Ethics: Ethics And Importance Of Marketing Ethics
Marketing Ethics is the area of applied ethics which deals with the moral principles behind the operation and regulation of marketing. Marketing ethics has influenced companies and their response is to market their products in a socially responsible way. The increasing trend of fare trade is an example of impact of marketing ethics. As stated by the Statement of Ethics of American Marketing Association, some ethical norms are -
• Do not harm
• Embrace ethical values such as honesty, responsibility, respect, fairness etc.,
• Foster trust in the marketing system
No company is completely ethical or unethical, they might be ethical in one aspect and unethical in the other. For Example, Dove …show more content…
One such company is The Body Shop, a worldwide chain of bath and body stores. To differentiate themselves from their competitors, they have incorporated a highly ethical marketing strategy. Their values revolve around use of organic products, no animal testing, and promoting healthy body images.
Some companies in fact adopt an ethical way of business based on their own morals and principles, and advertising their products in such a manner is only an extension of their corporate character. Because some consumers are interested in more than just the price and quality. Companies that are known for treating workers fairly, sourcing sustainable materials, environmental stewardship, and charitable donation have to reflect these principles in their marketing efforts. The Tata Group is known for it’s highly ethical code of conduct. This repuation will positively reflect on the sale of their products.
Importance of Ethics In Marketing …show more content…
Not only will customers believe that the company cares for them, but will also associate the brand with pleasant feelings and experiences and spread the word.
• Competitive edge - Identifying your product and business practices as being founded on strong ethical principles makes your product or service more attractive to consumers.
• Post-Purchase Dissonance - When the customers are provided lower quality than what is promised, it creates dissatisfaction among consumers which costs the company its brand loyalty.
• Using Ethics as a Marketing Tactic - Marketers have been quick to observe the markets preference for ethical companies and are quick to adapt to this new consumer taste. This results in using ethics itself as a selling point
• Keeps marketing legal: Reduces the risk of cutting corners and turning a blind eye. Most of the government regulations are result of managements failure to live up to its ethical responsibility at one time to another and to maintain the level of freedom in marketing , they need to abide by the rules.
Issues in Marketing Ethics