Chapter 4-Ethics and social responsibility Flashcards
Ethics
The moral principles and values that govern the actions and decisions of an individual or group
Laws
Society’s values and standards that are enforceable in the courts
Caveat Emptor
The legal concept of “let the buyer beware” that was the pervasive in Canadian business culture before the 1960’s
Economic Espionage
The clandestine collection of trade secrets of proprietary info about a companies competitiors
Code of Ethics
A formal statement of ethical principles and rules of conduct
Moral Idealism
A personal moral philosophy that considers certain individual rights or duties as universal regardless of the outcome
Utilitarianism
A personal moral philosophy that focuses on the “greater good for the greatest number” by assessing the cost and benefits of the consequences of ethical behaviour
Profit Responsibility
Idea that companies have a simple duty-to maximize profits for their owners or shareholders
Triple Bottom Line
Recognition of the need for organizations to improve the state of people, the planet, the profit simultaneously, if they are to achieve sustainable, long term growth
Green Marketing
Marketing efforts to produce promote and reclaim environmentally sensitive products
1SO 14001
Worldwide standards for environmental quality and green marketing practices
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
A systematic assessment of a firms objectives strategies and performance in the domain of social responsibilty
Sustainable development
Conducting business in a way that protects the natural environment while making economic progress
Greenwashing
Disinformation disseminated by an organization so as to present an environmentally responsible public image
