MISS NANA AMA APPIAH|
In recent years, an increasing number of marketers, entrepreneurs and business managers have to deal with ethics and social responsibility issues about how to market their product and services all over the world. This study is going to present us some guidelines how marketers or the organization us a whole should market their product or services in an ethical fashion. INTRODUCTION
a) WHAT IS MARKETING?
Marketing is often been described as “the art of selling products”, but the most important part of marketing is not the selling .In fact marketing can be defined as the process of identifying and meeting human and social needs profitably. EBay one of the most famous online e-commerce recognized that people were unable to locate some of the items they desired most and created an online auction clearinghouse, also IKEA noticed that people wanted good furniture at a substantially lower price and created knock-down furniture. Both of these companies demonstrated marketing savvy and turned a private or social need into a profitable business opportunity.( Kotler ,et Keller,2007,pg3) b) WHAT IS ETHIC?
Ethics are the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas. 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. c) WHAT IS MARKETING ETHICS?
Ethical marketing or marketing ethics is about whether a firms marketing decision is morally right or wrong. 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. An increasing number of consumers are buying products/services because they feel that the products, services or organizations responsible for those are ethical. In response to this consumer demand organizations have increased their focus on ethical marketing. 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. When companies are reviewing marketing strategies they need to consider whether the marketing decisions that they are making are ethical and reflect consumer and market expectations.
MARKETING A PRODUCT AND BUSINESS ETHICS
The business world is all about selling a product or service and earning money. To sell a product or service, especially with all other competition in the marketplace , marketing a product through advertising, packaging and labeling is important. A business may be expected to act in what it believes to be its own best interest. An organization achieves a competitive advantage when it does a better job than its competitors at satisfying the product and service requirements of its target markets. 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. This focus has come about for two reasons. First, when an organization behaves ethically, customers develop more positive attitudes about the firm, its products, and its services. 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,...