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Ethical marketing practices have many positive consequences for businesses and the public at large. The most important benefit is improved corporate image and credibility. People trust companies that market themselves in a way that meets society’s expectations and ethical standards.
Companies that market in line with society’s expectations and ethical standards earn society’s trust by enhancing customer experience and commitment. They reassure buyers that the goods they receive match the descriptions found in their advertisements. .
Ethical marketing strategies often yield better long-term results in terms of sales growth. Unethical behavior is quickly discovered and, if not immediately revealed, has at best temporary consequences. If a company is found to have sold its products unethically, it will not be easy to regain public trust.
People buy products on the assumption that they are safe to use. Many consumers lack the technical expertise to properly evaluate these complex items, making it imperative for marketers to ensure their safety. Companies must test products such as toys, pharmaceuticals, pesticides, and other products to ensure they are safe and do not harm the environment. Also, we should abandon the erroneous belief that the company is not responsible for accidents caused by product misuse.
Many buyers believe that a higher price indicates a higher quality product, and many sellers use price increases to indicate that their goods are superior. , the price may reflect that. To further illustrate my point, some companies engage in price fixing, an unethical marketing technique. This is when two or more companies agree on a price to charge for a product or service, or compete to offer the lowest bid for a contract. “Predatory pricing” is the practice of selling something for less than it costs to manufacture in order to drive out competitors.
The burden of providing complete and accurate information through packaging and labeling falls on the shoulders of marketers. For example, many companies use buzzwords like ‘organic’, ‘biodegradable’, ‘recyclable’, ‘environmentally safe’ and ‘Ayurvedic’ without justification. Another example of deception is a tall, thin cereal box that gives the illusion that it contains more cereal. Deceptive box sizes and misleading terms like “large,” “extra-large,” and “economy size” make shoppers need calculators to determine the actual cost of various options. .
As part of the exclusive deal, manufacturers require distributors not to offer items manufactured by rivals. The partnership arrangement requires distributors and dealers to purchase low-demand items in exchange for access to more popular brands. For example, cosmetics are usually bundled. A few shades of eyeshadow, a few shades of blush and lipstick, mascara, eyebrow pencils, and some brushes for applying different items. What if a customer only needs one shade of lipstick, eyeshadow or blush? The packaging forces them to buy everything available whether they want it or not. , you usually end up paying more for all these items.
In the long run, the scam doesn’t work because customers can easily verify the marketer’s statements with their own experience. People have a positive impression of companies that serve the public good by selling the right product at the right price, supporting them with helpful customer service, and meeting their legal and tax obligations. Many companies with high ethical standards outperform their competitors by achieving the triple bottom line of people, planet and profit.
The author is an MBA student at the Ramon V. del Rosario College of Business at DLSU. Her contact is her nicole_fajardo@dlsu.edu.ph.
The views above are those of the author and do not necessarily reflect the official position of DLSU, its faculty and its administrators.
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