Marketing

Ethics and Social Responsibility in Marketing

Consumer Behavior

MKT 625

December 17, 2012

Introduction

Understanding the nature and significance of marketing ethics begins with understanding the difference between the validity and morality of marketing decisions. Ethical marketing is about fulfilling and establishing a long-term relationship with customers. Developing these relationships with customers not only results in profits or achieving the organization’s objectives, it is the ethical thing to do. Defrauding customers may increase a firm’s profits in the short-run, but is not the way to achieve a successful business. Likewise, a firm has to care about all stakeholders including customers, employers, suppliers, distributors, and local community to promote social responsibility. Ethical and social responsible behavior often comes with a price tag; the prices for unethical and socially irresponsible behavior are considerably higher. Challenges facing marketing ethics include exploitive targeting, manipulating consumers, and social responsibility. It is vital to safeguard the interests of vulnerable consumers such as children, teenagers, elderly, and less-educated consumers. These consumers represent a substantial segment of the consumer market in terms of individual needs and wants. Altering consumer’s perceptions to promote products poses concerns. “The market must be one in which exchange is truly voluntary so that consumers will be able to make informed decisions in procuring the goods and services they actually want” (Stoll, 2002, p. 121). Marketers need to take responsibility for their products and decisions including being honest and fair in their dealings with all stakeholders.

Marketing Activities

The marketing concept relies on determining the needs and wants of market segments. According to Schiffman and Kanuk (2010), “without the context of the marketing concept, a satisfactory profit is an appropriate...