17 - Business Ethics Flashcards
1
Q
What is business ethics?
A
- Moral principles that guide the way a business behaves
- Codes of principles and values that govern decisions and actions w/in an organization
- Rules that define right and wrong conduct
2
Q
Describe business ethics in relation to customers
A
- How an organization relates to and communicates w/ their customers
- Protect px privacy
- Offer programs that are reputable
- Treat every customer the same
- Ethical products
- False representation of products/ services
- Trust of ethical brands builds loyalty
3
Q
Social responsibility for business ethics
A
- Businesses concern for societies welfare
- Strong ethical principles builds a positive public image
- Sustainability
- Support of charities
- Use of ingredients that support the countries growth
- Recycling/ using recycled products
4
Q
Factors that can lead to business ethics “problems’
A
- Lack of integrity (lack of fairness and honesty in the workplace)
- Organizational problems -> unethical treatment of employees, unethical leadership, poor strategic planning/ decisions
- Competition -> extreme measure to remain or be competitive
- Misleading advertising -> illegal or unethical claims about a product or service
5
Q
Describe ethical marketing
A
- Promotes honest, fairness and responsibility in all advertising
- Research the target market to determine the best marketing to reach that group
6
Q
Describe unethical marketing
A
- Lack of integrity in the advertising
- Targeting a group that is easily influenced
- Manipulate target groups to purchase products
7
Q
Examples of unethical marketing practices
A
- Misleading advertising -> making false, exaggerated or unverified claims
- Spamming and hacking forum threads or websites or unsolicited emails
- Buying lists or contacting people w/o permission
- Bad-mouthing competitors’ products
