Marketing is a key area for business organizations to promote their products and services. The field deals with people having diverse behaviors including customers, investors, media, regulatory agencies, channel members, trade associations and many others. Therefore, a set of trustworthy and honest marketing policies and actions are designed to provide integrity and fairness in the promotional activities of an industry, these standards are known as Marketing Ethics. It helps in providing transparent and visible interface with clients and other marketers so that no deceptive and misleading information about the product could be released.
It is a gateway to build long term reliable relationships with mutual agreement among all parties that are engaged in marketing cycle. The nature of marketing; spans between multiple phases including sales, advertisements and distributions. All these activities are facing business challenges and threat. In order to avoid any unintended consequences in these dealings, at the end of 20th century, Marketing Ethics have been set up and put into practice. It has built awareness in marketers. Now they are careful and cautious about running promotional campaigns in a lawful manner.
In depth analysis shows that in any organization, marketing ethics go side by side with business ethics. Marketing decisions overlaps all other organizational domains. Companies don’t only focus on their customers, but they also cover all important groups of people that may get affected by its actions. One can say that the marketing part of organizations is a network that links both social and economical processes. Implementing these rules provide fair and consistent transactions in companies contracts. It is an armor that protects internal and external stakeholders from misleading and false representation regarding product, services or any other information.
These ethical standards are actively put into practice in the marketing filed. On the other hand, awareness of these regulations are heavily promoted by academics institutes. Colleges and universities teach their students how to conduct marketing practices abiding ethical standards of industries. Special associations are dedicated to develop and promote transparency, respect and fairness in corporation’s marketing activities.
Marketing ethics have re-conceptualized the idea of marketing. It is now playing a critical role in decision making regarding values, judgments and complex situation evolved in marketing plans. It has suggested a prescriptive model that turned a narrow customer oriented domain to wide stakeholder oriented framework. As a result, professional organizations are forced to exhibit balance approach which demonstrates fair services leading to credibility and health of the respective industry.
It is quite obvious that running marketing ethics is organization’s important responsibility. The rules may differ from industry to industry with respect to profession, culture and other environmental behaviors. However the key point is to implement appropriate initiatives and ethical judgments which regulate honest and dignifying conduct of the enterprise. Progress has been made in modernizing its theories and concepts. Practicing these regulations has proved to be an elevation towards higher level of morality and integrity in sensitive marketing areas.