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.