These are just two of the findings of a recent Aflac survey PDF into the potential business impact of ethical commerce and corporate philanthropy.
Find schools offering marketing programs That question has never had a satisfactory answer, but in recent years it has become a hot button issue. According to the Bureau of Economic Analysis, corporate profits soared to all time highs in At the same time, the world was suffering through a crippling economic downturn made worse by unscrupulous business practices.
The vast disparity between corporations and their customers has made ethical business practices an extremely relevant issue. Companies realize the importance of acting in more ethical way, and broadcasting this transformation to their customers.
One of the easiest ways to achieve this is through their marketing practices.
If a company makes an effort to advertise more ethically, it reflects Ethical marketing on every area of that business. What is Ethical Marketing? Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. It seeks to promote honesty, fairness, and responsibility in all advertising.
Principles of Ethical Ethical marketing All marketing communications share the common standard of truth. Marketing professionals abide by the highest standard of personal ethics.
Advertising is clearly distinguished from news and entertainment content. Marketers should be transparent about who they pay to endorse their products. Consumers should be treated fairly based on the nature of the product and the nature of the consumer e. The privacy of the consumer should never be compromised.
Marketers must comply with regulations and standards established by governmental and professional organizations. Ethics should be discussed openly and honestly during all marketing decisions. There are distinct advantages and disadvantages to ethical marketing.
Unethical advertising is often just as effective as it is unethical See also Black Hat Marketing. And since unethical behavior is not necessarily against the law, there are many companies who use unethical advertising to gain a competitive advantage. Many people buy diet pills even though they are rarely, if ever, effective.
This is because some diet pill companies use exaggerated and manipulative claims to essentially trick customers into buying these products. If that same company committed to using ethical advertising they would probably go out of business.
However sneaky their business model may be, it is not illegal and it is keeping their doors open.
For companies looking to improve the image of a brand and develop long-term relationships with customers, this kind of unethical behavior can quickly lead to failure.
Customers do not want to feel manipulated by the brands they like. Companies can use ethical marketing as a way to develop a sense of trust among their customers. If a product lives up to the claims made in its advertising, it reflects positively on the entire company.
It can make the consumer feel like the company is invested in the quality of the products and the value they provide customers. It is impossible to claim that any company is completely ethical or unethical. Ethics resides in a gray area with many fine lines and shifting boundaries. Many companies behave ethically in one aspect of their advertising and unethically in another.
The ad was meant to promote realistic body images and encourage girls to love the way they looked even if they were not supermodels. However, other Dove ads both during and since featured stereotypically beautiful models whose images have been altered to hide imperfections.
Dove marketed ethically in one campaign and unethically in another.Ethical Dilemma: How Far Can You Go in Stealth Marketing? Scenario: An actor hired by a particular company poses as an ordinary Joe and strikes up a conversation with a potential consumer to praise the company’s product or service.
May 15, · 4 Examples of Dubious Marketing Ethics Marketers create political campaigns based largely on innuendo and quotes taken out of context.
Is this . Ethical marketing is a process through which companies generate customer interest in products/services, build strong customer interest/relationships, and create value for all stakeholders by incorporating social and environmental considerations in products and promotions.
Ethics can be taught in business by providing training to employees to develop a personal code of ethical conduct. Corporate training sessions can be created to show employees the appropriate way. Ethical marketing has many advantages, but few companies would undertake an ethical marketing strategy if it reduces profits.
Careful research is the best way to predict the effects of a change in strategy. The ethos of ethical marketing Being consumer centric Every day, we work relentlessly to give innovative health, hygiene & home care product solutions based on the firm belief that consumers are and should be “at the heart” of our brands and our business.