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Questions and Answers
Why should marketers be concerned about ethics?
How does consumerism contribute to ethical business practices?
What differentiates ethics from social responsibility?
What are the four steps in ethical decision making?
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Which marketing practice can help integrate ethics and social responsibility into a firm's strategy?
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Why is the fashion industry considered highly polluting?
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What initiative aims to promote reusing and recycling in the fashion industry?
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What aspect is especially considered within marketing ethics?
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What is a common misconception about ethics in marketing?
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How much of the total garments produced yearly end up in landfills?
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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.
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Description
This quiz explores the essential concepts of ethics and socially responsible marketing discussed in Chapter 17. Key topics include consumerism, corporate social responsibility, and ethical decision-making in business. Understand the significant impacts these factors have on society and the environment.
