3.4: Key Terms
- Page ID
- 50766
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- anchoring strategies
- in the ethical context, the process of making ethics a foundation (anchor) of your business so that decision makers act keeping in mind key ethical considerations
- antitrust laws
- prevent companies from abusing position or power in the market through exclusion or limitation of competitor access to the market
- business ethics
- conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment
- conflict of interest
- when an individual or organization has interests in multiple areas that come into conflict with each other
- copyright
- grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time
- corporate social responsibility (CSR)
- practice in which a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being
- design patent
- protects product design
- disclosure
- sharing the needed facts and details about a subject in a transparent and truthful way
- diversity
- inclusion of many types of employees, regardless of differences (race, religion, gender, disability, LGTBQ, socioeconomic, cultural)
- environmental entrepreneurship
- entrepreneurial ventures focused on identifying an environmental problem and creating a product or process to solve that problem
- ethics
- standards of behavior to which we hold ourselves in our personal and professional lives
- fairness
- impartial, unbiased compliance with rules and standards of what is right, just, and equitable
- integrity
- adherence to a code of moral values implying trustworthiness and incorruptibility because there is unity between what we say and what we do
- intellectual property
- legally protected result of creative work to turn a unique idea into a product or service
- prejudice
- way of thinking about or treating employees in a manner that favors or hinders one person or group over another, usually in a way considered to be unfair
- social entrepreneurship
- entrepreneurial ventures focused on identifying a societal problem and creating a product or process to solve that problem
- sustainability
- practice of preserving resources and operating in a way that is ecologically responsible in the long term
- trade secret
- proprietary information, processes, or other internal knowledge that contribute to an organization’s competitive edge in a market
- trademark
- registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products
- truthfulness
- underlying facts, reality, and evidence on a matter
- utility patent
- protects product ideas