Marketing Ethics
- Created by: LML09
- Created on: 31-05-15 15:03
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- Marketing Ethics
- "applying standards of fairness and morality to marketing decisions and strategies"
- Many businesses will have a Corporate Social Responsibility (CSR) which sets out how an ethical and responsible image can be achieved. There are several aspects to this concern
- Entrepreneurs and managers may be becoming more aware of the need to look after their stakeholders and the wider environment
- They may just be motivated by the desire to act responsibly
- It makes sound commercial sense for some businesses to have an ethical and responsible image because it increases sales from concerned consumers
- As more businesses do this it makes the ones that dont stand out
- The internet and social networking sites mean that consumers are better informed
- Legislation and regulations exist to make businesses behave
- Marketing is good because...
- Informs consumers about products they may want
- Informs consumers about products they may not have known about
- Helps consumers make rational choices that will benefit them
- Helps markets operate effectively and increases consumer sovereignty
- Marketing is bad because...
- £20 billion is spent in the UK advertising each year. This could be spent elsewhere
- Encourages us to consume things that aren't good for us e.g. alcohol,fast food
- It can be misleading and is sometimes designed to make rational choices harder
- It is designed to manipulate consumer behaviour
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