MKTG chapter 3 notes
MKTG chapter 3 notes Mar 3023
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This 3 page Class Notes was uploaded by Brittanie Bakken on Tuesday September 13, 2016. The Class Notes belongs to Mar 3023 at University of South Florida taught by M. Luckett in Fall 2016. Since its upload, it has received 3 views.
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Date Created: 09/13/16
MKTG Chapter 3 Determinants of a Civil Society 1 . Ethics: the moral principles/values that guide groups or individuals. 2 . Laws: created and enforced by the government. Basically, “Do what’s right”. 3 . Formal and Informal Groups: have codes of conduct. 4 . Selfregulation: the voluntary acceptance of standards created by nongovernment organizations (advertising agencies, etc.). often deals with issues like child labor. 5 . The Media: rules to protect individuals (ex. the need for parental consent to publish photos of their child). 6 . An Active Civil Society: an involved and informed society that help mold corporate and individual behavior/actions (boycotts, protests, etc.). The Concept of Ethical Behavior Everyone likes to talk about it, but it can seem to be defined. Ethical Theories 1. Deontology: people should follow their obligations/duties when evaluating an ethical dilemma. 2. Utilitarian: ability predict the consequences that come with each action. (biggest benefit to most people = the correct ethical choice) 3. Casuist: compare ethical dilemmas to similar examples and the outcome of those examples in order to make ethical choices. 4. Moral Relativism: this is a belief that the correct ethics depend on the time and place. (basically it depends on the people, culture, and area). 5. Virtue: a character trait valued as being “good”. (This is something Aristotle and Plato felt had to be taught) Ethical Behavior: Daily ethics may change based on the theory that is applied. It typically boils down to morals. Morals are rules people create based on cultural values/norms. (basically what is “good” and what is “bad”) Morality and Business Ethics Three approaches 1. Develop a personal set of ethics that applies to both the business world and your personal life. 2. This approach stresses the importance of rule. (ex. laws) 3. Develop moral character (3 levels) Preconventional Morality: selfcentered. Looks at punishment v. reward. (basic level) Conventional Morality: egocentric view on societal expectations. Loyalty and obedience are key. Is it legal? How will others view it? PostConventional: less concerned about others views of them and more concerned about the long run. What will be best in the long run? Ethical Decision Making 7 common factors of making ethical decisions: 1. Extent of ethical problems 2. Managers’ encouragement of ethics 3. How big are the consequences? 4. Social consensus 5. Probability of a bad outcome 6. Time between decision and the consequences 7. How many people will be effected? Ethical Guidelines/ Training Code of ethics: a guideline to help employees and managers make ethical decisions. This has several advantages: 1. Helps employees ID the company’s ethical practices. 2. Can help improve internal control of behavior 3. Helps employees avoid confusion when making ethical decisions. 4. Leads to discussion about ethics. That results in more ethical decisions. Ex. Pepsi’s code of ethics The Most Ethical Companies Ethisphere magazine examines thousands of companies to determine the most ethical companies. Ethics in other countries Foreign Corrupt Practices Act (FCPA): a law that stops U.S. corporations from making illegal payments (bribes) to public officials of foreign governments to better their business. Corporate Social Responsibility Corporate Social Responsibility (CSR): a company’s concern for societal welfare. CSR can be a split issue. Some people believe that business should just focus on making a profit. Leave the social/environmental issues non profits and the government. The free market should decide what is best for the world. Stakeholders and Social Responsibility Stakeholder theory: says that social responsibility Stakeholders includes: o Employees o Management o Customers o The Local Community o Suppliers o Owners Pyramid of Corporate Social Responsibility Shows economic performance and responsibility o There are 4 levels (top to bottom) 1. Philanthropic responsibilities 2. Ethical responsibilities 3. Legal responsibilities 4. Economic responsibilities Sustainability The idea that socially responsible companies will outperform their peers. Growth of Social Responsibility It is going global! Green Marketing Ecofriendly items, biodegradable items. Etc. Companies that are trying reduce negative environmental impact. Proactive Social Responsivity and Green Marketing the two best examples of this type of company are: o Ben & Jerry’s o TOMS Shoes Cause related Marketing Cooperative marketing efforts involving forprofit and nonprofit companies/organizations.
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