ABSTRACT: In order to be consumer-oriented, marketing will have to be truthful and ethical. That is why it is very important in marketing, as in any other field; to apply the principles of Ethics It is also important to apply the processes of innovation, to find new ways of marketing effectively. This Paper explains the concept of Ethics in Marketing and overview a number of issues around innovation:
Keywords: Ethics, Innovation, Consumer, Marketing, Stakeholders, code of conduct, Values.
Marketing is a powerful tool with the potential to change opinions and influence behavior. It is essential this influence is used responsibly and in a way that protects consumers and supports human rights. That is why study of consumer has become important to any marketer. Because success of marketing efforts hinges largely upon the satisfaction of the target customers’ needs and wants. But not employing ethical marketing practices may lead to dissatisfied customers, bad publicity, a lack of trust, lost business, or, sometimes, legal action. Thus, most organizations are very sensitive to the needs and opinions of their customers and look for processes of innovation, to find new ways of marketing effectively and ways to protect their long-term interests.
It is difficult to precisely define what ethics is. However, most people have no difficulty in understanding the spirit of ethics. Most people do not question or argue about the axiom that ethics is not a matter of choice. Just as you do not question the right of other people to live you do not question their right to expect ethical behavior from you.
Ethics is the study of the normative judgments concerned with what is morally right and wrong, good and bad.
Ethics are a collection of principles of right conduct that shape the decisions people or organizations make. 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.
ETHICS IN MARKETING AND ITS RELEVANCE TO CONSUMER BEHAVIOR:
Understanding of consumer Behavior gives a clear advantage to the marketer who would know all that is there to know about the target consumers personality and choices. In fact almost all companies producing or marketing continuously gather and update their information about their target consumers and form strategies. In many circles it is felt that in depth understanding about the behavior of the consumers gives scope to the marketer to manipulate the market itself and that strategies are formed without regard to fundamental ethics of being honest , truthful and fare. The principal aim of the strategies is to somehow overcome the resistance of the consumers and sell more. This leads to a situation where cleverness in the market place and selling success become prized qualities of a market man when viewed from the angle of his employer or the company. Unless the company draws the line and encourages the employees to be within certain limits, ethics becomes the first casualty. In the long run it does immense damage to the relationship between the company and its customers. Therefore, more than anyone else companies doing marketing have to make ethics their way of life not be compromised even under grave provocation or threat from competition. Without ethics there can be no business.
RULES FOR ADVERTISING ETHICS:
In order to enforce an ethical code now in India we have the Advertising Standard Council of India (ASCI). This is designed to crack down the misleading and unethical advertisements. It puts forward a regulating code.
It is inspired by a similar code of the Advertising Standard Authority (ASA), U.K.; it seeks to achieve the acceptance of fair advertising practices in the best interests of the ultimate...