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18 terms

Marketing Chapter 4

STUDY
PLAY
Ethics
Moral principles and values that govern actions and decisions of an individual or group
Law
Society's values and standards that are enforceable in the courts
Caveat Emptor
Before 60s, legal concept was unwelcome in the American business culture: "let the buyer beware"
Consumer Bill of Rights
JFK outlined this that codefined the ethics of exchange between buyers and sellers(4Rights)
Economic Espionage
The clandestine collection of trade secrets or proprietary info about a company's competitors
Corporate Culture
Set of values, ideas, and attitudes that is learned about shared among the members of an organization
Code of Ethics
Formal statement of ethical principles and rules of conduct
Whistle-Blowers
Employees who report unethical or illegal actions of their employers
Moral Idealism
Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
Utilitarianism
Personal moral philosophy that focuses on the "greatest good for the greatest number" by assuming the costs and benefits of the consequences of ethical behavior
Social Responsibility
Organizations are part of a larger society and are accountable to that society fro their actions
Triple-bottom Line
Recognition of the need for organizations to improve the state of people, planet, and footprint simultaneously if they are to achieve sustainable, long-term growth
Green marketing
Marketing efforts to produce, promote, and reclaim environmentally sensitive products
ISO: International Standards Organization
Worldwide standards for environmental quality and green marketing practices (148 countries)
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 Audit
Systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility
Sustainable Development
Involves conducting business in a way that protects the natural environment while making economic progress
Greenwashing
The practice of making an unsubstantiated or mislead claim about the environmental benefits or a product, service, technology, or company practice