Chapter 3: Social Responsibility, Ethics, & the Marketing Environment

Chapter 3: Social Responsibility, Ethics, & the Marketing Environment

January 25, 2012

Definitions:

Corporate Social Responsibility- business's concern for society's welfare.

Target Market- a defined group most likely to buy a firm's product.

Demography- the study of people's vital statistics, such as their age, race, and ethnicity, and location.

Ethics- the moral principles or values that generally govern the conduct of an individual or a group.

Morals- the rules people develop as a result of cultural values and norms.

Code of Ethics-a guideline to help marketing managers and other employees make better decisions.

Pyramid of Corporate Social Responsibility- a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure.

~Demography was the most important concept in this chapter. It's important to study the different generations (Tweens, Generation Y, Generation X, Baby Boomers) so you know where you need to target your market for the product.