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Those organizations that develop a competitive advantage are able to satisfy the needs of both customers and the organization.As our economic system has become more successful at providing for needs and wants, there has been greater focus on organizations’ adhering to ethical values rather than simply providing products. First, when an organization behaves ethically, customers develop more positive attitudes about the firm, its products, and its services.The UK Co-operative bank is good example of an organization that tries to follow a ethical principal, based on what the customers feel strong about.
This report begins by examining several potentially ethical recent marketing practices.
Since most marketing managers face ethical dilemmas during their careers, it is essential to study the moral consequences of these decisions.
However, this new way of thinking does create new challenges for the marketer of the 21st century, in terms of invention and development of products to add long-term benefits without reducing the product’s desirable qualities.
Ethical Marketing Ethical marketing is about whether a firms marketing decision is morally right or wrong.
The idea of fair trade is that consumers pay a guaranteed commodity price to a small group of producers.
The producers agree to pay fair labor prices and conserve the environment.
Practicing ethics in marketing means deliberately applying standards of fairness, or moral rights and wrongs, to marketing decision making, behavior, and practice in the organization.
In a market economy, a business may be expected to act in what it believes to be its own best interest.
Ethical marketing generally results in a more socially responsible and culturally sensitive business community.
The establishment of marketing ethics has the potential to benefit society as a whole, both in the short- and long-term.