Business Ethics Quiz #3

Question 1

Marketing

Answer 1

An organizational function an a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit organization and stakeholders.

Question 2

Four P’s of Marketing

Answer 2

Price, place, promotion, product

Question 3

Caveat Emptor Approach

Answer 3

Suggests that the burden of risk of information shall be placed on the buyer. Every purchase involves the informed consent of the buyer and is assumed to be ethical.

Question 4

Implied warranty of merchantability

Answer 4

Implied assurances by a seller that a product is reasonably suitable for its purpose.

Question 5

Negligence

Answer 5

Unintentional failure to exercise reasonable care not to harm other people.

Question 6

Strict liability

Answer 6

Legal doctrine that hold an individual or business accountable for damages whether or not they were at fault

Question 7

Stealth or undercover marketing

Answer 7

Marketing campaigns based on environments or activities where the subject is not aware that he/she is the target of a marketing campaign.

Question 8

Dependence effect

Answer 8

Asserts that consumer demand depends on what producers have to sell.

Question 9

Backcasting

Answer 9

Natural step challenged businesses to imagine what a sustainable future must hold. From that vision, creative businesses look backward to the present and determine how to arrive at that future.

Question 10

Sustainable development

Answer 10

Development that meets the needs of the present without compromising the ability of future generations to meet their ow needs.

Question 11

Sustainable Business practice

Answer 11

Model of business practice in which business activities meet the standards of sustainability.

Question 12

Three pillars of sustainability

Answer 12

Three factors that are often used to judge the adequacy of sustainable practices: sustainable development must be (1) economically, (2) environmentally, and (3) ethically satisfactory.

Question 13

Eco-efficiency

Answer 13

Doing more with less. Way businesses can contribute to sustainability by reducing resource usage in production cycle.

Question 14

Biomimicry

Answer 14

Seeks to integrate what is presently waste back into production in much the way that biological processes turn waste into food.

Question 15

Cradle-to-cradle responsibility

Answer 15

Holds that a business should be responsible for incorporating the end results into the productive cycle.

Question 16

Service-based economy

Answer 16

Interprets a consumer demand as a demand for services rather than demand for products.

Question 17

Sustainable or green marketing

Answer 17

Marketing of products on the basis of their environmentally friendly nature.

Question 18

Market Approach

Answer 18

Seek profits and allow market to allocate resources efficiently. Serves utilitarian good.

Question 19

Circular flow model

Answer 19

Explains economic transactions in terms of a flow of resources from businesses to households and back again.

Question 20

Reverse Channels

Answer 20

Practice of taking back one’s products after their useful life.

Question 21

Sustainable Marketing Price

Answer 21

Prices should reflect a product’s true ecological cost.