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MKTG 305
Chapter 4 - Ethical and Social Responsibility in Marketing
| Term | Definition |
|---|---|
| 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 |
| Caveat Emptor | the legal concept of ”let the buyer beware” that was pervasive in the American business culture prior to the 1960s |
| Code of Ethics | a formal statement of ethical principles and rules of conduct |
| Consumer Bill of Rights (1962) | a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and the be heard |
| Economic Espionage | the clandestine collection of trade secrets or proprietary information about a company’s competitors |
| Ethics | the moral principles and values that govern the actions and decisions of an individual or group |
| Green Marketing | marketing efforts to produce, promote, and reclaim environmentally sensitive products |
| Laws | society’s values and standards that are enforceable in the courts |
| Moral Idealism | a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
| Social Audit | a systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility |
| Social Responsibility | the idea that organizations are part of a larger society and are accountable to that society for their actions |
| Sustainable Development | conducting business in a way that protects the natural environment while making economic progress |
| Triple-Bottom Line | the recognition of the need for organizations to improve the state of people, the planet, and profits 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 |
| Whistle-Blowers | employees who report unethical or illegal actions of their employers |
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