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Principles of Marketing - Week 3

by: Anna Notetaker

Principles of Marketing - Week 3 Mkt 3820

Marketplace > Middle Tennessee State University > Business > Mkt 3820 > Principles of Marketing Week 3
Anna Notetaker
GPA 3.62
principles of marketing
Dr. Lucy Matthews

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These notes have been done in Prof. Lucy Matthew's course.
principles of marketing
Dr. Lucy Matthews
Class Notes
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This 2 page Class Notes was uploaded by Anna Notetaker on Saturday October 3, 2015. The Class Notes belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 14 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.


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Date Created: 10/03/15
Principles of Marketing Week 3 Prof Lucy Matthews Chapter 3 De nitions Ethics is the moral principles or values that generally govern the conduct of an individual or a group Deontological Theory is the ethical theory that states that people should adhere to their obligations and duties when analyzing an ethical dilemma Utilitarian Ethical theory is the ethical theory that is founded on the ability to predict the consequences of an action Casuist ethical theory is the ethical theory that compares a current ethical dilemma with examples of similar ethical dilemmas and their outcomes Moral relativism is an ethical theory of timeandplace ethics that is the belief that ethical truths depends on the individuals and groups holding them Virtue is a character trait valued as being good Morals are the rules people develop as a result of cultural values and norms Code of ethics is a guideline to help marketing managers and other employees make better decisions Foreign Corrupt Practices Act is a law that prohibits US corporations from making illegal payments to public of cials of foreign governments to obtain business rights or to enhance their business dealings in those countries Corporation social responsibility is a business39s concern for society s welfare Stakeholder theory is the ethical theory stating that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of a rm39s operation Pyramid of corporation social responsibility is a model that suggests corporate social responsibility is composed of economics legal ethical and philanthropic responsibilities and that the rm39s economic performance supports the entire structure Sustainability is the idea that socially responsible companies will outperform their peers by focusing on the world39s social problems and viewing them as opportunities to build pro ts 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 Causerelated marketing is the cooperative marketing efforts between a forpro t rm and a nonpro t organization Notes from Class Societal order is created through the six modes of social control Ethics are the moral principles or value that generally govern the conduct of an individual or a group SelfRegulation involves the voluntary acceptance of standards established by nongovernmental entities Business ethics may be viewed as a subset of the values of society as a whole with a foundation based on the cultural values and norms that constitute a culture39s morals The ethical conduct of businesspeople is shaped by societal elements including family education and religious institutions Morals are the rules people develop as a result of cultural values and norms Many companies develop a code of ethics to help their employees make ethical decisions A dose of ethics can help employees identify acceptable business practices be an effective internal control on behavior help employees avoid confusion when determining whether decisions are ethical and facilitate discussion about what is right and wrong Responsibility in business refers to a rm39s concern for the way its decisions affect society According to the pyramid of corporate social responsibility CSR has four components economic legal ethical and philanthropic


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