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CHAPTER 3 Solomon, et.al. Ethics in business. DOING GOOD = Ethics? Enron = Enron = $4 billion in debt = creative accounting $4 billion in debt = creative.

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Presentation on theme: "CHAPTER 3 Solomon, et.al. Ethics in business. DOING GOOD = Ethics? Enron = Enron = $4 billion in debt = creative accounting $4 billion in debt = creative."— Presentation transcript:

1 CHAPTER 3 Solomon, et.al. Ethics in business

2 DOING GOOD = Ethics? Enron = Enron = $4 billion in debt = creative accounting $4 billion in debt = creative accounting World Com World Com $11 Billion – falsified financial statements $11 Billion – falsified financial statements Martha Stewart = insider trading Martha Stewart = insider trading Parmalat Parmalat Fail to account for E8 billion ($10 Billion USD) Fail to account for E8 billion ($10 Billion USD) Pharmorx Pharmorx $500 million = creative accounting $500 million = creative accounting

3 Business Ethics Basic values that guide a firm Basic values that guide a firm Rules of conduct Rules of conduct Values that govern decisions Values that govern decisions Codes of ethics Codes of ethics Company specific Company specific AMA (p. 70) AMA (p. 70) Foreign Corrupt Practices Act, 1977 Foreign Corrupt Practices Act, 1977

4 Dark side of Ethics Damages society at large Damages society at large Bribery Bribery Extortion Extortion Foreign Corrupt Practices Act, 1977 Foreign Corrupt Practices Act, 1977

5 Marketing Mix & Ethics Product Product Ford Pinto, Vioxx, Dog food, toys, spinach, etc Ford Pinto, Vioxx, Dog food, toys, spinach, etc Pricing Pricing Avoiding shady, deceptive, discrimative prices Avoiding shady, deceptive, discrimative prices Promoting Promoting FTC rules / corrective ads, puffery FTC rules / corrective ads, puffery Placing/distributing/availability Placing/distributing/availability Slotting allowance, exclusivity fees, minimums Slotting allowance, exclusivity fees, minimums

6 Next set of slides Social Responsibility Social Responsibility

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