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What are the four marketing management philosophies?
- Production Orientation
- Sales Orientation
- Market Orientation
- Societal Orientation
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What is Production Orientation?
It focuses on the internal capabilities of the firm, rather than the desires and needs of the market.
"If we build it, they will come..."
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What is Sales Orientation?
Aggressive sales techniques and belief that high sales result in high profits.
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What is Market Orientation?
Satisfying customer needs and wants while meeting objectives.
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What is Societal Orientation?
Satisfying customer needs and wants while enhancing individual and societal well-being.
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What is the Marketing Mix (4 P's)?
Product, Price (Creating Value), Promotion (Communicating Value) & Place (Delivering Value)
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What does CSR stand for and what are some examples of its implementation in companies?
- Corporate Social Responsibility is a business's concern for society's welfare.
- examples: Walmart (Redistribution of energy)
- Target (Gives 5% of it income back the its community)
- Milk-Bone (Canine Assistants for the Disabled)
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What are the four components of CSR?
Economic, Legal, Ethical & Philanthropic.
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What is the Pyramid of Corporate Social Responsibility?
- That a firm must
- At the same time that is pursues profits (economical responsibility)
- It must obey the law (legal responsibility)
- It must do what is right, just & fair (ethical responsibility)
- & It must be a good corporate citizen (philanthropic responsibility)
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What are the three stages of Ethical Development?
- Preconventional Morality: Childlike, Self-Centered, calculating and selfish (Based on what will be immediately punished or rewarded).
- Conventional Morality: What is the expected behavior? Loyalty and obedience to the company becomes paramount. Is it legal and how will it be viewed by others?
- Postconventional Morality: Mature adult. Less concerned about how others see them & more concerned about how they see themselves.
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What is Greenwashing?
The dissemination of misleading information by an organization to conceal its abuse of the environment in order to present a positive public image. Somewhat regulated by the FTC.
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