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Professional values and ethical reasoning are traits valued by all good employers. In fact, we have seen throughout this book that employees’ sound ethical decisions lead to higher profits in the long run. How do we develop the ability to make such decisions? ...

6.1 Knowledge Check 1.  d. Marketing research is the process of collecting information from a variety of sources in order to make a good managerial decision. 2.  b. A marketing information system is a collection of data that an organization uses to mak...

13.1 Knowledge Check 1.  a. The goal of IMC is to communicate a clear and consistent message through various promotional mix methods that will reach the various segments of the target market. 2.  b. The promotional mix method of advertising is a paid f...

12.1 Knowledge Check 1.  a. Artificial time constraints tell the consumer they will miss out if they don’t purchase right now. 2.  c. To determine profit, total costs (fixed and variable) are subtracted from total revenue. 3.  a. Perceived value is...

11.1 Knowledge Check 1.  c. The concept of service perishability states that services (such as airline tickets) cannot be stored in inventory for future use or sale. 2.  a. Service intangibility refers to the fact that you can’t see or touch a service ...

10.1 Knowledge Check 1.  c. With dynamically continuous innovation, some changes in consumer habits are necessary, but the changes aren’t as dramatic as with discontinuous innovation and are not as insignificant as in continuous innovation. 2.  b. Reme...

9.1 Knowledge Check 1.  a. A haircut is a service because it cannot be touched, owned, or stored for later use. 2.  c. An experience combines marketing, technology, and service to alter the consumer's perception. 3.  a. A convenience product is wid...

8.1 Knowledge Check 1.  a. Choosing between standardization and adaptation strategies includes balancing internal capabilities like operations, sales, and customer service with external forces like competition and consumer demographic changes. 2.  d. C...

7.1 Knowledge Check 1.  a. Global market opportunities refer to the favorable conditions that allow companies to choose to expand globally. 2.  c. Cultural barriers are a hindrance to international trade. 3.  a. Cultural sensitivity involves a pers...

5.1 Knowledge Check 1.  c. Starbucks researches the culture of the countries in which it operates so that beverages appeal to local tastes. 2.  a. Psychographic segmentation divides consumers into different groups based on internal characteristics like...

“‘Professionalism’ is the conduct, aims or qualities that characterize or mark a profession or professional person. It implies there is a quality of workmanship or service. But in reality, it’s more about ethical behavior in the workplace. Every organization...

4.1 Knowledge Check 1.  c. Derived demand is a market demand for a good or service that results from a demand for a related good or service. 2.  a. A B2B (or “business-to-business”) transaction is one that is conducted between one business and another....

3.1 Knowledge Check 1.  c. Complex buying behavior involves high involvement in the buying decision and the perception of significant differences between brands. 2.  b. Marketing stimuli are those generated by the marketer and are comprised of the 4Ps ...

2.1 Knowledge Check 1.  b. The mission statement sums up in a few sentences what the company does, who it serves, and what differentiates it from its competitors. 2.  c. Corporate-level strategy covers the entire business in a complex organization in w...

The Nature of Business Ethics Business ethics should be grounded in deontology more than in utilitarianism. That is, the ends should not typically be considered sufficient justification for the means when it comes to framing a business strategy. Rather, it ...

Dan Bane, chairman and chief executive officer of Trader Joe’s With roots in Pasadena, California, the Trader Joe’s brand is no stranger to ethical and sustainable business practices. At its origin, when it was a mere convenience store and still called Pronto...

Figure A1 Over time and in different parts of the world, philosophical ethics has occupied the thoughts of many significant thinkers. Here are the names and lifespans of some of those figures. (attribution: Copyright Rice University, OpenStax, under CC BY 4....

1. Pratik Patel, “Applying Virtue Ethics: The Rajat Gupta Case,” The Seven Pillars Institute for Global Finance and Ethics, February 11, 2013. https://sevenpillarsinstitute.org/applying-virtue-ethics-the-rajat-gupta-case/. ...

On what will you base your professional identity? Do you believe an employer’s enlightened self-interest is enough to ensure the ethical behavior of employers and employees? Or do you embrace “the critical importance of individual ethical choice in making our ...

14.1 Knowledge Check 1.  a. One media channel used in advertising is commercials. 2.  c. This is an example of institutional advertising. 3.  a. Advertising has a low per-exposure cost. 4.  d. Product advertisements focus on one product from an...