Lecture 8 Flashcards
(19 cards)
What is the difference between a need and a want?
A need is a basic biological motive; a want is one way society teaches us to satisfy that need.
What are business ethics?
Rules of conduct guiding actions in the marketplace, based on moral principles and values.
What is the role of the Advertising Standards Authority (ASA)?
To ensure advertisements are legal, decent, honest, and truthful, and do not mislead or cause harm.
What does UK consumer protection legislation aim to do?
Protect consumers, uphold industry image, and ensure fair and credible messaging.
Name two key UK laws related to consumer protection.
Consumer Rights Act (2015), Data Protection Act (2018).
What is greenwashing?
When companies falsely claim their products are environmentally friendly.
What is consumer misbehaviour?
Behaviour that violates norms and disrupts consumption, often driven by the pursuit of personal value.
What are the characteristics of compulsive consumption?
It is not done by choice, offers short-lived gratification, and leads to regret or guilt.
Who are consumed consumers?
Individuals exploited for commercial gain, e.g., organ donors, prostitutes, or fraud victims.
What is the economic cost of fraudulent returns in the UK retail sector?
Estimated at £60 billion per year.
What is materialism in consumer behavior?
The importance a consumer attaches to worldly possessions.
What are the effects of high materialism?
Lower happiness, stronger brand attachment, and greater fear of death.
What is corporate social responsibility (CSR)?
A company’s accountability for its social and environmental impact.
What are the four expectations of CSR (Carroll & Buchholtz, 2000)?
Economic, Legal, Ethical, and Philanthropic responsibilities.
What is social marketing?
The use of marketing techniques to promote behaviors that benefit society and the individual.
What are the 4Ps of social marketing?
Product, Price, Place, Promotion.
What distinguishes CSR from social marketing?
CSR focuses on business responsibility; social marketing aims to change harmful behaviors.
What are the ASA’s rules for environmental claims?
Claims must be clear, substantiated, not misleading, and consider full product life cycle.
What are common forms of consumer misbehaviour?
Shoplifting, piracy, fraudulent returns, and purchasing counterfeit goods.
