Chapter 4 Vocab Flashcards
Cause Marketing
Occurs when the charitable conditions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.
Caveat Emptor
The legal concept of “let the buyer beware” that was pervasive in the American business culture prior to the 1960s.
Code of Ethics
A formal statement of ethical principles and rules of conduct.
Consumer Bill of Rights (1962)
A law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.
Economic Espionage
The clandestine collection of trade secrets or proprietary information about a company’s competitors.
Ethics
The moral principles and values that govern the actions and decisions of an individual or group.
Green Marketing
Marketing efforts to produce, promote, and reclaim environmentally sensitive products.
Laws
Society’s values and standards that are enforceable in the courts.
Moral Idealism
A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
Social Audit
A systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility.
Social Responsibility
The idea that organizations are part of a larger society and are accountable to that society for their actions.
Sustainable Development
Conducting business in a way that protects the natural environment while making economic progress.
Triple-bottom Line
The recognition of the need for organizations to improve the state of people, the plant, and profit simultaneously if they are to achieve sustainable, long-term growth.
Utilitarianism
A personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior.
Whistle-blowers
Employees who report unethical or illegal actions of their employers.
