Podcast
Questions and Answers
Why should marketers be concerned about ethics?
Why should marketers be concerned about ethics?
- To foster long-term customer relationships. (correct)
- To maximize profits at any cost.
- To ensure compliance with financial reporting.
- To avoid governmental regulation.
How does consumerism contribute to ethical business practices?
How does consumerism contribute to ethical business practices?
- By encouraging companies to ignore customer feedback.
- By limiting the variety of products available.
- By promoting competitive pricing strategies.
- By pressuring businesses to be more accountable. (correct)
What differentiates ethics from social responsibility?
What differentiates ethics from social responsibility?
- Ethics focuses on individual behavior, while social responsibility focuses on corporate actions. (correct)
- Ethics involves compliance, and social responsibility involves voluntary actions.
- Ethics is about profit maximization, whereas social responsibility is about cost reduction.
- Ethics only applies to marketing, while social responsibility applies to all business practices.
What are the four steps in ethical decision making?
What are the four steps in ethical decision making?
Which marketing practice can help integrate ethics and social responsibility into a firm's strategy?
Which marketing practice can help integrate ethics and social responsibility into a firm's strategy?
Why is the fashion industry considered highly polluting?
Why is the fashion industry considered highly polluting?
What initiative aims to promote reusing and recycling in the fashion industry?
What initiative aims to promote reusing and recycling in the fashion industry?
What aspect is especially considered within marketing ethics?
What aspect is especially considered within marketing ethics?
What is a common misconception about ethics in marketing?
What is a common misconception about ethics in marketing?
How much of the total garments produced yearly end up in landfills?
How much of the total garments produced yearly end up in landfills?
Flashcards
Marketing Ethics
Marketing Ethics
Examines ethical issues specific to marketing, including societal, global, and individual consumer concerns.
Business Ethics
Business Ethics
Distinguishes between right and wrong actions/decisions in a business context.
Ethical Decision Making
Ethical Decision Making
A four-step process for resolving ethical conflicts in business.
Social Responsibility in Marketing
Social Responsibility in Marketing
Signup and view all the flashcards
Consumerism
Consumerism
Signup and view all the flashcards
Ethical Concerns in Fashion
Ethical Concerns in Fashion
Signup and view all the flashcards
Importance of Marketing Ethics
Importance of Marketing Ethics
Signup and view all the flashcards
Fashion Pact
Fashion Pact
Signup and view all the flashcards
Ethics and Social Responsibility Integration
Ethics and Social Responsibility Integration
Signup and view all the flashcards
Learning Objectives
Learning Objectives
Signup and view all the flashcards
Study Notes
Chapter 17: Ethics and Socially Responsible Marketing
- Marketing ethics examines ethical situations within marketing, including societal, global, or individual consumer issues.
- Business ethics distinguishes between right and wrong actions and decisions in a business setting.
- The fashion industry is the second-most polluting sector globally.
- Approximately 65% of the 32 billion garments produced annually end up in landfills.
- A new initiative, Fashion Pact, explores ways to recycle and reuse clothing.
- Consumerism is a social movement protecting consumers from unethical business practices.
- Consumerism impacts employees, customers, marketplace and society.
- Corporate Social Responsibility (CSR) involves voluntary actions by companies to address the ethical, social, and environmental impacts of business and the concerns of stakeholders.
- CSR initiatives impact employees, customers, stakeholders, and the environment.
- A framework for ethical decision-making has four steps: Identify issues, Gather information and identify stakeholders, Brainstorm and evaluate alternatives, and Choose a course of action.
- A metric for ethical decision-making includes the Publicity test, Moral Mentor test, Admired Observer test, Transparency test, and Person in the Mirror test.
- Marketing ethics is integrated into different phases of marketing strategy, including Planning, Implementation, and Control.
- The planning phase establishes the overall ethical tone of the firm's marketing. Mission statements can be used to guide SWOT analysis.
- The implementation phase considers ethical issues related to targeting markets and products.
- The control phase checks for the successful implementation and reacting to changes.
- Different scenarios illustrate ethical considerations in the marketplace, including: Retailers misleading customers, giving credit to high-risk consumers, unethical practices in the jewelry industry, and not disclosing alcohol content in products.
- The ethical approach of Tim Hortons, involving a donation campaign for camp, raises significant funds for children each year.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
