SustainabilityRelated to the triple bottom line; threatens the survival or current and future
generations
ResponsibilityNature of relationships between stakeholders
EthicsDecision making in ethical dilemmas
Milton FriedmanA corporation's sole obligation is to maximize wealth to its shareholders...
BUSN 201
Questions and Answers
Sustainability✅✅Related to the triple bottom line; threatens the survival or current and future
generations
Responsibility✅✅Nature of relationships between stakeholders
Ethics✅✅Decision making in ethical dilemmas
Milton Friedman✅✅A corporation's sole obligation is to maximize wealth to its shareholders
and has no responsibility or capability to address societies interests
Sustainability✅✅Meets the needs of the present, without compromising the needs of the future
generations
Economic impact✅✅Revenues, profit % of local supplies sourced
Social impact✅✅Donations, customer satisfaction, charity promotion, democratic decision
making process
Environmental impact✅✅% of supplies bought from environmentally friendly material, reduce
waste and responsible of disposal
Fragmentation✅✅Everyone works in their own disciplines
Holism✅✅People work together to achieve results
Substitution✅✅The destruction of one form of capital can be substituted with another form of
Capitol
Complementation✅✅All three components (economic, social and environment) are mutually
reinforcing and important
Status Quo✅✅Incremental changes and simple increases in efficiency will achieve sustainable
development
Change✅✅Existing systems are inept and advocates for drastic systemic changes
Masters✅✅The world is made for man, not man for the world
, Equals✅✅Natural objects such as animals, forests, and ecosystems have right of their own and
be treated wiht responsibility and respect, similar to the way we treat other human beings
sustainably developed countries✅✅Equal distribution of wealth and global environmental
footprint is within planetary thresholds
Marketing✅✅Process that organizations use to design, develop, and communicate the value of
their products, services, and ideas
Utilitarian value✅✅Functional benefits
Hedonic value✅✅Emotional benefits
Stakeholder goodwill✅✅Positive attitude toward an organization among stakeholders
Integrated marketing communications✅✅Consistent approach to internal and external
communications, using the marketing mix, Can build stakeholder goodwill
Product✅✅Features, Benefits, Wants, Needs
Place✅✅Producer, wholesaler, Retailer
Price✅✅Customer value, Cost based, competition based
Promotion✅✅Ads, Sales Promotion, Personal selling, Public Relations, Direct and Digital
Sender✅✅Person with whom the message originates
Receiver✅✅Person who originally receives the message
Message✅✅Unique combination of words and symbols
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