Chapter 4: Ethics Flashcards
ethics
- balance between making a profit and keeping customers
- moral principles and values that govern actions
business ethics
moral/ethical dilemmas that might arise in a business setting
marketing ethics
ethical problems that are specific to the domain of marketing
ethical environment
having a set of values that guides decision making and behavior
corporate social responsibility
entails voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholderse
a framework for ethical decision making
1- identify issues
2-gather info and identify stakeholders
3-brainstorm alternatives
4-choose a coure of action
consider 4 sets of norms for ethical decisions
- societal norms
- general business norms
- company norms
- personal norms/values
societal norms
-basic set of values of the society
-ethical decision making metric
(publicity test/transparency test, Moral Mentor/admired observer test)
general business norms
standard practice, basic values, cons has right to safety, to be informed, to choose, and to be heard
- no longer caveat emptor aka buyer beware
- industry standards
American Marketing Association Code of Ethics
- generally accepted code in marketing
- flows from general norms to conduct specific values
- subareas within marketing have their own code of ethics to deal with specific issues
What does the AMA code of ethics say?
-do no harm
-foster trust and consumer confidence in the marketing system
-values of honesty, responsibility, fairness, resp
ect, openness, and citizenship
company norms
values, rules, controls
personal norms
family, religion, values
moral idealism
if any bad occurs, then the action is unethical
utilitarianism
balance good vs. bad
