Ethical and unethical practices in Marketing,Finance & Hr

Ethical & unethical practices in Marketing

• Marketing ethics are all applied ethics which are based on moral principles behind the operations of marketing.
• Marketing is all about making and maintain exchange relationships with customers through advertisements promotions and other means of marketing.
  
• Principles of Ethical practices in Marketing are as follows:-
  
  1.  The common standard of truth will be observed in all forms of marketing communication.
  2.  Personal ethics will guide the actions of marketing professionals.
  3.  Advertising is set apart from entertainment and news and the line is clear.
  4.  Marketers will be transparent about who is paid to endorse their products.
  5.  Consumers will be treated fairly, depending on who the consumer is and what the product is.
  6. Consumer privacy will be respected and upheld at all times.
  7. Marketers will comply with standards and regulations set by professional organizations and the government
  8. Ethics should be discussed in all marketing decisions in an open and honest way.
• Unethical practices in marketing are:-
• 1. Making false, exaggerated, or unverified claims
  
  
  In a desperate bid to compel potential and existing customers to buy their products or services, some marketers use false statements, exaggerated benefits, or make unverifiable claims about their offers. This is common in the weight loss industry, where marketers convince potential buyers that a particular product can help them shed so-and-so pounds within two weeks without exercise or dieting!
  2. Distortion of facts to mislead or confuse potential buyers
  This is another common unethical marketing practice. A typical example is when a food processing company claims that its products are sugar-free or calorie-free when indeed they contain sugar or calories. Such a company is only trying to mislead potential buyers, since they are unlikely to buy the products if it is made known that they contain sugar or calories.
  3. Concealing dark sides or side effects of products or services
  This unethical marketing practice is rife in the natural remedies industry, where most manufacturers deceive potential buyers that their products have no side effects because they are “made from natural products”. But in reality, most of these products have been found to have side effects, especially when used over a long period. In fact, there’s no product without side effects—it’s just that the side effects might be unknown. It’s better to say, “There are no known side effects” than to say “there are no side effects“.
  4. Bad-mouthing rival products
  Emphasizing the dark sides of your rival’s products in a bid to turn potential customers towards your own products is another common but unethical marketing practice. Rather than resort to this bad strategy, you should emphasize on those aspects that make your offer stand out from the rest of the pack. That’s professional and ethical.