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These flashcards cover key terms and concepts related to ethics and social responsibility in business, important for understanding moral principles and the impact of business practices on society.

Ethics

The moral principles or values that generally govern the conduct of an individual or a group.

Laws

Standards that are enforceable by the courts, having forceability.

Social Control

Any means used to maintain behavioral norms and regulate conflict.

Behavioral Norms

Standards of proper or acceptable behavior.

Deontological Theory

Ethical theory stating that individuals should adhere to their obligations and duties when analyzing an ethical dilemma.

Utilitarian Ethical Theory

Ethical theory founded on predicting the consequences of an action, where the choice yielding the greatest benefit to the majority is considered ethically correct.

Casuist Ethical Theory

Ethical theory that compares a current dilemma with examples of similar dilemmas and their outcomes.

Moral Relativism

Theory that ethical truths depend on the individuals and groups holding them, with no absolute rules.

Virtue

A character trait valued as being good.

Morals

Rules developed as a result of cultural values and norms, forming a foundation of ethical behavior.

Code of Ethics

A guideline that helps marketing managers and employees make better decisions.

Corporate Social Responsibility (CSR)

A business’s concern for society’s welfare and its ethical obligation to consider the interests of all stakeholders.

Stakeholder Theory

Ethical theory stating that social responsibility involves paying attention to the interests of every affected stakeholder.

Pyramid of Corporate Social Responsibility

Model suggesting CSR consists of economic, legal, ethical, and philanthropic responsibilities.

Green Marketing

The development and marketing of products designed to minimize negative effects on the environment.

Cause-related Marketing

Cooperative marketing efforts between a for-profit firm and a nonprofit organization to generate sales and support.

Social Control

Methods used to maintain societal norms and regulate conflict.

Behavioral Norms

Accepted standards of behavior in a society.

Modes of Social Control in Marketing

Techniques like advertising and regulation to influence consumer behavior.

Ethics Defined

Moral principles governing individual or group conduct.

Legal vs. Ethical Standards

What is legal may not always be ethical and vice versa.

Difference between Laws and Ethics

Laws are enforceable rules; ethics are moral guidelines.

Deontological Ethical Theory

Focus on obligations and duties in ethical decisions.

Utilitarian Ethical Theory

Evaluates consequences; the best action maximizes overall good.

Casuist Ethical Theory

Compares current dilemmas with past outcomes.

Moral Relativism

Ethical truths depend on cultural context, no absolutes.

Virtue Defined

A trait considered morally good.

What are Morals?

Cultural rules that shape ethical behavior.

Code of Ethics

Guidelines for ethical decision-making in organizations.

Corporate Social Responsibility (CSR)

Business commitment to society's welfare and stakeholder interests.

Stakeholder Theory

Considers interests of all affected parties in business decisions.

Typical Stakeholders in a Corporation

Shareholders, employees, customers, suppliers, and the community.

Pyramid of Social Responsibility

Framework outlining economic, legal, ethical, and philanthropic responsibilities.

Sustainability

Meeting present needs without compromising future generations.

Green Marketing

Promoting products with environmentally-friendly qualities.

Greenwashing

Misleading claims about environmental benefits to improve public image.

Cause-related Marketing

Partnership between a for-profit and non-profit for mutual benefit.