MKTG 341 Chapter 3 Notes
MKTG 341 Chapter 3 Notes MKTG 341
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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