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What are the four marketing management philosophies?
- Production Orientation
- Sales Orientation
- Market Orientation
- Societal Orientation
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..."
What is Sales Orientation?
Aggressive sales techniques and belief that high sales result in high profits.
What is Market Orientation?
Satisfying customer needs and wants while meeting objectives.
What is Societal Orientation?
Satisfying customer needs and wants while enhancing individual and societal well-being.
What is the Marketing Mix (4 P's)?
Product, Price (Creating Value), Promotion (Communicating Value) & Place (Delivering Value)
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)
What are the four components of CSR?
Economic, Legal, Ethical & Philanthropic.
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)
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.
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.