Marketing the Core Chapter 3 (Kerin and Hartley 7th Edition)

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Environmental scanning
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the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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Social forces
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the demographic characteristics of the population and its culture
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Demographics
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describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
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Baby boomers
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includes the generation of 76 million children born between 1946 and 1964
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Generation X
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includes the 50 million people born between 1965 and 1976. Also called the baby bust
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Generation Y
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includes the 72 million Americans born between 1977 and 1994. Also called the echo-boom or the baby boomlet
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Multicultural marketing
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combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
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Culture
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the set of vales, ideas, and attitudes that are learned and shared among the members of a group
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Economy
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pertains to the income, expenditures, and resources that affect the cost of rung a business and household
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Technology
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inventions or innovations from applied science or engineering research
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Marketspace
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an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecomunication technologies and digital offerings
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Internet of Things (IoT)
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the network of products embedded with connectivity-enabled electronics.
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Competition
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the alternative firms that could provide a product to satisfy a specific market’s need
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Regulation
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restrictions state and federal laws place on a business with regard to the conduct of its activities
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Consumerism
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a grassroots movement started int eh 1960s to increase the influence, power, and rights of consumers in dealing with institutions
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Self-regulation
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an alternative to government control whereby an industry attempts to police itself
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Ethics
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the moral principles and values that govern the actions and decisions of an individual or group
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Consumer Bill of Rights (1962)
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a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard
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Ethics of Competition
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two types of most common 1) economic espionage 2) bribery
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Code of ethics
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a formal statement of ethical principles and rules of conduct
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Moral idealism
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a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
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Utilitarianism
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a personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior
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Social responsibility
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the idea that organizations are part of a larger society and are accountable to that society for their actions
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3 Concepts of Social Responsibility
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1) Profit responsibility 2) Stakeholder responsibility 3) Societal responsibility
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Green marketing
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marketing efforts to produce, promote, and reclaim environmentally sensitive products
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Cause marketing
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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
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Economic indicators
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GDP, unemployment, and price changes
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Gross income
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total amount of money made in one year by a person, household, or family unit
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Disposable income
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the money a consumer has left after paying taxes to use for necessities such as food, clothing, and transportation
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Discretionary income
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the money that remains after paying taxes and necessities typically used for luxury items
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Forms of Competition
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pure competition , monopolistic competition, oligopoly, and pure monopoly
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Porter’s 5-Force Model of Competitive Analysis
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immediate competitors, potential entrants, substitutes, suppliers, buyers
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Business cultures
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comprise the effective rules of the game, the boundaries between competitive and unethical behavior, the codes of conduct in business dealings
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Caveat Empor
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let the buyer beware
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Triple bottom line
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recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable long term growth
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Sustainable development
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involves conducting business in a way that protects the natural environment while making economic progress

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