Marketing ethics is a kind of most effective long term business strategy for word to mouth promotion of the company, branding of the business, and for the trust building among customers. It is a great business activity in order to optimize the leads, presence, sales, and even the conversation of the services and the products.
The concepts of marketing ethics moves around the standards and the principles of the ethical marketing that guides for the ethical and acceptable marketing activities.
The marketing activities can be defined as the set of activities, processes, and institutions for the creation, communication, delivery, and also the exchange offers in order to provide vale to the clients, partners, customers, and the society. The ethical marketing or the marketing ethics is an integral part of this definition of marketing. The statement “offer values to the clients, partners, customers, and the society” depicts the core essence of the marketing ethics.
Here in this guide, we are going to discuss on what is marketing ethics? What are the principles of marketing ethics, and why it is important in business?
What is marketing ethics?
Marketing ethics can be defined as the set of marketing activities that should involve fairness in promoting activities, empathy, social responsibilities, and the most important is the honesty and other ethical standards.
According to the principles of the marketing ethics, the every business process, marketing tactics, marketing promotional activities, marketing decisions, advertisements, etc should not only focus on the profit of the company but should also fulfil the social responsibilities and should tackle various ethical issues as well.
What are the principles of the marketing ethics?
Following we are listing the top 10 principles of the marketing ethics:
5 Dos of Marketing ethics
The marketing ethics suggest that the company should be transparent and honest while promoting or marketing their product and service to customers. They should inform the customers of all the safety and the use of the product or the service.
These days, people seem more to be concerned about their personal data and privacy. Many times, companies via surveys or other means collect data from customers for the marketing purpose. It is the responsibility of the company to respect the privacy of the customers and committed to protect the customer’s personal data.
Commit to human rights and sustainability
Now the customers demand for ethical marketing and ethical consumerism. So the company should make sure that the product should be ethically produced and sustainable. It is required that the company should stay honest for the product components, ingredients, and the supply chain.
Respond to customers complaints
Whenever any of the customer dissatisfy from the product and complaint to the company, the company should respond meaningfully and take their concern in top priority. Since the aim of the marketing ethics is to provide value to the clients or the customers, the company should ensure to respond to all the client’s concern and try satisfy them.
Minimize the risk and maximize the profit of the customers
The marketing ethics also suggest to maximize the profit or the value to the customer with no or minimum risk.
5 dont’s of marketing ethics
Most of the companies are having strategy to exaggerate the use or the benefits of the product. This is against the marketing ethics. The company should not make any of the false claims related to their product or service.
No to false comparison
Making false comparison and stating a misleading, false, and inaccurate statement of the competitor’s product is completely prohibited as per the principles of the marketing ethics.
No to unverified claims
The company should not make any false claims without verifying it. These days, many of the companies like skin care or hair care companies promises to give result in limited time. The commitment that a company made should either be verified or should not be made.
No to black stereotypes
The company should not make any promotion of the black stereotypes or nakedness in order to sell their products and service. This is spoiling the society and thus should not be done.
What are the importance of marketing ethics in business?
The most crucial importance of the marketing ethics is client’s loyalty. It helps the company to build trust among the customers on long term. The customer’s loyalty of the company will attract more and more customers as it is human tendency that customers tends to buy from the authentic companies that are genuine in their products, nature, and services.
Long term benefit
As mentioned, the marketing ethics helps the company to build customers’ loyalty, high credibility in market as well as in the mind of the customers. This helps the company with increased market shares, enhanced sales, improved brand value and higher revenue.
When the company follows all the principles of marketing ethics, it builds trust among the mind of the customers and in the market. This will slowly develop the image of the company as a authentic and genuine brand and thus attracting more and more customers.
The genuine company that use to follow all the principles of marketing ethics are more likely to attain the status of leader in particular niche or the market making the competitors to copy their activities. It also benchmark the rare route of marketing ethics.
Satisfy the customers
What a customer want is satisfaction and value from the products or the service. And, the marketing ethics is all about giving value and satisfaction to the customers. When the company succeeds in satisfying the human needs and the requirement of the society, they will enjoy the long term benefits like more brand value, customer loyalty, high credibility, etc.
The bottom line
So this is all about marketing ethics, their principle, and importance!