Question

In your own words, define what is meant by "ethics in marketing" and why it is an important subject to cover in this course.

Once you have chosen your topic(s), discuss related ethical considerations. Your post should explore how themes such as environmental, social, and legal considerations get balanced with the need to maximize a company's profit. For example, as a marketing executive part of your job would be to ensure that the company meets it sales and revenue goals. How do you balance that objective with environmental considerations? When is it "too much" or when is the push "too hard"? How are issues of consumerism affected by the type of product or service that is being marketed?

Answer 1

Ethics In marketing

Ethics in marketing requires satisfying needs of customers and building a long term relationship with them. However a marketing executive may face a problem of balancing the interest of consumers with his own interest. To overcome this problem, executive shall have the proper knowledge of ethical and unethical practices. Following are some areas which are considered while ensuring the ethics in marketing.

1. Building image of the organization- Every marketing should executive shall maintain the highest degree of ethical standards. It will help in building and protecting the brand image of the organization. For this executive should have a vision on ever employee, because even a single employee can destroy the image of the entire organization.
2. To avoid government checks- Once a government regulation is imposed, it will get difficult to remove it and this may results in loss in flexibility in decision making and reputation. Hence in order to avoid this an organization should ensure the compliance of ethical standards.
3. Public confidence- There are so many factors such as misleading package labeling, unfair pricing, sale of defective goods etc, may destroy the image of the organization in front of customers. Hence to avoid this situation, ethical standards are necessary to follow.
4. Increased turnover- customer develop positive image on the compliance of ethical standards, which may results in the building the long term relationship and leads to enhance the profitability.
5. Power and responsibility- If the marketing executives do not use their power ethically, those powers will be lost in the long run. Thus in order to retain powers, the marketing executives should incorpoarate ethical values in marketing.