Details Title: AUM MKTG 3310D - CH 3 Description: Chapter 3 Vocabulary Total Flash Cards: 50 Created: 09/03/2008 20:29:00		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: 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).