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Ethics in Modern Marketing

Ethics in Modern Marketing Abstract: The success of every marketing company depends upon their involvement towards their customers. The modern marketing concept mainly stresses the importance of developing a good relationship by every marketing company with its customers to enhance their business and to withstand in the competition. During the last two decades, marketing professionals were increasing their awareness of customer/ client relationships; society has become much more aware of ethical issues.

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As competition increases, the marketers are involved in some unethical activities to compete and attract the customers. But the customers are more aware and they have more options for every product. They are giving high importance for quality rather than cost. Unethical practices will create a bad opinion over the product and the marketer and in turn it will result in vanishing of that business. Keywords: Modern marketing, customers, ethical issues, competition, customer relationship. Introduction:

Marketing can be defined as an activity or process that involves “creating, communicating and providing value delivery to the clients and the relationship with them in advantage of the organization and its shareholders”. From this definition apparent role in society of those involved in marketing activities are: to be responsible for carrying out actions to persuade consumers in different markets segments, that, for a price, to benefit from products and services that meet their needs and fulfill their expectations and desires.

Considering that the marketing aims at determining and influencing the purchasing behavior and that competition in modern economy is more intense and unscrupulous, an important issue that arises is that workers in marketing, as well as professional category may be tempted to behave unethical to achieve their objectives. Marketers today face big challenges as they try to make their marketing messages heard. Practitioner estimates suggest that consumers are exposed daily to thousands of marketing communications.

This proliferation of marketing communications not only has created unprecedented levels of perceived disorder; it also has led to heightened contempt for corporations by many consumers who actively seek to avoid marketing communications from any source. Modern marketing concept: An academic called Grnroos defined marketing as “to establish, maintain and enhance relationships with customers and other partners, at a profit, so that the objectives of parties involved are met. This is achieved by mutual exchange and fulfillment of promises. ” By engaging with their customers marketing professionals are able to secure report business.

Loyalty schemes are a device for building that loyalty within the retail and customer service sectors. Marketing professionals talk in terms of fulfillment, meaning fulfillment of their relationship with the customer. During the last two decades, while marketing professionals were increasing their awareness of customer/ client relationships, society has become much more aware of ethical issues. Ethical issues are concerned with making appropriate responses to social situations. Failure to make the correct social response can expose a business to reputational issues, the unwelcome attention of political activists and legal sanctions.

A modern business that is interested in developing long term relationships with their customers and other stakeholders has to take an interest in ethics. Ethical problems raised in modern marketing Not a few times, marketers are usually blamed for launching and promoting on the market, the low quality products to compete in certain segments of the market price. Also the complaints relate to a significant increase in the price (to preserve brand image, or to save profits encumbered by high costs of advertising campaigns). thus depriving clients with smaller financial possibilities of access to some products and services. Also, marketing responsibility for handling consumer raises an important ethical problem, namely, if marketing and those working in the field can create needs and cause consumers to buy things that are really has no need. Another responsibility of marketing in direction of ethics is influencing the value system and the promotion of non-values. Products advertised are not always perfect, and the ads are not designed with original concept and do not reveal the reality of the product.

Ethical issues in marketing are an important consideration for a modern business. First consider marketing, our understanding of what is required of a marketing professional has changed over the last decade. It used to be adequate to discuss product, promotion and price. A modern marketing professional is also expected to develop his/her relationship with the customer or client. TOP 5 ETHICS ISSUES IN MARKETING Every business relies on marketing to attract customers and to sell products or services. The problem is that marketing can sometimes promote products or services in unethical ways.

What can businesses do to follow ethical standards in their marketing strategies? What are the top 5 ethical issues in marketing? 1. HONESTY The news of corporate scandals seems to be a daily occurrence. Consumers have lost trust in the integrity in many corporations because of the unethical and sometimes illegal behavior that seems to be embraced in the organizational culture of the corporation. Companies need to realize that company reputation is part of the honesty factor. People seek alternatives when they know a business engages in unethical practices.

The claims of “sweat shop” assembly lines has forced more than one company to change its supply chain policies simply because of the damage to brand that resulted from unethical behavior. Another important facet of honesty is an accurate representation of the product. People want to know they are receiving the quality of product that was presented to them through marketing. Promises made should be promises honored. A return policy is a necessary component in fostering honesty in marketing. 2. FAIRNESS Fairness is the need to balance the interests of the company with the needs of the customers.

That is, companies want to sell more products in order to increase profits. Fairness is conveyed in recognizing that customers want to feel they are engaging in a transaction that will result in them receiving something of value. Value is associated with the product and with the quality of customer service. Fairness is the company treating the customer in a business to consumer transaction the same way it would want to be treated in a business to business transaction. The long term benefit of fairness is customer loyalty. 3. RESPECT Customers want to know they are respected by the company.

Respect means the company sees the value of stakeholders. Groups are not subjected to stereotypes and tolerance is demonstrated for the interests and values of others. Respect means that feedback from stakeholders is welcomed and heard. The long term benefit of respect is the company positive association with company that should foster company and brand loyalty. 4. SOCIAL RESPONSIBILTIY Social responsibility is the recognition that a company must do no harm to individuals and the community. Companies incur a trust that they will operate in such a manner as to protect the welfare of the customer.

Dangerous products or lapses in safety can quickly erode confidence and trust in a company. Companies have a responsibility to “give back” to the community. Part of this marketing strategy is to convey the idea that the company is a neighbor. The company cares about the quality of life of its “neighbors” in the community at large. One way to do this is by responding to the interests of non-customer stakeholders such as through supporting local education, sponsoring environmental awareness projects, and assisting in community enrichment efforts. . TRANSPARENCY Transparency means the marketing strategy conveys honesty about the operations of the business. A company is practicing transparency when it admits to and corrects operational problems or areas of stakeholder concern. Transparency in marketing means the company is honest about a product’s limitations. The recall policy of the automobile industry is a great example of transparency. Car companies issue recall notices to acknowledge design or mechanical flaws in automobiles.

Granted, failure to do so would bring down the wrath of the federal government as this would constitute a violation of national safety standards. When voluntary, the practice of recognizes weaknesses and then seeking to correct the problem conveys the company recognizes its commitment to the customer. The long term benefit is trust. CONCLUSION Marketing includes the promotion of a company rather than the promotion of a product or service. The above pointed five issues work together to create the marketing image of the company. Unethical behavior will destroy the reputation, the name and fame and ethical image of a company.