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Ethics
moral principles and values that govern the actions and decisions of an individual or group
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Laws
society's values and standards taht are enforceable in the courts
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Societal Cultures and Norms
Culture
set of values, ideas, and attitudes that are learned and shared among members of a group
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Business Culture
Comprise the effective rules of the game, the boundaries b/w competitive & unethical behavior
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Ethics of Exchange
Ethical exchange b/w buyers and sellers should result in both parties being better off after a transaction
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Consumer Bill of Rights
Codified ethics of exchange b/w buyers and sellers, including rights to be informed, to safety, to choose, & to be heard
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Consumer Bill of Rights
The right to safety
manifests itself in industry & federal safety standards for most products sold in the U.S.
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Consumer Bill of Rights
The right to be informed
the marketplace have an obligation to give consumers complete and accurate information about products and services
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Consumer Bill of Rights
The right to choose
Slotting allowance
form of cash or free goods, to stock new products
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Consumer Bill of Rights
The right to be heard
Consumers should have access to public-policy makers regarding complaints about products and services
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Ethics of Competition
Economic espionage
clandenstine collection of trade secrets or properietary information about a company's competitor
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Ethics of Competition
Bribery
bribes and kickbacks are often disguised as gifts, consultant fees, and favors
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Corporate Culture
set of values, ideas, and attitudes that is learned and shared among the members of an organization
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Code of Ethics
Formal statement of ethical principles and rules of conduct
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Ethical Behavior of Top Management and Co-Workers
Whistleblowers
employees who report an employer's unethical or illegal actions
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Moral Idealism
personal moral philosophy that consider certain individual rights or duties as universal, regardless of outcome
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Utilitarianism
Personal moral philosophy that focuses on the greater good for the greatest number by assessing the costs and benefits of the consequences of ethical behavior
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Three Concepts of Social Responsibility
Profit Responsibility
companies have a simple duty: maximize profits for their owners or stakeholders
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Three Concepts of Social Responsibility
Stakeholder Responsibility
focuses on the obligation an organization has to those who can affect achievement of its objectives
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Three Concepts of Social Responsibility
Societal Responsibility
Obligations that organizations have to ther perservation of the ecological environment and to the general public
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Societal Responsibility
triple-bottom line
recognition of the need for organizations to improve the state of people, the planet, and profit simulteaneously if they are to achieve sustainable, long-term growth
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Social Audit
Systematic assessment of a firm's objectives, strategies, and performance in terms of social responsilities
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Sustainable Development
involves conducting business in a way that protects the natural environment while making economic progress
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