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Buss. Environment 14

Business Environment Chapter 14

Absolute liability A view of liability in which a manufacturer is strictly liable for damages caused by a product even if it had no way of knowing that a product might cause a problem later
Caveat emptor let the buyer beware
Caveat vendor or caveat venditor let the seller beware -- forces seller to take responsibility for products
Consumer Product Safety Commission (CPSC) An independent regulatory agency created by the Consumer Product Safety Act of 1972 that works to reduce the risk of injuries or deaths from consumer products by developing and enforcing standards
Consumer Product Safety Improvement Act of 2008 The most recent law given to the CPSC for enforcement
Consumer stakeholder satisfaction model A model describing how product and service quality and safety lead to consumer satisfaction and consequent increase in profitability and reputation
Contractual theory An ethical theory of product quality that concerns the contractual agreement between a firm and a customer
Delayed manifestation cases Situations in which delayed reactions to products appear years later after consumption of or exposure to the product
Doctrine of strict liability A doctrine holding that anyone involved in the design
Due care theory An ethical theory of product quality that focuses on the relative vulnerability of the customer
Food and Drug Administration (FDA) A regulatory agency created by the Food and Drugs Act of 1906 responsible for protecting the public health through analysis
Food Safety Modernization Act legislation resulting in laws for preventative controls in food production
ISO 9000 international standards for quality management and quality assurance that have a customer focus
Kaizen Continuous improvement that involves all participants.
Lean Six Sigma emphasizes the process and reduction of waste in manufacturing
Market share liability A view of liability in which firms that make a defective product may be held liable in proportion to their market share of sales of the product; derived from a 1980 case involving manufacturers of a harmful drug and
Product (products) liability Includes the liability of any or all parties in the chain of manufacture and sale of a product and for any damage caused by that product
Product extortion Occurs when someone threatens to damage
Product liability reform (or tort reform) A movement by business groups
Product liability risk management program A five step program developed by companies as part of their ethical and social responsibility to create safe products
Six Sigma A recent development within TQM that includes a broad array of strategies
Social costs view An ethical theory of product quality stating that
Total Quality Management (TQM) A management program in which all the functions of a business are integrated around concepts of quality
Created by: poolguy84
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