Essay: Concise Analysis of Marketing Ethics

Pages: 6 (2126 words)  ·  Bibliography Sources: 17  ·  Level: College Senior  ·  Topic: Marketing  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Communication is a key factor that can assure an understanding of a decided upon action. According to Pitta D. et al. (1999), the best communication strategy involves negotiation and compromise focused on problem-solving. Often, the strategy is collaborated. Although all the parties involved may not fully accept the agreed upon strategy, there is an understanding of the reason for a decision. In some cases, full compromise of a party could be the best option, for instance, a foreign company may choose to comply with ethical codes of another for the sake of its business survival in that alien market. The aim is to come up with a strategy that leads to the most benefit to all stakeholders with minimum damages.

An agreement of USA with the People's Republic of China on Shanghai accords applied the strategy. The two countries settled on an agreement that USA will not recognize China, the PRC and Taiwan in the accord, but only maintain a diplomatic relation with the PRC government. The USA aimed at keeping long-term alliance with the Taiwan on condition that they would not intensify the quality and quantity of arms (Pitta D. et al., 1999). Therefore, an action that has been ethically agreed upon by specific stakeholders leads to a win-win situation.

Summary

Marketing ethics are the right guidelines that help a company answer the question of what, how and when to conduct business and sell products. It is mandatory for every firm to have its laid down ethical rules explained in detail to every concerned person. More so, it is extremely crucial for the desires of stakeholders to be taken seriously when making business ethical decisions so that they feel a sense of importance to the company's setup. The major unwanted ethical behaviors related to business operations include product overpricing, corporate scam, publicity and deceit. Developing ethical standards that are all-encompassing requires a careful analysis and understanding of the parties involved. When stakeholders feel that they are involved in the decision-making, they will actively corporate.

Creating a firm's culture could be quite difficult due to the different traditions and upbringing of the individuals in the company. A firm must therefore create standards that would be applicable to every person in its distinctive way. Furthermore, educating and encouraging individuals on the set standards could help them understand what is expected of them faster. Implementing a reward scheme could help ensure that these standards are followed to the letter.

Any form of unethical behavior has various negative effects hence firms must ensure they are kept as low as possible. Having leaders who understand the importance of ethics and the company's reputation would ensure ethical practices are guaranteed. The greatest advantage of an appropriate ethical behavior is a good reputation.

References

Andy S., (2005), "Walmart: Bruised in Bentonville," Fortune, April 8, pp. 84-89.

Felicity L. (2004), "Things get worse for Coke," The Guardian (London), March 20, http://www.guardian.co.uk/business/story/0_3604.1174127.00.html.

Ferrel O. and Gresham L., (1985), "A Contingency Framework for Understanding Ethical Decision-Making in Marketing," Journal of Marketing, 49 (Summer), pp. 87-96.

Kotler, P. (1997). Marketing Management: Analysis, Planning, Implementation and control, 9th ed., Prentice Hall, Inc., Englewood Cliffs, NJ.

Nayab, (2014). The Real-World Examples of Bad Business Ethics. http://www.brighthub.com/office/entrepreneurs/articles/115557.aspx

Robin D., Reidenbach R., and Forrest (1996), "The Perceived Importance of an Ethical Issue as an influence on the Ethical Decision-Making of Ad Managers," Journal of Business research, 35, pp. 17-29.

Six Sigma Online. (n.d) The consequences of Unethical Business Behavior. http://www.sixsigmaonline.org/six-sigma-training-certification-information/the- consequence-of-unethical-business-behavior/

Parilti N., Kutler B., Ozsacmaci B., (2014). Ethical issues in Marketing: An application for understanding ethical decision-making. Doi No:10.14780/ibid

Pitta D., Fung H., and Isberg S., (1999). Ethical issues across culture: Managing the differing perspective of China and the USA. Journal of Consumer Marketing. 16 No.… [END OF PREVIEW]

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