Ethics are set of rules and principles often referred as conduct that shapes the decisions of individuals and organization. Ethics can also be defined as the factor that distinguishes the good and bad. Applying ethics in marketing means that practicing the standards of fairness and moral right and wrongs in marketing decisions of organizations. Yes it does matter: Ethics has much to do in Marketing field.
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This era is an era of extreme competition among the businesses and organization. Companies take decisions that only safeguard their interests. Marketing is a tool that companies use to gain a competitive advantage over their competitors. An organization achieves a competitive advantage when it does better in satisfying needs and wants of its customers in a most effective way than its competitors.
When a firm behaves more ethically the customers develop a positive attitude towards the organization’s products and services. Due to this reason organizations strictly focus that there marketing decisions should obey the ethical standards, but most of the time in competition they forget to take care of Ethics.
If an organizations disobeys the ethical standards set by a society , their marketing process will be less efficient and it could give company bad name, which ultimately leads to more disastrous situations like dissatisfaction of customers, legal actions and loss or interruptions in business. An unethical marketing strategy can also lead an organization to face government pressures because people want them to act responsibly to protect their ethical standards. There are other pressure groups in the society that could exert extreme pressure on an organization makes life difficult for it. Ethics has become a sensitive and integral part of marketing decision making so organizations are not willing to take risks by disobeying the ethical standards.