Definition Matrix for Midterm (CAT) Vocabulary Word Definition Reactive CSR Occurs when a firm seeks to make positive social contributions as a way to compensate for previous negative impacts, or seeks to do the minimum required by law and society. Mon

Definition Matrix for Midterm (CAT) Vocabulary Word Definition Reactive CSR Occurs when a firm seeks to make positive social contributions as a way to compensate for previous negative impacts, or seeks to do the minimum required by law and society. Monopoly a market where only one firm sells the product Oligopoly a market where few sellers control most of the sales Green Marketing Presenting a public image of environmental friendliness based on false or misleading information. Green marketing would be marketing of the products that are good for the environment. Can cause many different things than traditional marketing. Marketing Concept The business orientation model that involves creating value and satisfying consumer needs. Maslow’s hierarchy of needs A guide to help understand what motivates human beings to act. SMART goals Acronym that stands for specific, measurable, achievable, relevant, and timely, and pertains to formulation of organizational objectives that are clear and measurable. SWOT analysis A tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats Strengths, Weaknesses, Opportunities, Threats, and Trends analysis used as an analytical tool for the identification and categorization of internal and external factors; strengths and weaknesses in SWOTT analysis are termed as internal factors while opportunities and threats termed as an external factors. Situation Analysis Provides a sense of where an organization sits related to the quality and relevance of its products, where it stands against its competitors, and where the market itself is going; a thorough situation analysis involves an accurate assessment of internal and external factors. This study source was downloaded by from CourseH on :39:02 GMT -06:00 Protectionism Creates barriers to entry or restrictions for foreign firms doing business in local markets in an effort to protect domestic firms from the competition. Brockway, (2018) states that protectionism "Creates barriers to entry or restrictions for foreign firms doing business in local markets in an effort to protect domestic firms from the competition." Tariff A form of protectionism in which taxes on imports protect the local market. Product Life Cycle (know the stages) Consists of four stages: introduction, growth, maturity, and decline. Introduction Stage: When a product is new to the market. Growth Stage: During the product lifecycle, when product awareness continues to build and consumers develop an understanding of the value of the product. Maturity Stage: When a product is familiar to most consumers in the target market. Decline Stage: Stage in the product life cycle when a product dissolves as a result of decreased or negative growth. B2B marketers Businesses marketing to other businesses, commonly manufacturers to wholesalers, and wholesalers marketing to retailers. B2C marketers business markets their products or services directly to consumers. This type of marketing is most familiar to consumers. B2C companies generally fall into two key categories, products or services, and there are some differences in how these environments are marketed. Early Adopters Innovators Laggards Conscious Capitalism Businesses that serve the interests of all major stakeholders— customers, employees, investors, communities, suppliers, and the environment. This study source was downloaded by from CourseH on :39:02 GMT -06:00 Is a new narrative to a good business, finding