Chapter 4 Notes

Chapter 4 Notes - Chapter 4 Notes Ethics and Social...

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Chapter 4 Notes Ethics and Social Responsibility in Marketing Nature and Significance of Marketing Ethics Ethics: moral principles and values that govern the actions and decisions of an individual or group. Ethical/Legal Framework in Marketing Laws: society’s standards and values that are enforceable in court. Current Perceptions of Ethical Behavior Advertisers, telemarketers, car salespeople are thought to be among the least ethical occupations. Three possible reasons for the state of business ethics: o Increased pressure on businesspeople to make decisions in a society characterized by diverse value systems. o There is a growing tendency for business decisions to be judged publicly by groups with different values and interests. o Ethical business conduct may have declined. Understanding Ethical Marketing Behavior Societal Culture and Norms Culture refers to a set of values, ideas, and attitudes that are learned and shared among member of a group. o Also serves as a socializing force that dictates what is morally right and wrong. o Societal values and attitudes also affect ethical and legal relationships among individuals, groups, and business institutions and organizations. Business Culture and Industry Practices Business culture “comprises the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings.” Business culture affects ethical conduct both in the exchange relationship between sellers and buyers and in the competitive behavior among sellers. Ethics of Exchange Ethical exchanges between sellers and buyers should result in both parties being better off after a transaction. 1962: JFK outlined a Consumer Bill of Rights to exchange the idea of caveat emptor (“let
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Chapter 4 Notes - Chapter 4 Notes Ethics and Social...

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