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CHAPTER 3 Solomon, et.al.

CHAPTER 3 Solomon, et.al. Ethics in business. DOING GOOD = Ethics?. Enron = $4 billion in debt = creative accounting World Com $11 Billion – falsified financial statements Martha Stewart = insider trading Parmalat Fail to account for E8 billion ($10 Billion USD) Pharmorx

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CHAPTER 3 Solomon, et.al.

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  1. CHAPTER 3Solomon, et.al. Ethics in business

  2. DOING GOOD = Ethics? • Enron = • $4 billion in debt = creative accounting • World Com • $11 Billion – falsified financial statements • Martha Stewart = insider trading • Parmalat • Fail to account for E8 billion ($10 Billion USD) • Pharmorx • $500 million = creative accounting

  3. Business Ethics • Basic values that guide a firm • Rules of conduct • Values that govern decisions • Codes of ethics • Company specific • AMA (p. 70) • Foreign Corrupt Practices Act, 1977

  4. Dark side of Ethics • Damages society at large • Bribery • Extortion • Foreign Corrupt Practices Act, 1977

  5. Marketing Mix & Ethics • Product • Ford Pinto, Vioxx, Dog food, toys, spinach, etc • Pricing • Avoiding shady, deceptive, discrimative prices • Promoting • FTC rules / corrective ads, puffery • Placing/distributing/availability • Slotting allowance, exclusivity fees, minimums

  6. Next set of slides • Social Responsibility

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