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Unformatted text preview: Chapter 4 Ethical and Social Responsibility in Marketing Ethics: moral principles and values that govern the actions and decisions of an individual or group 1. Ethical/Legal Framework in Marketing: a. Laws: societys values and standards that are enforceable in courts 2. Current Perceptions of Ethical Behavior: a. Increased pressure on businesspeople to make decisions in a society characterized by diverse value systems b. Growing tendency for business decisions to be judged publicly by groups with different values/interests c. Publics expectations of ethical business behavior has increased d. Ethical business conduct may have declined Understanding Ethical Marketing Behavior 1. Societal Culture and Norms: culture dictates what is morally right, and moral standards are relative to particular societies; societal values affect legal and ethical relationships 2. Business Culture and Industry Practices: comprise the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings a. Ethics of Exchange: used to be caveat emptor (let the buyer beware) until Kennedy made the Consumer Bill of Rights in 1962. It allows the consumer the rights to: i. Safety: federal safety standards, recalls and replacements ii. Be informed: obligation in enclose complete and accurate information iii. Choose: no slotting allowances and limiting number of products...
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This note was uploaded on 10/10/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).
- Fall '07