Social Responsibility

Social Responsibility and Marketing Ethics

Krisztina Weidner

Grantham University

Social Responsibility and Marketing Ethics

“A firm’s only responsibility to society is to earn a fair profit.”

I very much disagree with that statement. It shouldn’t be a firm’s ONLY responsibility to make a profit. If you want your business to last, you have to want more from your business. If your only responsibility is to make profit, that would indicate that you are in it for the fast profit only, and you are ready to achieve that anyhow. If you want to stay in business for the long run, as a business owner you have to make decisions that not only increase your profit, but also make your business lucrative. And this way it is both good for your shareholders, and should be good for your business. Social responsibility includes not only what companies do with their profit, but also how they make them. It goes beyond philanthropy and compliance and addresses how companies manage their economic, social, and environmental impacts, as well as their relationships in all key aspect of influence: the workplace, the marketplace, the supply chain, the community, and the public policy area.

One of the advantages of social responsibility for a business is that it attracts and retains staff. Most of us want to do good and want to feel satisfaction with their jobs. Employees perform better when they know that their work made a positive difference in some ways. Social responsibility makes financial sense, adds meaning to your work and makes everyone feel good.

One great example for socially responsible products is clothing. Socially responsible clothing companies offer clothing and accessories that were made by businesses that operate under fair trade and fair labor principles. Workers are treated with respect, are paid fair wage and are provided with additional benefits such as healthcare. Dealing with fair trade clothing companies help to ensure that the people who...