Ethics refers to the moral principles or values that generally govern the conduct of an individual or a group.
- Legal and ethical standards may not be the same.
- Companies should create an environment of ethical practice.
Corporate Social Responsibility (CSR) Pyramid
Economic responsibility - pursues profits
Legal responsibility - expected to obey the law
Ethical responsibility - to do what is right, just, and fair
Philanthropic responsibility - to be a good corporate citizen
This refers to the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
Green marketing is the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment.