Chapter 12: Ethical and sustainable approaches to marketing Flashcards
(17 cards)
Circular economy
recycle, reuse, remanufacturing and refurbishment to create a closed system, minimising the use of resource input and the creation of waste.
Sustainable marketing
meeting the needs of current consumers and organisations while improving the ability of other generations to cater for their marketing needs.
Consumerism
act of intended social movement to reinforce the power and rights of the consumer.
Environmentalism
act of intended social movement aiming at reducing the harm to the environment as well as enhancing welfare through marketing practices.
Bribery
also known as corruption, take advantage for private gains.
Corporate sustainability
targets the social, environmental, and economic effect of the business.
Deceptive pricing
when prices charged intentionally deceive consumers.
Ethics
act of behaviour according to moral values.
Predatory pricing
a powerful organisation indulges in cost/price reduction with the intention of exiting its competitors) and recovering from costs when prices increase in the near future.
Price discrimination
a powerful organisation charges different prices to different customers for the same products purchased for unjustified reasons.
Price-fixing
the fixing of price for collusion in tendering.
Regulations
acts, laws, and principles to promote justice or ethical practice.
Green marketing
initiative to enhance sustainable development.
Ethical marketing
application of ethics into marketing practices.
Ethical advertising
no deception received by the customer in terms of a misleading activity, omission, misrepresentation at any step of the advertising process of a product/ service.
Supra competitive pricing
value that consumers place on a good is much greater than the cost of producing that good.
Sustainable organisation
focuses on the triple bottom line
- profit = economic
- people = social
- planet = environmental
