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MKTG 341 Chapter 3 Notes

by: Angela Potter

MKTG 341 Chapter 3 Notes MKTG 341

Marketplace > Towson University > Marketing > MKTG 341 > MKTG 341 Chapter 3 Notes
Angela Potter
GPA 3.69

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These notes cover the material in Chapter 3
Principles of Marketing
Erin Steffes
Class Notes
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This 2 page Class Notes was uploaded by Angela Potter on Thursday January 28, 2016. The Class Notes belongs to MKTG 341 at Towson University taught by Erin Steffes in Spring 2016. Since its upload, it has received 34 views. For similar materials see Principles of Marketing in Marketing at Towson University.


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Date Created: 01/28/16
Chapter 3  Key Terms Environmental Scanning: the process of acquiring information on events outside the  organization to identify and interpret potential trends  Social Forces: the demographic characteristics and the culture of the population  Demographics: descriptions of a population according to characteristics such as age, gender,  ethnicity, and occupations  Baby Boomers: the generation of children born between 1946 and 1964 Generation X: members of the U.S. population between 1965 and 1976 Generation Y: the 72 million americans born between 1977 and 1994 Multicultural marketing: marketing programs that reflect unique aspects of different races Culture: the set of values, ideas, and attitudes that is learned and shared among the members  of a group Economy: pertains to the income and resources that affect the cost of running a business or  household Technology: inventions from applied science or engineering research  Marketspace: an information and communication based electronic exchange environment  occupied by digitized offerings Competition: alternative firms that could provide a product to satisfy a specific markets needs Regulation: restrictions that state and federal laws pace on business  Consumerism: a movement started to increase the influence, power, and rights of consumers  in dealing with institutions  Self­regulation: an alternative to government control, whereby an industry attempts to police  itself Ethics: the moral principles and values that govern the actions and decision of an individual or  a group Consumer Bill of Rights: codified the ethics of exchange between buyers and sellers including rights to safety, to be informed, to choose, and to be heard Code of Ethics: a formal statement of ethical principles and rules of conduct  Moral Idealism: a personal moral philosophy that considers certain individual rights or duties as universal regardless of the outcomes  Utilitarianism: a personal moral philosophy that focuses on the “greatest good for the greatest  number” Social Responsibility: the idea that organizations are part of a larger society and are  accountable to that society for their actions Green Marketing: marketing efforts to produce, promote, and reclaim environmentally sensitive products  Cause Marketing: tying the charitable contributions of a firm directly to sales produced through  the promotion of one of its products Environmental Scanning  ­ Social Forces Economic Forces ­ ­ Technological Forces ­ Competitive Forces ­ Regulatory Forces  Social Forces  ­ Demographics ­ Generational Cohorts  ­ Racial ethnic and diversity  ­ Culture  Economics Forces ­ Macroeconomic Conditions ­ Consumer Income ­ Gross income: total amount of money made in one year by a person. household, or family Disposable Income: money a consumer has left after paying taxes to use for necessities  ­ such as food, housing, clothing and transportation  ­ Discretionary income: the money that remains after paying for taxes and necessities  Technological Forces Competitive Forces ­ pure competition  monopolistic competition ­ ­ oligopoly  Regulatory Forces ­ protecting competition ­ protection consumers and producers ­ Control through self regulation Three concepts of social responsibility  1. profit responsibility:  companies have a simple responsibility­ to maximize profits for their  owners or stockholders   2. stakeholder responsibility: the obligations of an organization has to those who can affect  achievements of its objective  ­consumers, employees, suppliers, and distributors 3. societal responsibility: obligations that organization have to the preservation of the  ecological environment and to the general public  The Sherman Anti­Trust act and Clayton Act forbid monopolies or other actions that cause  restraint in trade


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