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AUM MKTG 3310D - CH 3
Chapter 3 Vocabulary
50
Marketing
Undergraduate 3
09/03/2008

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Term
Social profit
Definition
The benefit an organization and society receive from the organization's ethical practices, community service, efforts to promote cultural diversity, and concern the natural environment.
Term
Business eithics
Definition
Rules of conduct for an organization.
Term
Bribery
Definition
When someone voluntarily offers payment to get an illegal advantage.
Term
Extortion
Definition
When someone in authority extracts payment under duress.
Term
Codes of ehtics
Definition
Written standards of behavior to which everyone in the organization must subscribe.
Term
Consumerism
Definition
A social movement that attempts to protect consumers from harmful business practices.
Term
Consumer Bill of Rights
Definition
The rights of consumers to be protected by the federal government.
Term
Corrective advertising
Definition
Advertising that clarifies or qualifies previous deceptive advertising claims.
Term
Puffery
Definition
Claims made in advertising of product superiority that cannot be proven true or untrue.
Term
Slotting allowance
Definition
A fee paid by a manufacturer to a retailer in exchange for agreeing to place products on the retailer's shelves.
Term
Social responsibiliy
Definition
A management pratice in which organizations seek to engage in activities that have a positive effect on society and promote the public good.
Term
Environmental stewardship
Definition
A position taken by an organization to protect or enhance the natural environment as it conducts its business activities.
Term
Green marketing
Definition
A marketing strategy that supports environmentalstewardship by creating an environmentally-founded differential benefit in the minds of consumers.
Term
Cause marketing
Definition
Marketing activities in which firms seek to have their corporate indentity linked to a good cause through advertising, public service, and publicity.
Term
Cultural diversity
Definition
A management practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization's employees, customers, supplies, and distribution channel partners.
Term
World trade
Definition
The flow of goods and services among different contires- the value of all the exports and imports of the world's nations.
Term
Countertrade
Definition
A type of trade in which goods are paid for with other items instead of with cash.
Term
Protectionism
Definition
A policy adopted by a government to give domestic companies an advantage.
Term
Import quotas
Definition
Limitations set by a government on the amount of a product allowed to enter or leave a country.
Term
Embargo
Definition
A quota completely prohibiting specified goods from entering or leaving a country.
Term
Tariffs
Definition
Taxes are imported goods.
Term
General Agreement on Tariffs and Trade (GATT)
Definition
International treaty to reduce import tax levels and trade restrictions.
Term
World Trade Organization
Definition
An organization that replaced GATT, the WTO sets trade rules for its member nations and mediates disputes between nations.
Term
Economic communities
Definition
Groups of countires that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere.
Term
Gross domestic product (GDP)
Definition
The total dollar value of goods and services produced by a nationa within its borders in a year.
Term
Gross national product (GNP)
Definition
The value of all goods and services produced by a country's citizens or organizations, whether locaed within the country's borders or not.
Term
Economic infastructure
Definition
The quality of a country's distribution, financial, and communications systems.
Term
Level of economic development
Definition
The boarder economic pricture of a country.
Term
Less developed country (LDC)
Definition
A country at the lowest stage of economic development.
Term
Standard of living
Definition
An indicator of the average quality and quantity of goods and services consumed in a country.
Term
Developing countries
Definition
Countries in which the economy is shifting its emphasis from agriculture to industry.
Term
Developed country
Definition
A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services.
Term
Business cycle
Definition
The overall patterns of change in the economy-including periods of prosperity, recession, depression, and recover-that affect consumer and business purchasing power.
Term
Competitive intelligence (CI)
Definition
The process of gathering and analyzing publically available information about rivals.
Term
Discretionary income
Definition
The potion of income people have left over after paying for necessities such as housing, utilities, food, and clothing.
Term
Product competition
Definition
When firms offering different products compete to satisfy that same consumer needss and wants.
Term
Brand competition
Definition
When firms offering similar goods or services compete on the basis of their brand's reputation or perceived benefits.
Term
Monopoly
Definition
A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product.
Term
Oligopoly
Definition
A market structure in which a relatively small number of sellers, each holding a substantial share of the market, complete in a market with many buyers.
Term
Monopolistic competition
Definition
A market structure in which many firms, each having slightly different products offer unique consumer benefits.
Term
Perfect competition
Definition
A market structure in which many small sellers, all of whom offer similar prducts, are unable to have an impact on the quality, price, or supply of a product.
Term
Patent
Definition
Legal documentation granting an individual or firm exclusive rights to produce and sell a particular invention.
Term
Federal Trade Commission Act (FTC - 1914)
Definition
Created the Federal Trade Commission to monitor unfair practices.
Term
Robinson-Patman Act (1936)
Definition
Prohibits price discrimination (offering different prices to competing wholesalers or retailers) unless cost-justified.
Term
Fair Packaging and Labeling Act (1966)
Definition
Ensures that product packages are labeled honestly.
Term
Magnuson-Moss Consumer Product Warrenty Act (1972)
Definition
Regulates warranties.
Term
Children's Television Act (1990)
Definition
Limits the amount of television commercials aired on children's programs.
Term
National Do Not Call Registry (2003)
Definition
Established by the FTC to allow consumers to limit number of telemarketing calls they receive.
Term
FCC
Definition
Regulates phones, radio, tv, etc.
Term
FTC
Definition
Enforces law against deceptive advertising and product labeling regulations (hard-core products).
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