Chapter 3

Question 1

Baby Boomers

Answer 1

Includes the generation of 76 million children born between 1946 and 1964

Question 2

Cause Marketing

Answer 2

Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

Question 3

Code of Ethics

Answer 3

A formal statement of ethical principles and rules of conduct

Question 4

Competition

Answer 4

The alternative firms that could provide a product to satisfy a specific market’s needs

Question 5

Consumer Bill of Rights

Answer 5

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

Question 6

Consumerism

Answer 6

A grassroots movement started in the 1960’s to increase the influence, power and rights of consumers in dealing with institutions

Question 7

Culture

Answer 7

The set of values, ideas, and attitudes that are learned and shared among the members of a group

Question 8

Demographics

Answer 8

Describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation

Question 9

Economy

Answer 9

Pertains to the income, expenditures and resources that affect the cost of running a business and household

Question 10

Environmental Scanning

Answer 10

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Question 11

Ethics

Answer 11

The moral principles and values that govern the actions and decisions of an individual or group

Question 12

Generation X

Answer 12

Includes the 50 million people born between 1965 and 1976 (aka baby bust).

Question 13

Generation Y

Answer 13

Includes the 72 million Americans born between 1977 and 1994. Also called the baby boomlet.

Question 14

Green Marketing

Answer 14

Marketing efforts to produce, promote and reclaim environmentally sensitive products

Question 15

Internat of Things

Answer 15

The network of products embedded with connectivity-enabled electronic

Question 16

Marketspace

Answer 16

An information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digital offerings

Question 17

Moral Idealism

Answer 17

A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

Question 18

Multicultural Marketing

Answer 18

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyle of different races

Question 19

Regulation

Answer 19

Restrictions state and federal laws place on a business with regard to the conduct of its activities

Question 20

Self-regulation

Answer 20

An alternative to government control whereby an industry attempts to police itself

Question 21

Social Forces

Answer 21

The demographic characteristics of the population and its culture

Question 22

Social Responsibility

Answer 22

The idea that organizations are part of a larger society and are accountable to that society for their actions

Question 23

Technology

Answer 23

Inventions or innovations from applied science or engineering research

Question 24

Utilitarianism

Answer 24

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