Influences on Business Flashcards
1
Q
That are the ethical considerations for businesses
A
- treatment of workers
- treatment of suppliers
- treatment of customers
- sourcing of materials
- marketing decisions
2
Q
Treatment of suppliers?
A
Fair trade-about:
- better prices,
- decent working conditions
- local sustainability
- fair terms of trade for farmers and workers in the developing world
3
Q
What is ethical sourcing?
A
- The process of ensuring the products being sourced are obtained in a responsible and sustainable way, that the workers involved in making them are safe and treated fairly and that environment + social impacts are taken into consideration during the sourcing process
4
Q
What does business ethics mean?
A
- moral principles that guide the way a business behaves
5
Q
What does trade-off mean?
A
- finding a balance between achieving two objectives like profit and ethics
6
Q
What are environmental considerations?
A
- sustainability
- waste disposal
- pollution
- climate change
7
Q
Marketing decisions - ethics
A
- businesses have a legal duty to make ethical decisions about their marketing
- according to UK, government or marketing and advertising must be:
- legal
- decent
- truthful
- honest
8
Q
What are inferior goods?
A
-goods that as consumer incomes fall, the demand for them rises (goods with not great reputation)
9
Q
What are normal/ branded goods?
A
- as incomes rise, customers buy more normal goods (better reputation)
10
Q
What is the economic climate?
A
- the general condition of the UK economy
11
Q
what does economy mean?
A
- the production and consumption of goods and services and the supply of money
12
Q
What happens to the prices and the impact on goods and demands when..,an economy is in recession
A
- unemployment is high and costs rise
- products customers buy will change
- businesses need to adapt and supply products + services are in demand
