The success of any company in the recent market depends on social responsibility and business ethics. A company interested in marketing ethics needs to consider ethical decisions and issues in marketing, corporate social responsibility, and legal issues that may affect purchasing behavior (Limbu & Huhmann, 2021). Social responsibility refers to how the company relates to society through programs, policies, and practices integrated into the business (Mandal, 2018). Ethical features like responsibility, fairness, and honesty guide the company’s marketing decisions (Mandal, 2018). Integration of ethical marketing in the company promotes transparency and trustworthiness. A company’s profitability is affected by the consumer’s moral judgment, which results in the acceptance or rejection of a company’s product. Legal issues occur when companies defraud their customer through deceptive packaging, unfair pricing, and misleading advertisements (Limbu & Huhmann, 2021). The resultant effect is a deterioration in the purchasing behavior and the possibility of legal action and fines.
An organization’s sustainability relies on the triple bottom line approach. With this approach, the company focuses on measuring its environmental and social impact and financial performance rather than profit generation. Good strategic planning promotes profits while mitigating risks and reducing costs (Mandal, 2018). A company’s societal impact is determined by the second focus line, ‘people.’ Making a positive environmental impact promotes organization sustainability as individuals recognize the company’s efforts to amend the wrongs on the planet (Limbu & Huhmann, 2021). A company can only maintain consistency in its daily operation by integrating the triple-bottom-line approach. The result is an increase in performance, enhancing customer satisfaction and profitability, which leads to organizational sustainability.
Consumer behavior, such as boycotts, portrays ethical purchase behavior. Consumers can use their purchasing power to influence corporate practices and policies per the ethics in marketing (Mandal, 2018). The influence promotes fair pricing, good value, and quality of products released by the company. A company can determine if they are making profits by analyzing consumer behaviors (Mandal, 2018). Through this, the company tailors its marketing plan to the appropriate target population while ensuring any unethical business behaviors are not practiced. Consumer influence facilitates the attainment of honesty and fairness in all advertisements, as any form of unethical behavior leads to customer dissatisfaction.
Communicating ethical behavior to the public promotes moral values such as respect, responsibility, fairness, and honesty. The move puts the people’s interests above the company and encourages providing ethical-oriented services and products. Implementing transparent and socially responsible engagements with the public promotes the company’s success in the market. (Limbu & Huhmann, 2021) Companies prioritizing ethical practices succeed while attaining public trust, which is good for business. Communication and honest behavior promote respecting the law and customers by ensuring products from the company are ethical (Limbu & Huhmann, 2021). Honesty is vital in promoting good communication between the public and the company, thus building trust.
Ethical issues influence legal issues in marketing by outlining the rights and wrongs per the written law governing marketing. Unethical problems such as unfair pricing, deceptive advertising, and the provision of unsafe products may result in legal issues like infringement of copyright laws (Mandal, 2018). Claims of deceptiveness may lead to the attainment of legal problems that may result in the company paying fines or facing criminal charges (Mandal, 2018). Legal issues occur when customers realize the product does deliver the advertised results. The reputation of any marketer is at risk if unethical problems such as misleading advertisements are present.
References
Limbu, Y., & Huhmann, B. (2021). Ethical issues in pharmaceutical marketing: a systematic review and future research agenda. Journal of Global Marketing, 35(1), 1-20. Web.
Mandal, P. (2018). Capturing marketing information and marketing intelligence: Ethical issues and concerns. International Journal of Business Forecasting mnd Marketing Intelligence, 4(1), 99. Web.