When in a business environment, these ethics guide us in creating a positive impact all around and prevent us from coming out with any unfair or unjust outcome.
Ethical marketing involves marketing in a much deeper sense. It focuses not only on the benefits of a brand or customers but also on how will it benefit the overall environment.
WHAT IS ETHICAL MARKETING?
Ethical marketing deals with the application of marketing from a moral standpoint. It is the type of marketing in which brands try to market their products and services keeping in mind and focusing on the benefits and facilities it will provide to society rather than just thinking about their own welfare. Hence, ethical marketing is not a marketing strategy but a marketing philosophy.
PRINCIPLES OF ETHICAL MARKETING
Ethical marketing is governed by certain rules and principles. Some of which are:
- The marketing should be honest and true.
- All the marketing, advertisements, and campaigns must take place sticking to the government laws, policies, standards, rules, and regulations.
- In the case of digital marketing, the website should be fully secured and the privacy of the end-user should never be compromised.
- Fair treatment should be given to each and every consumer.
- The brand should be transparent in what it is promoting and to whom, that is the target audience.
- The purity of products should be a top priority and should offer honest service.
STANDARDS OF ETHICAL MARKETING
The principles and standards of a brand are two different things. Where the principles are a set of approved rules by which each has to work to be accepted, standards are the approved ethics, morals, or models established by authorities for an individual.
Here is a list of some ethical standards for a brand adhering to ethical marketing:
ETHICAL ISSUES AND THEIR IMPACT ON MARKETING
Problems in marketing arise due to disputes which generally are a result of the difference in opinions and major disagreements. Both are the causes generating due to lack of ethics. Such issues are termed ethical issues.
Ethical issues may at first seem to be minute but gradually they can lead to great dispositions within the business environment.
Unethical and Ethical behavior both have effects on marketing. Ethical behavior can boost your marketing and consumer trust whereas unethical behavior leads to destructions and often government intervention.
Ethical issues involved in marketing are:
- Price fixing: Price fixing is when two or more companies come together on an agreement not to sell a service or product below a certain price. This is an illicit practice that not only harms the consumer trust towards the participant companies but also fosters unfair competition.
- Pricing: Using consumer’s private information that they share with the organization and using it to advertise products and services is an illegal practice that compromises the organization’s reputation.
- Misleading advertisements: Many advertisements that organizations adopt tend to mislead the public by channelizing wrong information. For example, advertisements that ensure the change in complexion from dark to fair. Such advertisements are not only misleading but also emotionally harmful.
- Stereotyping: Marketing campaigns that promote the generalization of some practices towards a certain group of people come under stereotyping. For example, advertisements reflect critical gender stereotypes by macing up women with household products like cookery and cleaning supplies.
- Negative advertising techniques: Often the advertisements of a brand highlight the disadvantages of their competitors to increases the value of their products.
Marketing with ethics or ethical marketing seems to be a long route and difficult at first but is the correct way to channel and market your products and services and goes a long run. Through ethical marketing, you not only engage new customers but also gain their trust and hence build a loyal crowd of customers for your brand.