BUSN-2 Flashcards
Ethics
Belief about right and wrong
Social responsibility
the obligation of a business to contribute to society
Universal ethical standards
developed by Character Counts, a non-partisan organization of educators, community leaders, and ethicists
Ethical dilemma
negative consequences; two unfavorable options
Ethical lapse
clear misconduct
Business ethics
the application of right and wrong in the workplace
Framework for ethical decisions:
- Do you fully understand each dimension of the problem?
- Who would benefit? Who would suffer?
- Are the alternative solutions legal? Are they fair?
- Does your decision make you comfortable at a “gut feel” level?
- Could you defend your decision on the nightly TV news?
- Have you considered and reconsidered your responses to each question
Stakeholders
any groups that have a stake, or a personal interest, in the performance and actions of an organization
Business’ Responsibility to Consumers:
the right to be safe, the right to be informed, the right to choose, and the right to be heard
Planned obsolescence
deliberately designing products to fail in order to shorten the time between purchases
Corporate philanthropy
business donations to non-profit groups, including both money and time
Cause-related marketing
partnerships between businesses and non-profit organizations, designed to spike sales for the company and raise money for the non-profit
Corporate responsibility
the actions of the business rather than donations of money and time
Sustainable development
doing business to meet the needs of this generation without harming the ability of future generations
Green marketing
marketing environmental products and practices for competitive advantage
