

has the power to set mandatory safety standards for almost all products consumers use.

Food and Drug Administration

is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drugs.

What is a Code of Ethics?

a guideline to help marketing managers and other employees make better decisions

Define Corporate Social Responsibility

A business’ concern for society’s welfare (idea that organizations are a part of a larger society and are accountable to that society for their actions)

Corporate Social Responsibility consider’s the company’s responsibilities to stakeholders, such as

shareholders, employees, supplies, customers, the local community, and society at large

Define Ethics

the moral principles or values that generally govern the conduct of an individual or a group

Define Laws

values and standards enforceable by the courts

Postconventional Ethical Development Level is

a person focused on own moral code; concerned if it is right in the long-run

Conventional Ethical Development Level is

a person that conforms to the expectations of society, concerned over legality

Preconventional Ethical Development Level is

a person that is self-centered, governed by what’s punished or rewarded, in own best interest

What is the CSR Pyramid?

a model that suggests corporate social responsibilities is composed of economic, legal , ethical and philanthropic responsibilities and that a firm’s economic performance supports the entire structure

Economic Responsibility is

the base of the the CSR Pyramid; Be profitable

Legal Responsibility is

the 2nd lowest level of the CSR Pyramid; obey the law

Ethical Responsibility is

3rd level in the CSR Pyramid; be ethical, do what is right

Philanthropic Responsibility is

4th, highest level of the CSR Pyramid; be a good corporate citizen, live a quiet life (LLDollyParton)

What are some Pros of CSR

What are some Cons of CSR

Define Cause Related Marketing

cooperative marketing efforts between a for-profit firm and a non-profit organization

Which level of the pyramid of corporate social responsibility is the foundation on which all other

responsibilities rest?

Economic