Marketing ethics, regardless of the product offered or the market targeted, sets the guidelines for which good marketing Is practiced. To market ethically and effectively one should be reminded that all marketing decisions and efforts are necessary to meet and suit the needs of customers, suppliers, and business partners. Ethical behavior should be enforced throughout company culture and through company practices. Issues Ethical problems in marketing stem from conflicts and disagreements.
Each party In a arresting transaction brings a set of expectations regarding how the business relationship will exist and how transactions should be conducted. Each facet of marketing has ethical danger points as discussed below. Some ethical problems in market research are the invasion of privacy and stereotyping. The latter –occurs because any analysis of real populations needs to make approximations and place individuals into groups. However, if conducted irresponsibly, stereotyping can lead to a variety of ethically undesirable results.
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Whether targeted marketing or market research Is appropriate. Example: targeting sales of high risk financial products (e. G. Adjustable rate mortgages) to low Income Individuals. Whether marketing and selling high health risk products is ethical (e. G. Tobacco products, alcohol, pharmaceuticals, etc. ). Whether marketing that enhances stereotypes is appropriate (e. G. Portraying women as the housekeeper in food and house cleaning advertisements). Marketing is an effective way to increase sales, and it includes powerful tools that companies can use dishonestly.
Ethically questionable marketing tactics target young or unsophisticated consumers with misleading messages. Advertising claims that are partly true or ring true encourage consumers to buy harmful products and engage in behavior that is not in their own interest. Such marketing is ethically questionable. Examples The pharmaceutical industry has become more marketing-oriented to maintain profit levels. Many drug companies try to Influence medical professionals to prescribe their drugs by hosting lavish events at conferences and showering doctors with gifts and benefits.