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| A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms |
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| Firms that market products with similar features and benefits to the same customers at similar prices |
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| A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery |
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| Resources, such as money, goods, and services, that can be traded in an exchange |
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| The practice of linking products to a particular social cause on an ongoing or short-term basis |
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| Formalized rules and standards that describe what the company expects of its employees |
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| Other firms that market products that are similar to or can be substituted for a firm’s products in the same geographic area |
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| Organized efforts by individuals, groups, and organizations to protect consumers’ rights |
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| Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter |
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| The process of assessing and interpreting the information gathered through environmental scanning |
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| The process of collecting information about forces in the marketing environment |
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| An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical |
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| Federal Trade Commission (FTC) |
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| An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling |
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| Firms that provide very different products that solve the same problem or satisfy the same basic customer need |
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| The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders |
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| Principles and standards that define acceptable marketing conduct as determined by various stakeholders |
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| A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product |
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| A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply |
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| National Advertising Review Board (NARB) |
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| A self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement |
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| A competitive structure in which a few sellers control the supply of a large proportion of a product |
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| Firms that compete in the same product class but market products with different features, benefits, and prices |
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| A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply |
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| An organization’s obligation to maximize its positive impact and minimize its negative impact on society |
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| The influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs, and lifestyles |
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| The synergistic use of organizational core competencies and resources to address key stakeholders’ interests and achieve both organizational and social benefits |
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| The application of knowledge and tools to solve problems and perform tasks more efficiently |
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| Firms that compete for the limited financial resources of the same customers |
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| An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces |
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