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BUSN Chapter 4 – Business Ethics and Social Responsibility

Ethics
A set of beliefs about right and wrong, good and bad.
Universal Ethical Standards
Ethical norms that apply to all people across a broad spectrum of situations.
Business Ethics
The application of right and wrong, good and bad, in a business setting.
Ethical Dilemma
A decision that involves a conflict of values; every potential course of action has some significant negative consequence.
Code of Ethics
A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions, across a range of situations.
Whistle-Blowers
Employees who report their employer’s illegal or unethical behavior to either the authorities or the media.
Social Responsibility
The obligation of a business to contribute to society.
Stakeholders
Any groups that have a stake (or personal interest) in the performance and actions of the organization.
Consumerism
A social movement that focuses on four consumer rights: the right to be safe, informed, to choose, to be heard.
Planned Obsolescence
The strategy of deliberately designing products to fail in order to shorten the time between purchases.
Sarbanes-Oxley Act of 2002
Federal legislation passed in 2002 that sets higher ethical standards for public corporations and accounting firms. Key provisions limit conflict-of-interest issues and require financial officers and CEOs to certify the validity of their financial statements.
Corporate Philanthropy
All business donations to nonprofit groups, including money, products, and employee time.
Cause-Related Marketing
Partnerships between businesses
and nonprofit organizations,
designed to spike sales for the
company and raise money
for the nonprofit.
Corporate Responsibility
The actions of the business rather than donations of money and time.
Sustainable Development
Doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs.
Green Marketing
Developing and promoting environmentally sound products and practices to gain a competitive advantage.
Social Audit
A systematic evaluation of
how well a firm is meeting its
ethics and social
responsibility objectives.

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