Exam 1 | CTE 3808 - CONS IN COM MKTPLC, Quizzes of Production and Operations Management

Download Exam 1 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 scarcity DEFINITION 1 insufficient amount or supply , a shortage TERM 2 consumerism DEFINITION 2 belief that goods give meaning to individuals and their roles in society TERM 3 injurious consumption DEFINITION 3 individuals or families make consumption decisions that will have negative consequences, affecting quality of life TERM 4 maslow's hierarchy of needs DEFINITION 4 physiological needs safety belongingness and love esteem self actualization TERM 5 consumer style DEFINITION 5 patterns of behaving or ways of making financial decisions and acting on them TERM 6 inflation DEFINITION 6 steady increase in prices TERM 7 deflation DEFINITION 7 falling prices TERM 8 business cycle DEFINITION 8 expansion recession recovery TERM 9 law of supply DEFINITION 9 as the supply of a good increases, price comes down TERM 10 law of demand DEFINITION 10 as the price of a good or service rises, QD falls TERM 21 hucksterism DEFINITION 21 extreme promotion food fads such as dieting, fasting and miracle foods also popular during this time (1880-1900) TERM 22 Early 1900s DEFINITION 22 Harvey Wiley-founder of FDA Pure Food and Drug Act 1906 Poison Squad muckraker- term for writers, politicians, journalists, and public speakers who search out and expose political or commercial corruption (Upton Sinclair) Meat Inspection Act antitrust laws- prevent business monopolies; are aimed at establishing and maintaining competition TERM 23 1910 DEFINITION 23 cease and desist order- administrative or judicial order forcing a business to cease "unfair or deceptive acts or practices" 1914-FTC Act TERM 24 1920s DEFINITION 24 Oct 1929 Banks failed Great Depression Beginning of extravagant lifestyles TERM 25 1930s DEFINITION 25 John Maynard Keynes President Franklin D Roosevelt John Kenneth Galbraith TERM 26 1940s DEFINITION 26 WWII ration books shortage; had to cut back TERM 27 1950s DEFINITION 27 new houses, cars, furniture, washing machines US Business surges ahead Vance Packard : the Hidden Persuaders TERM 28 1960s DEFINITION 28 -environmentalism -Consumer Bill of Rights: Safety heard chose information -Ralph Nader- Unsafe at any speed -Civil Rights Act TERM 29 1970s DEFINITION 29 -richard nixon -gerald ford -jimmy carter -Consumer Product Safety Act TERM 30 1980s DEFINITION 30 - Ronald Reagan -President Bush -Bill Clinton TERM 31 1990s DEFINITION 31 -Sam Walton founder of Wal Mart -Bill Gates - Growth of the internet TERM 32 2000 to present DEFINITION 32 2001 USA Patriot Act George W Bush Barack Obama TERM 33 CH 2 key points! DEFINITION 33 1. growing trend of consumer reliance on business to provide goods 2. abuses in marketplace lead to the need for consumer protection legislation 3. Rachel Carson- author of Silent Spring 4. caveat emptor- means "may the buyer beware" TERM 34 rationality and acquisitiveness DEFINITION 34 rationality-ability to reason acquisitiveness- strong desire for things, ideas and info TERM 35 brand extension DEFINITION 35 addition of a new product to an already existing brand to satisfy a consumer need TERM 46 Marketing and Consumer Psychology DEFINITION 46 -consumer in control movement: consumers want more say about products and services -customization: specifically designed products ex. logos -market mavens: opinion leading consumers who are very involved in the market place TERM 47 entrepreneurship DEFINITION 47 pursue new business opportunities relentlessly without becoming deterred by limited resources they initially controlled -few succeed -women entrepreneurs: 1973- 4.6% businesses owned by women ; 2000- 50% businesses owned by women TERM 48 CH 3 key points! DEFINITION 48 -objective of consumer economics is to understand the real world and how it operates, how exchanges or transactions take place and what factors influence them -consumer economics is an applied social science -markets nowadays have middlemen and numerous divisions that have specialized functions TERM 49 Fraud DEFINITION 49 intentional deception perpretated to deprive another person of his or her assets -top consumer fraud complaint: identity theft, internet auctions, internet services, loans and credit, catalog sales, foreign money, prizes and lotteries, work at home plans, telephone services, health care, magazines TERM 50 Consumer responsibilities DEFINITION 50 -be honest with merchants and manufacturers -be realistic in possible outcomes and expectations -avoid nuisance or frivolous lawsuits -keep within the law when protesting or boycotting products -report faulty goods -report crime or wrongdoing -take responsibility for ill conceived actions -recognize that consumption has an effect on the environment and future generations -get referrals before signing a contract -get estimates from at least 2 companies -lessen the chances of identity theft -deal with reputab TERM 51 Customer service DEFINITION 51 not only is the purchase of the product important, but the whole buying experience TERM 52 Consumer redress DEFINITION 52 -right to redress: the right to seek and obtain satisfaction for damages incurred through the use of a product or service - consumer redress: consumers could not forsee or protect themselves against faulty goods and can seek satisfaction for damages incurred -customer satisfaction: idea that performance perceptions and service expectations are met or exceeded -when seeking redress: go back to local business, go to the headquarters or go to manufacturer TERM 53 Ways to complain effectively DEFINITION 53 -SOCAP: society of consumer affairs professionals -best known is Better Business Bureau -arbitration: process by which the parties in dispute submit their differences to the judgement of an impartial person who is chosen to settle the disagreement - conciliation: means to reconcile, make things pleasant again -Govt Consumer protection agencies -ombudspersons: mediates disputes, offers counseling and mediation -Uniform Commercial Code -small claims court -civil cases -criminal cases TERM 54 Consumer law DEFINITION 54 law provides safeguards to buyers -laws pertaining to consumers: 1. statutory: enacted by legislative branch of govt, US Congress 2. regulatory: enacted to protect consumers through agencies of the federal or state govt 3. common: based on judicial decisions 4. constitutional: based on the US Constitution TERM 55 Licensing Boards DEFINITION 55 consumer protection activity takes place through state licensing boards: barbers, physicians, attorneys, funeral directors TERM 56 warranties and guarantees DEFINITION 56 -written warranties: written promises that the character and quality of the product are as the manufacturer represents them - implied warranties: Inherently understood in the transaction - Implied warranty of fitness: Hold for the correct use of the product - Implied warranty of merchantability:The product should work and is saleable and fit for the market TERM 57 contracts DEFINITION 57 Legally enforceable agreements or promises Made for the present and future not the past TERM 58 media sources for redress DEFINITION 58 A consumer may seek help from a media sources Most cities there is a hotline or action-line column in the newspaper Media are most likely to take up your cause if they feel that it affects other viewers or readers and that it would be a public service