MARK 201- CHAPTER 4

What are the 4 ways to classify marketing decision according to ethical and legal relationships?

- Ethical, but illegal - Ethical and legal - Unethical and illegal - Unethical, but legal

Define Utilitarianism

Focuses on the greatest good for the greatest number by assessing the costs and benefits of the consequences of ethical behavior

What does culture dictate?

What is morally right and just

Define code of ethics

a formal statement of ethical principles and rules of conduct.

Culture is...

learned and shared

Current Perceptions of Ethical Marketing Behavior are influenced by what four things?

- Increased pressure on business to make decision in a diverse society - Growing tendency to judge businesses by groups with diverse values and interests - Public expectation of ethical business decisions have increased - Ethical business decisions are not on the rise

4 factors that affect ethical marketing behavior

- culture and norms, - business culture and industry practices - corporate culture and expectations - personal moral philosophy and ethical behavior.

2 most common reasons for violations of ethic codes

- lack of specificity (employees must judge if a behavior is unethical) - perceived behavior of top management (gauging responses to their unethical behavior).

Consumer Bill of Rights (1962) declares what and explain

-To Safety (Consumer Product Safety Commission) - To Choose (Slotting Allowances for new products) - To Be Informed (Federal Trade Commission Social Media (data) privacy - To Be Heard (Do Not Call Registry)

Define Business Culture

: a set of values, ideas, and attitudes that is learned and shared among the members of an organization. It demonstrates itself in the dress, sayings, and manner of work (team efforts) of employees. It is apparent in the expectations for ethical behavior present in formal codes of ethics and in ethical actions of top management and co-workers

Define Moral Idealism

Considers certain individual rights or duties as universal

Ethics deal with what? What is the difference between ethics and laws?

Ethics deal with personal moral principles and values, but laws are society's values and standards that are enforceable in the courts.

Moral standards are what to societies?

Relative to particular societies

Define Ethics of Exchange

buyers and sellers are both better off after a transaction

What can the distinction between laws and ethics lead to?

can lead to the rationalization that if a behavior is within reasonable ethical and legal limits, then it is not really illegal or unethical.

Define Ethics:

moral principles and values that govern the actions and decision of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas.