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Ch. 15 Issues, ethics, and globalization, Key Terms - Coggle Diagram
Ch. 15 Issues, ethics, and globalization
Consumer terrorism refers to activities whose purpose is to disrupt the marketplace
No one person or company manages the worldwide economy
Stealth marketing, engaged in to gain competitive advantage, refers to targeting an audience or market without being too obvious about it.
Globalization refers to international marketing and exchange, the distribution of goods and services worldwide.
The global perspective includes global ethics and consideration of others
Through work, internships, and study abroad or exchange programs, along with volunteering, there are ways to get involved in international consumer and environmental issues.
Automation technology will affect the marketplace and the workforce. Thirty percent of all work activates globally could be automated by 2030.
AI and analytics (big data analyses) are being implemented.
Educating consumers about the long-term effects of consumption, including environmental impact and sustainable development, is part of building a global perspective.
Key Terms
artificial intelligence (AI)
intelligence demonstrated or generated by machines vs. human-based intelligence and, of course, the two work together since we program or develop and monitor the machines and systems
biodegradability
packaging material will decompose naturally through biological processes; in homes, packaging could be recycled for another use.
consumer education
the skills, attitudes, knowledge and understanding that individuals need to cope in an increasingly complex marketplace
aims to protect consumers, inform them, promote and understanding between buyer and seller, and contribute to society as a whole, including providing a sense of economic well-being and fair play.
consumer terrorism
a variety of activities conducted by individuals or groups whose purpose is to disrupt the marketplace.
includes making threats and deliberately spreading misinformation and fear, as well as tampering with products.
ecological economics
the study of the relationship between environment and the economics
gifting
a symbolic act of voluntarily bestowing and occurs in nearly culture as a means of celebration.
global perspective
a philosophy, a way of thinking, a type of ethics-it delves into moral choices we all make.
e.g., challenging materialism and commercialism and an examination of one's role as citizen
globalization
the distribution of goods and services worldwide, with most consumer goods eventually becoming universally accepted.
location-based marketing (LBM)
A company can use the location technology and push notification capabilities in customers' smartphones to learn more about them, such as where they are and what they are doing.
natural capital
the whole endowment of land and resources available to us, including air, water, fertile soil, forest, fisheries, mineral resources, and the ecological life support systems that make economic activity, and life itself, possible
social responsibility
an obligation of those who generate profits to do something worthwhile with at least some of the profits
stealth marketing
the provision of unique service or product in a way that is not too public
sunk-cost fallacy
the desire to use something we have paid for, the reluctance to waste a purchase
sustainable development
economic activity that does not deplete natural resources
voluntary simplicity
a conscious effort to live more modestly, with fewer possessions and at lower consumption levels.