Question

How does a firm’s marketing ethics and their overall firm performance tie to one another? What components of an ethical compliance program can aid in responsible marketing and lead to a successful marketing strategy? 400-600 words

Answer 1

Answer)

Marketing ethics and their overall firm performance are interlinked because when we market a product giving more hype than what it offers may increase it's sales in initial period but it leads to downgrade it's sales when the buyer discovers the real things about that product.Thus a fair marketing is needed to have growth on overall growth of firm performance.

Components of ethical complaince that can aid in responsible marketing and lead successful marketing strategy are:

1)Designated complaince officers and complaince committee on whose commad the executer of marketing strategy has to follow because it create sense of accountability in every one related to it.

2) Effective training and education to be provided for marketing people to make them more efficient.

3)Effective lines of communication for avoiding miscommunication and creating strong customer relationship.

4)Prompt response to detected problems through corrective actions to avoid marketing of false news.