How Marketing And How It Will Impact Or Benefit Your Business Essay

How Marketing And How It Will Impact Or Benefit Your Business Essay

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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 honest, and provide quality products or services. Many times consumers are willing to pay a little more to ensure that they are supporting those businesses who have built, trust, integrity and respect based on their business practices. Consumers depend on marketing products to make determination if the product is something they want or something they need. Although, marketing is very important as well as the product being advertised, the company status or corporate social responsibility is something that many consumers evaluate sometimes subconsciously.
Social responsibility in the business world goes above just business ethics but also the entire organization of a business. Social responsibility, “has four components: economic, legal, ethical and philanthropic”, also known as the pyramid of corporate social responsibility. (Lamb, Hair, & McDaniel, 2014) A company must be able to do what is right and fair for the clients, they must obey the law and offer quality products which in turn...

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...ce, 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 good business ethical behavior?

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