As you embark in entrepreneurship opportunities it is important to understand what marketing is and how it will impact or benefit your business. According to MKTG9, marketing has two facets, first it is a philosophy that concentrates on customer satisfaction and second, it is a set of processes used to implement the philosophy. (Lamb, Hair, & McDaniel, 2014) Marketing can be a good tool to improve sales, but it can also be harmful if marketing ethics are not considered. You may ask, what is ethics and how does this collate with business marketing. MKTG9 defines ethics as, “… the moral principles or values that generally govern the conduct or an individual or a group.” When a company has good business ethics, they are considered to be …show more content…
For the purposes of this report we will discuss only two: utilitarian ethical theory and virtue ethics. According to MKTG9, page 35, utilitarian ethical theory is, “ethical theory that is founded on the ability to predict the consequences of an action.” An excellent example of utilitarianism is described in futureofworking.com, “utilitarianism in business is the practice of having tiered pricing for a product or service to different types of customers. For example, the airline industry offers first class, business class and economy class seats on many of their …show more content…
They have been in business since 1972 and have been able to earn the trust of many consumers based on their honesty and desire to provide honest overhaul or replacement transmission service at a reasonable price. On the other hand, Ethisphere is another organization that promotes ethical business standards and selects companies that have outperformed in terms of good ethical practices and performance. Ethisphere scores the companies by scoring them based on ethics and compliance program, corporate citizenship and responsibility, culture of ethics, governance, and leadership, innovation and reputation. Ethisphere, selected companies such as PepsiCo, Inc. and Starbucks based on their own scoring methodology. (Ethisphere, 2016) It is interesting to see that neither of the two companies that were scored as ethical companies by Ethisphere are not accredited by the BBB. Each organization has its own set of standards but each one takes business ethics to be a primary identifier for their selection process. As a consumer, our experiences and recommendations from friends, organizations such as BBB and Yelp, we want to make sure that we are supporting businesses that have good business ethics. This gives us a sense of peace of mind that we know, we will get the best for our money plus that we can depend on the business to be around for a long time. As business owners, are we practicing
It's difficult not to be cynical about how “big business” treats the subject of ethics in today's world. In many corporations, where the only important value is the bottom line, most executives merely give lip service to living and operating their corporations ethically.
Marketing is a very powerful tool. Unknown to many individuals, the influence marketing has on them is far more than mere visual and audio stimulation. It effects their perception of their surroundings and themselves. Marketing how the power to form our perception of life. A successful company understands this principle and harnesses the power of effective marketing.
Virtue theory and utilitarian theory are two of the principal ethical theories. Though each theory deserves the general respect they have gathered, both are under constant attack from objection and scrutiny.
The term “ethical business” is seen, by many people, as an oxymoron. This is because a business’s main objective is to make as much money as possible. Making the most money possible, however, can often lead to unethical actions. Companies like Enron, WorldCom, and Satyam have been the posterchildren for how corporations’ greed lead to unethical practices. In recent times however, companies have been accused of being unethical based on, not how they manage their finances, but on how they treat the society that they operate in. People have started to realize that the damage companies have been doing to the world around them is more impactful and far worse than any financial fraud that these companies might be engaging in. Events like the BP oil
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing creates a healthy competition with other competitors which enables the company to remain in good relationship with the customers.
Marketing is a system of business activates designed to plan, price, promote and distribute want-satisfying products, services and ideas to customers in order to achieve business objectives. Consumer law protects consumer’s rights in the marketplace as well as fair trading, competition and accurate information. On the other hand, ethical aspects of marketing are about making marketing decisions that are morally right. However, consumer law and ethical aspects of marketing have a lot of advantages and disadvantages in the marketplace, which impacts business 's sales and growth like it happened to: Harvey Norman, Nurofen, apple, etc.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
I think good ethics is good business. You make the employees feel ownership in an organization, to which they will go the extra mile to meet the customers’ needs, and away...
In addition to pursuing optimal balance between the three P’s, companies have a duty to ensure that the current quality of life can be guaranteed for future generations as well. This is emphasized by the fact that sustainability is at the core of Corporate Social
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations that lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010).
For a business to be effective and running, ethics and values are important factors. Both of these factors work in correlation with one another and they are central to any organization. We then define ethics as moral principles that govern a person’s behaviour. This can be identified on how stakeholders (consumers, customers and shareholders) behave in the organisational environment. Edward Westermarck (Lee and John 1986 37-38) agrees in saying that ‘ethics are concerned with doing good or the right thing in a given human situation’. In the business context, ethics has to do with the extent to which a person's behaviour measures up to such standards as the law, organizational policies, professional and trade association codes, popular expectations regarding fairness and what is right, plus one's own take on moral standards (Sauser, 2005: internet).
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”