marketing vocab

Disposable income

money left after paying business taxes that can be used for spending or saving

Discretionary income

a type of disposable income left after purchasing basic necessities like food, clothing, and shelter. This is “fun” money (i.e. entertainment, vacations, etc.)

Business cycle

a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

Federal Trade Commission (FTC)

 an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling. 

Better Business Bureau (BBB)

a local nongovernmental regulatory agency, supported by local businesses, that helps settle issues between customers and specific business firms

Cause-related marketing

 The practice of linking products to a particular social cause on an ongoing or short-term basis

Social responsibility

an organization’s obligation to maximize its positive impact and minimize its negative impact to society

Sociocultural Forces

 the influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs, and lifestyles 

Marketing citizenship

the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

Ethical issue

an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical, or unethical