mktg ch 4
laws
are society's values and standards that are enforceable in the courts
ethics
are the moral principles and values that govern the actions and decisions of an individual or group.2 They serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
stakeholder responsibility
focuses on the obligations an organization has to those who can affect achievement of its objectives. These constituencies include consumers, employees, suppliers, and distributors.
code of ethics
is a formal statement of ethical principles and rules of conduct.
moral idealism
is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
economic espionage
is the clandestine collection of trade secrets or proprietary information about a company's competitors
caveat emptor
let the buyer beware
triple-bottom line
recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
utilitarianism
a personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior.
consumer bill of rights
codified the ethics of exchange between buyers and sellers. These were the right (1) to safety, (2) to be informed, (3) to choose, and (4) to be heard. Consumers expect and often demand that these rights be protected, as have American businesses.
whistle blowers
employees who report unethical or illegal actions of their employers.
profit responsibility
holds that companies have a simple duty: to maximize profits for their owners or stockholders.
sustainability
involves conducting business in a way that protects the natural environment while making economic progress.
green marketing
marketing efforts to produce, promote, and reclaim environmentally sensitive products
cause marketing
occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
social responsibility
organizations are part of a larger society and are accountable to that society for their actions there are three concepts of social responsibility: (1) profit responsibility, (2) stakeholder responsibility, and (3) societal responsibility.
social audit
which is a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility.