Chapter 4 ethics and social responsibility in marketing. Ethics moral principles and values that govern that actions and decisions of an individual or group. Laws society"s values and standards that are enforceable in the courts. Classifying marketing decisions according to ethical and legal relationships. Business culture and industry practices ethics of exchange. Business cultures rules of the game, boundaries between competitive and unethical behaviour. Caveat emptor the legal concept of let the buyer beware that was pervasive in. Business culture and industry practices ethics of competition. Economic espionage the collection of trade secrets or proprietary information about a company"s competitors. Corporate culture a set of values, ideas, and attitudes that is learned and shared among the members of an organization. Codes of ethics formal statement of ethical principles and rules of conduct. Whistle-blowers employees who report unethical or illegal actions of their employers.