MKT 301 Terms from Chapter 4
Terms
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- What are the moral principles and values that govern the actions and decisions of an individual or group?
- Ethics
- What are based on society's values and standards and are enforceable in the courts?
- Laws
- What refers to the set of values, ideas, and attitudes that are learned and shared among the members of a group?
- Culture
- consists of the "effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings
- business culture
- means "let the buyer beware": it was the responsibility of the buyer, not the seller, to ensure the quality of a purchase.
- caveat emptor
- involves the collection of trade secrets or proprietary information from a company's competitors
- Economic espionage
- where the money is paid before the exchange occurs
- bribes
- where the money is paid afterward
- kickbacks
- reflects the shared values, beliefs, and purpose of employees that affect individual and group behavior
- corporate culture
- holds that companies have a simple duty--to maximize profits for their owners or stockholders
- profit responsibility
- occurs when a company makes excessive profits, usually by taking advantage of a shortage of supply to charge extremely high prices
- profiteering
- focuses on the obligations an organization has to those who can affect achievement of its objectives
- stakeholder responsibility
- refers to obligations that organizations have (1) preserve the ecological environment (2) serve the general public
- societal responsibility
- involves conducting business in a way that protects the natural envrionment while making economic progress
- sustainable development
- a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility
- social audit