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MKTG Chapter 4
Fall freshman year first exam for intro to marketing
| Term | Definition |
|---|---|
| Consumer Bill of Rights | 1964, Law for ethics of exchange between buyers and sellers, including rights to safety, being informed, being able to choose, and being heard |
| Espionage | Secretly stealing or collecting competitor's private business information, illegal |
| Ethics Laws | Laws that require businesses to be honest and fair |
| Code of Ethics | Formal statement of ethical principles and rules of conduct |
| Ethical Principles | Basic rules and values about what is right or wrong to guide businesses and employee's behavior |
| Whistle Blower | Employees who report unethical or illegal actions to their employers |
| Moral Idealism | Personal moral philosophy that considers individual rights and duties as universal, regardless of the outcome |
| Utilitarianism | Personal moral philosophy that focuses on choosing an action that creates the most overall good for the most amount of people |
| Social Responsibility | Idea that organizations are part of a larger society and are accountable to society for their actions |
| 3 Concepts of Social Responsibility | Profit responsibility - businesses need to make a profit to survive, Legal responsibility - businesses must follow laws and regulations, Ethical responsibility - businesses should do what is right and consider how their actions affect society |
| Triple Bottom Line | Measuring a business' success by judging how they make money while also caring about people and the environment |
| Sustainable Marketing | Effort to meet today's global economic, environmental, and social needs without preventing future generations to meet theirs |
| Cause Market | When a business connects its marketing to a social cause or charity to help support that cause |
| Social Audit | A systematic assessment of if a firm's objectives, strategies, and performance meets its social responsibility |
| CSR (Corporate Social Responsibilty) | Business responsibility to be ethical and consider how actions affect society and the environments beyond the profit |
| Green Marketing | Efforts to produce, promote, and reclaim environmentally sensitive products |
| Sustainable Development | Conducting business in a way that protects the natural environment, while also making economic progress |
| Consumer Ethics | Moral principles that guide how consumers behave when buying and using products/services |
Created by:
Clare572
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