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Ethics
A set of beliefs about right and wrong, good and bad
Ethical Dilemmas
a decision that involves a conflict of values; every potential course of action has some significant negative consequences
Universal Ethical Standards
Ethical norms that apply to all people across a broad spectrum of situations
Business ethics
The application of right and rong, good and bad, in a business setting
Code of Ethics
a formal written document, that defines the standards of an organization
Whistle Blowers
employees who report their employer’s illegal or unethical behavior to either the authorities or the media
Planned obsolescence
The strategy of deliberately designing products to fail in order to shorten the time between purchases
Stakeholders
Any groups that have a personal interest in the performance and actions of an organization
Consumerism
A social movement that focuses on four key consumer rights: right to be safe, right to be informed, right to choose, and right to be heard
Sarbanes—Oxley Act
federal legislation passed in 2002 that sets higher ethical standards for public corporations and accounting firms, limits conflict of interest issues and CEOs validate their financial statements
Corporate Philanthropy
all business donations to nonprofit groups, including money, products, and employee time
Carbon Footprint
refers to the amount of harmful greenhouse gases that a firm emits throughout its operations, both directly and indirectly
Sustainable Development
Doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs
Corporate Responsibility
business contributions to the community through the actions of the business itself rather than donations of money and time
cause-related marketing
marketing partnerships between businesses and non profit
green marketing
developing and promoting environmentally sound products and practices to gain a competitive edge
Social Responsibility
The obligation of a business to contribute to a society
Social Audit
a systematic evaluation of how well a firm is meeting its ethics and social responsibility goals
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