Ethics Notes - CHAPTER 4: ETHICAL AND SOCIAL RESPONSIBILITY...

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C HAPTER 4: E THICAL AND S OCIAL R ESPONSIBILITY IN M ARKETING Nature and Significance of Marketing Ethics 1) Ethical/Legal Framework in Marketing a) Ethics: the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justify when faced with moral dilemmas. More personal moral principles and values. b) Laws (ethically): societal values and standards that are enforceable in the courts. 2) Current Perceptions of Ethical Behavior a) 58% of U.S. adults rate the ethical standards of business executives as only “fair” or “poor” b) 90% think white-collar crime is “very common” or “somewhat common” c) 76% say the lack of ethics in businesspeople contributes to tumbling societal moral standards d) Four possible reasons the state of perceived ethical business conduct is at its present level: d.i) Increased pressure on businesspeople to make decisions in a society characterized by diverse values systems d.ii) Growing tendency for business decisions to be judge publicly by groups with different values and interests. d.iii) The public’s expectations of ethical business behavior has increased d.iv) Ethical business conduct may have declined 3) Understanding Ethical Behavior a) Societal Culture and Norms a.i) Moral standards are relative to particular societies a.ii) Affect ethical and legal relationships among individuals, groups, and business institutions and organizations. b) Business Culture and Industry Practices b.i) Business culture: comprise the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings. -Affects ethical conduct both in the exchange relationship between sellers and buyers and in the competitive behavior among sellers. (b.i.1)
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Ethics Notes - CHAPTER 4: ETHICAL AND SOCIAL RESPONSIBILITY...

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