Role of Ethics in Marketing | Commercial Applications - Class 6 PDF Download

With time, our economic system has become sufficient at providing wants and needs for the public. This has shifted the main focus of the market with an inclination towards ethical values while serving the needs of customers. This is primarily due to two reasons:
When there is ethical behavior from the organization’s side, there is a more significant positive public attitude to the variety of services and goods they offer. They have to adhere to specific marketing standards to render their efforts valid to the general public.
In addition to this, ethical bodies and organizations tend to pressurize and hold organizations and companies accountable for their actions. There is a lot of questioning and sets of guidelines, which have to be strictly followed.

Ethics in marketing plays a key role in ethical decision making crucial for the optimized presence of a product or service in their target niche. An ethical marketing strategy is responsible for paying heed upon different factors such as-

• Organization factors such as culture, norms, values, and opportunity
• Individual factors such as moral philosophies and values
• Stakeholder interests and concerns
• The intensity of ethical issues in marketing and organization setup
• Ethical decision making
• Evaluation of ethical outcomes

Ethical Marketing Examples

Over the years, companies have been adopting different marketing practices that ethically and morally appeal to the general public. These are a few examples of the same:

• Dr. Bronner’s Activist Soap: Dr. Bronner’s marketing strategy is sort of activist marketing, as they are involved in ethical marketing campaigns associated with income equality, regenerative organic agriculture, drug policy reform, and animal advocacy.
• People Tree’s ‘Our Blue Planet’ Collection: People Tree’s ‘Our Blue Planet’ collection is one of the best examples of ethical marketing campaigns in which two companies collaborated for an ethical cause. People Tree collaborated with BBC Earth for emphasizing the importance of our oceans and marine conservation.
• Lucy & Yak’s Transparent Supply Chain: As a bespoke fashion company, Lucy & Yak’s Transparent Supply Chain is fully dedicated to fighting the ethical issues caused by fast fashion. They let users see their whole production process which makes them fully transparent with their product or service.