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Marketing Principles CHAPTER 6 SECTION 2
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Corporate scandals and unethical behavior have a negative effect on consumer confidence and the image of the company. Many businesses today recognize their employees’ needs outside the workplace and try to accommodate these needs. 1.Flextime – allows workers to choose their work schedule
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2. Telecommuting – involves working from home, usually on a computer 3. Extended Family Leave – some companies offer leave with pay in addition to the time required by the Family and Medical Leave Act 4. On-Site Childcare – grown in popularity with the increase in two-income families
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5. Health Care Insurance – paid for by employers is a major benefit 6. Time Off With Pay – vacations, sick days, and personal days Any form of the benefit tends to reduce employee absenteeism and employee turnover.
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Ad Council – nonprofit organization that helps produce public service advertising campaigns for gov’t agencies and other qualifying groups FCC – Federal Communications Commission – establishes standards for broadcasting Socially responsible companies look for ways to respond to consumers’ concerns.
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Socially responsible companies are concerned about our environment. Green marketing – companies engage in the production and promotion of environmentally safe products Green products are not always more expensive.
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A major aspect of social responsibility is business ethics. Ethics – guidelines for good behavior Ethical behavior – knowing the difference between right and wrong and doing what is right
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All consumers have four basic rights: 1.To be informed and protected against fraud, deceit, and misleading statements, and to be educated in the wise use of financial resources. 2.To be protected from unsafe products. 3.To have a choice of goods and services. 4.To have a voice in product and marketing decisions made by a government and business.
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Ethical companies are proactive. BBB – Better Business Bureau – nonprofit organization that promotes self-regulation among businesses Ethical companies subscribe to the American Marketing Association (AMA) Code of Ethics.
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Price Gouging – pricing products unreasonably high when the need is great or consumers do not have other choices Industries that keep computer data bases have a responsibility to keep that information private. Unethical selling practices – high-pressure selling tactics and failing to follow through on promises made to close a sale
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Management ultimately makes the decisions about major ethical issues that confront a business. Management must be a role model for ethical behavior in a firm. Whistle-blowing – reporting an illegal action of one’s employer Sarbanes-Oxley Act – gives whistle-blowers protection
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Companies with an interest in ethical business behavior develop guidelines to help employees make ethical decisions. To make the right choices, employees should follow these steps: 1.Get the facts 2.Identify all parties concerned 3.Think of all alternatives
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4. Evaluate the alternatives by asking yourself: Is it legal or illegal? Does it go against company policy? How des it affect everyone involved? Is it right, fair, and honest? Will it build good will for the company? Am I comfortable with it? How will it hold up to public scrutiny?
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