Conscious Marketing, CSR, and Ethics - Vocabulary Flashcards

Vocabulary flashcards covering key terms related to conscious marketing, CSR, ethics, stakeholders, and ethical decision making from the lecture notes.

Conscious marketing

A sense of purpose for the firm that is higher than profit, guiding decisions by four overriding principles: greater purpose, stakeholders, corporate culture, and ethically based decisions.

Greater purpose

A principle of conscious marketing focused on a higher organizational aim; engagement that improves inputs and outcomes of marketing actions.

Stakeholders

The broad set of people who might be affected by a firm’s actions (e.g., employees, customers, partners, marketplace, community, environment, society).

Corporate culture

The firm’s leaders’ commitment to being conscious at all levels and throughout the organization’s culture.

Ethically based

Decisions grounded in sound marketing ethics.

Corporate social responsibility (CSR)

Firms’ responsibilities to society beyond economic and legal duties; shaped by stakeholder demands and expectations, not mandated by law.

Sustainability

A holistic approach in which truly sustainable marketing benefits all stakeholders (employees, customers, marketplace, and society).

Shareholders

Owners of the company who hold equity and are part of the firm’s stakeholder groups.

Employees

Basic responsibility: provide a safe working environment free of threats to physical safety, health, or well-being.

Privacy

Consumer privacy considerations in marketing; a current trend in responsible marketing practices.

Health-conscious marketing

Marketing focused on consumers who prioritize health and wellness.

Brand equity

The value of a brand based on awareness, perceived quality, associations, and loyalty.

Mission statement

A statement signaling the firm’s strategic priorities; can include ethical commitments and direction for decision making.

Planning phase

Stage where ethics can be integrated by including ethical statements in the mission or vision statements; signals the firm’s priorities.

Implementation phase

Phase in which ethical issues arise in choosing markets, delivering the 4Ps, and governing market-entry decisions.

Control phase

Phase where managers are evaluated on ethical actions; systems exist to check addressed issues and adapt to new ethical challenges.

Ethical decision-making framework

A four-step process for ethical decisions: identify issues; gather information and identify stakeholders; brainstorm and evaluate alternatives; choose a course of action.

Step 1: Identify issues

First step: determine what ethical issues exist (e.g., data misuse, misleading results, hidden purposes).

Step 2: Gather information and identify stakeholders

Second step: collect relevant ethical and legal information and identify stakeholders to seek input.

Step 3: Brainstorm and evaluate alternatives

Third step: generate alternative solutions and assess their effects on stakeholders.

Step 4: Choose a course of action

Fourth step: select the best ethical course of action and rank alternatives by pros and cons.