Report on Marketing Ethics.
Introduction
Marketing ethics refers to principles or morals applied in a business environment with regard to marketing. The major reason for undertaking the study and writing a report on it is analyzing the benefits of ethical marketing and making a recommendation on it.Marketing ethics is a tool that all business persons should adopt. It gives a competitive edge to a business. Ethical marketing presents a great opportunity for the growth of a business. This study has assumed thatthe businesses being referred to, partake marketing in terms of promotion and advertising as well as through media. The research covers many issues with regards to marketing ethics among them: Market research, market audience, pricing ethics, ethics in advertising and promotion. The report, however, does not cover in detail brand management and account-based marketing.
- Difficulty in securing authentic information.
Information required for the research should be authentic to yield the required results. Acquiring this information may be difficult due to illiteracy and non-co-operation of the residents.
- Reticence of the correspondents involved in the research.
Some of the respondents may be reluctant to answer questions. These questions form the base for testing hypothesis. Therefore, reluctant to answering these questions may lead to a shallow research.
Discussion
Results provided for the report.
- Market research:
This refers to the link between the consumers of a product and marketers of the business. Marketers should be careful not to be unethical in terms of invading the customer’s privacy and stereotyping. In addition, pursuing the vulnerable in society such as young children is also part of ethical endangerment in marketing.
- Market audience:
Exclusion of potential consumers in the market is unethical. Market exclusion includes the prohibition of some audiences from accessing certain health care products. All these forms of unethical marketing lead to reduced profits in a business as well as ineffective service to the concerned audience.
- Pricing ethics:
Unethical practices in marketing include the following:
- Bid rigging. This is a situation whereby more than one party receives a similar bid as a form of price fixing and market allocation.
- Dumping. This is a situation in which products are exported at a price lower than that of its production.
- Predatory pricing. This is a situation in which the price of a product is lowered so as to lure some competitors out of the market.
- Price discrimination, which involves,use of different price lists for similar products of same supplier.
- Ethics in promotion and advertising:
In marketing, unethical practices, in advertising and promotion, include
- Truth and honesty in marketing. For example;In the early 1940s and late 1950s, tobaccosome adverts featured tobacco as a health promoter.Marketers who conceal the truth offend against both morality and the law.
- Issues with forcefulness, sex harassment and vulgarity. Such harassment is an issue of concern for children's advertising.
- Sense of taste and preference. Some people are offended by some adverts as compared to others. Featured examples include: hygiene products and medication. The publicity of condoms has been accepted in the benefits of AIDSprevention, but others see this as promotion ofpromiscuity.
- Marketing channels:
Unethical practices in delivery channels of marketing include electronic spam and telemarketing.
- Deceptive marketing:
Another unethical practice in marketing is the use of deceptive advertising. It is mostly achieved through humor. Throughout the research, it was established that most hilarious adverts are aimed at misleading consumers. However, these advertsare overlooked by the consumers.
Factors influencing the results
- Availability of respondents and information during the research. The more the availability the more exhaustive the research.
- The time presented. The more the time the exhaustive the research and vice versa.
Implications of the results
Marketing ethics is relevant to lawful and ethical running of a business.
Contrary to the infamous myth that ethical marketing does not pay off, ethical marketing has proved to afford higher returns to a business.
Conclusion
In conclusion, the study meets its purpose. With the deep scrutiny on marketing ethics, it is evident that marketing ethics is an issue that needs to be addressed. The steps employed in the process included siting a suitable topic, studying about its background information, finding additional resources on the topic and evaluating the results from the findings so as to translate the topic to a more simplified form. It is not easy to control the ethical issues in marketing in today’s digital world. However, since it is a crucial aspect of business and a determinant to the performance of the business, it leaves no other option but to uphold ethical practices during marketing. Although the ethics in marketing leave a lot to be desired, the public should be aware of the benefits of ethical marketing in business.
Recommendations
Part of the aim of this study was to provide comprehensive suggestions of the actions that should be taken with regards to the business related ethical topic, in this case marketing ethics.
The findings and conclusion in this report support the following recommendations:
- Business persons should practice ethical marketing for the following purposes:
- Customer satisfaction and revenue growth.
- Establishing price measure as well as protecting consumer welfare.
- Encouraging consumer participation and overall efficiency in business.
- Enhancing collaborative supplier relationships.
- Business firms must learn to be simultaneously competitive and collaborative.
- Businesses need to mark a proper distinction between profit maximization and increasing company value.
- Consumer education to understand their role in enhancing ethical marketing.
- Ethical marketing should be upheld as a source of economic growth.
Executive Summary
The purpose of this report is to discuss a business related ethical topic and draw conclusions about it with regards to business. The study is aimed at providing recommendations for the topic involved. The topic considered is ‘Marketing Ethics’ to address ethical issues in marketing, a crucial branch of business.Scope of the investigation: The report has handled issues such as research, pricing and promotion of goods or services in a business as well as market research, market audience and pricing ethics. Major findings from the study include ethics in promotion and advertising, marketing channels and deceptive marketing. After exhaustive study of the topic, major conclusions drawn include the fact that media plays a role in supporting unethical marketing and that ethics in marketing are a great determinant of success and efficiency of a business. Major recommendations: After taking into consideration the benefits of running an ethical marketing department, businesses should ensure ethical marketing for maximization of profits, since marketers are responsible for image portrayed about a product. Businesses should also mark a proper distinction between profit maximization and increasing company value.
Work Cited
Arnold, Chris. Ethical Marketing and the New Consumer. Southampton: Wiley, 2009. Print.
Patrick, Gene, Norman and Thomas Klein.Ethical Marketing. New York: Pearson, 2004. Print.
Ranchhod, Ashok. Ethical Marketing for Competitive Advantage. Southampton: Charles Scribner’s Sons, 2001. Print.
