MARK 201 Chapter Notes - Chapter 4: Caveat Emptor, Cause Marketing, Sustainable Development
Ethics: moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with dilemmas. Laws: society"s values and standards that are enforceable in the courts. *judgement plays a large role in numerous situations in defining ethical and legal boundaries. Increased pressure on businesspeople to make decisions in a society characterized by diverse value systems. Growing tendency for business decisions to be judged publicly by groups with different values and interests. The public"s expectations of ethical business behavior has increased. Culture serves as a socializing force that dictates what is morally right and just (moral standards are relative to particular societies) Societal values and attitudes also affect ethical and legal relationships among individuals, groups, and business organizations. Business cultures: comprise the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings .