Both relatively simple frameworks and more comprehensive models for evaluating ethical decisions in marketing are summarized.
Finally, the fact that organizational commitment to fostering ethical marketing decisions can be accomplished by top management leadership, codes of ethics, ethics seminars/programs and ethical audits is examined.
Ethical Marketing refers to the application of marketing ethics into the marketing process.
Briefly, marketing ethics refers to the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment.
The morality of the marketing decision can encompass any part of marketing from advertising to the pricing of their product or service, to the sourcing of their raw materials.
In today’s corporate world ethical marketing is playing a larger role in marketing strategy.When marketing practices depart from standards that society considers acceptable, the market process becomes less efficient—sometimes it is even interrupted.Not employing ethical marketing practices may lead to dissatisfied customers, bad publicity, a lack of trust, lost business, or, sometimes, legal action.It promotes qualitative benefits to its customers, which other similar companies, products or services fail to recognize.The concern with ethical issues, such as child labor, working conditions, relationships with third world countries and environmental problems, has changed the attitude of the Western World towards a more socially responsible way of thinking.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.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.Ethical marketing should be part of business ethics in the sense that marketing forms a significant part of any business model.Study of Ethical marketing should be included in applied ethics and involves examination of whether or not an honest and factual representation of a product or service has been delivered in a framework of cultural and social values.