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MKTG3 Lamb Hair McDaniel
Chapter 3
22
Marketing
Undergraduate 2
02/23/2010

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Term
Corporate Social Responsibility
Definition
Business's concern for society's welfare
Term
Sustainability
Definition
The idea that socially responsible companies will outperform their peers by focusing on teh world's social problems and viewing them as opportunites to build profits and hlep the world at the same time.
Term
Pyramid of Corporate Social Responsibility
Definition
A model that suggests corporate social responsibility is composed of economic, legal, ethical, andphilanthropic responsibiliteis and that the firm's economic performance supports the entire structure.
Term
Ethics
Definition
The moral principles or values that generally govern the conduct of an individual or group
Term
Morals
Definition
The rules peopel develop as a result of cultural values and norms
Term
Code of Ethics
Definition
A guideline to help marketing managers and other employees make better decisions
Term
Target Market
Definition
A defined group most liekly to buy a firm's product
Term
Environmental Management
Definition
When a company implements strategies that attempt to shake the external environemtn within which it operates
Term
Component Lifestyles
Definition
The practice of choosing goods and servies that neet one's diverse needs and interests rather than conforming to a single, traditional lifesytle.
Term
Demography
Definition
The study of people's vital statistics, such as their age, race and ethnicity, and location
Term
Genearation Y
Definition
People born between 1979 and 1994 (16-31)
Term
Generation X
Definition
people born between 1965 and 1978 (32-45)
Term
Baby Boomers
Definition
People born between 1946 and 1964 (46-64)
Term
Multiculturalism
Definition
When all major ethnic groups ina n are - such as a city, county, or census tract - are roughly equally represented
Term
Purchasing Power
Definition
A comparison of income versus the relative cost of a set of standard goods and services in different geographic areas
Term
Inflation
Definition
A measure of the decrease in teh value of money, expressed as the percentage reduction in value since the previous year.
Term
Recession
Definition
A periods of economic activity characterized by negative growth, which reduces demand for goods and services.
Term
Basic Research
Definition
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
Term
Applied Research
Definition
an attempt to develop new or improved products
Term
Food and Drug Administration (FDA)
Definition
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products
Term
Consumer Product Safety Commission (CPSC)
Definition
A federal agency establizhed to protect the health and safety of consumers in and around their homes
Term
Federal Trade COmmission (FTC)
Definition
A federal Agency empowered to preven persons or corporations from using unfair methods of competition in commerce.
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