Importance Of Ethics In Market Research

1980 Words 8 Pages
Ethics are of critical importance in any aspect of life. Ethics define who a person is and what they stand for. Ethics within a company also reflect what that business is about and what they stand for as well. Many people and companies define ethics differently. However, the fundamental definition of ethics seems to remain the same. A basic definition of ethics can often be stated as "a set of rules or principles that define right and wrong conduct"(Decenzo & Robbins, pg. 22). Due to the ambiguousness of this definition, it may be hard for one to determine the difference between right and wrong behavior.
Most people in general know the difference of right and wrong behavior. However, this knowledge doesn 't prevent one from committing the
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Market research involves sampling a particular market to find out what works and what doesn’t work product wise or whatever it is that the company needs to evaluate. For example, Crest might pull a group of people to test their latest toothpaste. Crest will do different things in order to test their product with the group of people that they have. Crest may do surveys or phone calls to gather the information from the participants to evaluate their products. Market research is used very frequently with a lot of companies for a lot of different products. Market research can be very helpful as it can provide the necessary information that the company needs to have the best products possible. There are ethical standards though that must be followed in all types of market research. Some of the ethical guidelines include obtaining written consent from participants that test the products and making sure that participants are fully aware of all of the aspects and risks that are involved in the market research that they are partaking in (Alsmadi, pg. 153). Things like written consent, making participants fully aware of all aspects of their participation, and the right to confidentiality all play a substantial role in ethics in market research. Whenever any market research is taking place, one must follow all the necessary guidelines in order to ensure that their research is correctly …show more content…
The reason why one must be able to do all this is because, good ethics come from understanding and knowing this information accurately. One is more likely and able to practice good ethics when one is fully aware of all of this information. Good ethics do not happen overnight and are something that is developed over time. However, if one is able to educate and make themselves mindful of ethics in marketing, then they should be able to develop a good code of ethics. As Henry Kravis once said, “If you don 't have integrity, you have nothing. You can 't buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have

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