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Which concept most likely explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each per month?
A) the profit motive since aging baby boomers are a large, profitable market
B) the social responsibility concept
C) the necessity of matching competitors' actions
D) new regulatory Medicare mandates as a result of the Affordable Care Act
E) the mandate by its industry's code of ethics
Social Responsibility Concept
The belief that businesses should contribute to the welfare of society and not be solely focused on maximizing profits.
Profit Motive
The fundamental purpose of businesses to earn profits, driving their operational and strategic decisions.
Affordable Care Act
A comprehensive health care reform law enacted in March 2010, aimed at expanding health insurance coverage and reducing the costs of health care in the United States.
- Acknowledge the function of social responsibility and the societal marketing concept in catering to societal necessities while accomplishing business targets.
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Learning Objectives
- Acknowledge the function of social responsibility and the societal marketing concept in catering to societal necessities while accomplishing business targets.
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