Ethics are very important in human life. Every sphere of our lives is largely determined by the ethical values we hold. This does not except the world of business where ethical practices are key in every way. Business ethics remains a debatable issue in human history. The bone of contention is always hinged on the desire for business owners to make money and doing good to the people. Scholars and academicians have studied this concept for years without reaching consensus. Some surveys by groups like Ethics Resource Center indicate that more than 40% of business supervisors do not observe business ethics. While this remains a problem in business, the marketing department usually faces more unethical cases than any other section in an organization. In this paper, we shall discuss marketing ethics and their significance for the success of the business.
Marketing ethics has become a relevant issue in business because of the disparity between companies and their customers. In recent times, most organizations around the time are realizing the need to embrace ethical practices when conducting business. To achieve this, they have their attention focused on inculcating ethical marketing approaches. Companies, which adhere to ethical advertising, develop reputation in that field. Experts argue that ethical marketing is more of a philosophy than a marketing strategy that forms the basis of all marketing efforts in an organization. At the heart of ethical marketing are honesty, responsibility, and fairness in advertising. This however is a difficult subject since people have subjective stances when determining what is good or wrong.
Marketing ethics encompass a range of principles, which a company has to abide with in the course of meeting the needs of its customers. Firstly, any communication intended for marketing must be factual and truthful. This is necessary to avoid misleading customers who largely depend on information about the product or service as delivered by the manufacturer. Moreover, marketing professionals are tasked with maintaining high levels of personal ethics in business. This means, marketing goes beyond company operations and requires individual people responsible to exercise standard levels of decorum.
Another important aspect of marketing ethics is giving distinct content about your product. Here, it is necessary to draw a line between news, and entertainment when designing and broadcasting ads to customers. The least challenges for the buyer should be making judgment on the type of information you are giving and what you intend to achieve. Companies should know that marketing messages focus on convincing consumers to make an informed buying decision. When it comes to endorsement, companies have to be transparent on who they pay to approve their product to avoid misleading customers who may choose the product because of endorsement alone. The approval should therefore be genuine devoid of hidden tricks, which could harm the customers.
While unethical marketing practices are mostly not against the law, it may hinder the success of a company. As a result, most leading multinationals in the world resort to unethical and unfair advertising strategies to gain competitive advantage in the market. Upholding marketing ethics is essential because it strengthens your image through approval by customers. This is equally in achieving long-term goals of winning the loyalty of consumers.
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