Ethics, the Environment & Business Flashcards
All 6 cards in this deck
What does it mean for a business to act ethically?
Doing what is morally right, e.g. paying fair wages and using fair trade suppliers, even if it is not the cheapest option.
State the trade-off between ethics and profit.
Ethical choices raise costs in the short run, lowering profit, but can build brand image and sales in the long run.
What is sustainability for a business?
Operating in a way that meets present needs without damaging the ability of future generations to meet theirs.
Give one environmental action a business can take and its effect on profit.
Using recyclable packaging or renewable energy - it raises costs initially but can cut waste costs and attract customers.
What is a pressure group?
An organised group that campaigns to change the behaviour of businesses or government, e.g. Greenpeace.
Give one way pressure group activity can change a business's marketing mix.
Bad publicity may force it to change the product or packaging, or to promote its ethical credentials - often raising prices.