Business, Society & Ethics: Ethical Marketing Flashcards

This set of vocabulary flashcards covers key concepts of ethical marketing, consumer rights under the Magna Carta, advertising abuses, management morality models, and specific Guyanese regulations as discussed in the lecture by Ms. R. A. Bentick.

Marketing

Activities undertaken by a business establishment or an individual to promote their services and products, including promotion, advertisement, and selling.

Peter Drucker's Business Purpose

The management expert defined the only valid purpose of a business as “to create a customer”.

Customer Relationship Management (CRM)

The ability of an organization to effectively identify, acquire, foster, and retain loyal profitable customers.

Consumer’s Magna Carta

The four basic consumer rights spelled out by President John F. Kennedy: the right to safety, the right to be informed, the right to choose, and the right to be heard.

The Right to Safety

A consumer right concerning products that are potentially dangerous, such as insecticides, foods, drugs, automobiles, and appliances.

The Right to be Informed

A marketing and advertising-related right referring to the consumer’s right to know about a product, its use, and the cautions to be exercised, spanning advertising, warranties, labeling, and packaging.

The Right to Choose

The assurance that competition is working effectively and that a variety of choices are available to the consumer.

The Right to be Heard

A right proposed because consumers believed they could not effectively communicate their desires and grievances to businesses.

Consumerism

A social movement seeking to augment the rights and powers of buyers in relation to sellers.

Clear Information

Information that is direct and straightforward, relying on neither deception nor manipulation.

Accurate Information

Information that communicates truths rather than half-truths and avoids gross exaggeration and innuendo.

Adequate Information

Providing potential purchasers with enough information to make the best choice among the options available.

Ethical Advertising

Public communication about truth, fairness, and equity in messaging and consumer experience that is honest, accurate, and strives for human dignity.

Advertising Ethics

Moral principles that govern how a business communicates with members of its target audience.

Ambiguous Advertising

A form of deception where a statement about a product or service is made in a way that may mean several different things.

Weasel Words

Inherently vague qualifiers such as "help," "like," "virtually," and "up to" used in advertising to enable companies to claim they were not misleading consumers.

Legalese

Excessively complex and ambiguous terminology often found in fine print that consumers are unlikely to read.

Concealed Facts

The practice of not telling the whole truth or deliberately withholding information the consumer should have access to for an informed choice.

Exaggerated Claims

Claims regarding the benefits of products and services that simply cannot be substantiated by any kind of evidence.

Puffery

A euphemism for hyperbole or exaggeration that refers to the use of general superlatives like "King of Beers" or "Breakfast of Champions."

Psychological Appeals

Advertising designed to persuade based on human emotions and emotional needs (such as fear, sex, or status) rather than reason.

Comparative Advertising

The practice of directly comparing a firm’s product or service with that of a competitor, typically naming the competitor's brand.

Warranty

A usually written, contractual promise that attests to the quality or durability of a product for a specific period of time.

Guarantee

A promise regarding product quality that is less likely to be written and may involve verbal assurances of refunds for unsatisfied customers.

Implied Warranty

An unspoken promise recognized by law that there is nothing significantly wrong with a product and it can be used for its intended purposes.

Express Warranty

A promise explicitly offered at the time of sale, ranging from advertising claims to formal oral or written certificates.

Immoral Management (Consumers)

A management style where customers are viewed as opportunities to be exploited through cheating, deceiving, or misleading.

Amoral Management (Consumers)

Management that focuses on profitability within the letter of the law without considering the ethical consequences or fairness of their actions toward customers.

Moral Management (Consumers)

Management that treats customers as equal partners, focusing on fair value, full information, and honored consumer rights.

Guyana Tobacco Control Act No. 17 of 2017

Legislation that prevents smoking in any indoor workplace, public space, public transport, or within five meters of health, educational, or child care facilities.

Guyana National Bureau of Standards (GNBS)

The body that develops and enforces national standards and regulations in Guyana, including the requirement that all product labels be in English.

Certified Organic

A USDA label requiring that at least 95 percent of the ingredients are free of synthetic additives like pesticides and chemical fertilizers.