Ethics and Governance Quiz

Corporate Governance and Ethics

• The central purpose of corporate governance is to ensure that a company is directed and controlled in a way that is in the best interests of its stakeholders.

Ethics

• The term 'ethics' is derived from the Greek word 'ethos', meaning character or moral nature.
• According to Winston Churchill, ethics is defined as "the pursuit of moral values, moral principles, and moral ideals".

Corporate Social Responsibility (CSR)

• CSR stands for Corporate Social Responsibility, which refers to a company's commitment to contribute to the well-being of society.

Ethical Awareness and Decision-Making

• The central focus of developing a student's ethical awareness, reflection, and decision-making ability is to equip them with the skills to make informed, ethical decisions in their personal and professional lives.

Marketing Ethics

• The central focus of marketing ethics is to ensure that marketing practices are responsible, fair, and honest, and do not harm consumers or the environment.

Marketing Mix

• The 4 P's of marketing are: Product, Price, Place, and Promotion.

Ethical Issues in Marketing

• A common ethical issue related to product decisions in marketing is planned obsolescence, where products are deliberately designed to have a limited lifespan, leading to waste and environmental harm.

Goals and Principles of Marketing Ethics

• The primary goal of organizations implementing marketing ethics is to promote trust, transparency, and accountability in their marketing practices.
• The principles guiding a company's promotional activities in marketing ethics are honesty, transparency, and fairness, ensuring that all marketing communications are truthful, respectful, and compliant with laws and regulations.