Ethical & Unethical issues in disciplines of Marketing

I kunwar deep singh gladden to write my another blog on an important aspect of society that is "Ethics".

                          Ethical Marketing

INTRO:-   First of all,  we should know the meaning of "Ethics"-a Greek word "ethike"  which means the standardized rules that a social system provide.Ethical marketing is about making marketing decisions that are morally right. The morality of the marketing decision can encompass any part of marketing including sourcing of raw materials, staff employment and product advertising and pricing. Each person's view of morality is different, it is based on personal values and experiences. This creates a challenge for companies who want to pursue ethical marketing in a manner that will appeal to their target market.

Why Do Businesses Adopt Ethical Marketing?

Some businesses are set up because the founders feel strongly about an issue and they would like to deal with issue through the business. Whilst other businesses pursue ethical marketing because they feel that is what customers expect from them.

Some consumers buy products and services ,because they feel that the products are based on ethical strategy they agree with. In response to this consumer demand organisations have increased their focus on ethical marketing. The UK Co-operative bank is good example of an organisation which endeavors to adopt ethical principles.

The importance of ethics in business the importance of ethics in business ?

Ethical behaviour and corporate social responsibility can bring significant benefits to a business. For example, they may:

• Attract customers to the firm’s products, thereby boosting sales and profits.

  
• make employees want to stay with the business, reduce labour turnover and therefore increase productivity.
• attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees
• attract investors and keep the company’s share price high, thereby protecting the business from takeover.

Unethical practices a business must avoid for its long run and social benefits are :-

• Exploiting workers.
• Over-billing customers.                                                        
• Exploiting tax loopholes.                          
• Dumping toxins into the air or water.                   
• Prescribing unnecessary medical procedures.
• Covering up car defects.
• Designing phones so that users accidentally accept data charges.
• Creating fake identities.

An Ethical Corporate(illustrated with an example)

Tata Steel:-Global leader in maintaing the standards of Ethical Business Practices .

                                "A man without ethics is a wild beast loosed upon this world".

We humans are very good in criticizing others, those who are not doing right things, but rarely appreciate the one who is doing things in a right manner. 

Same is with ethical issues in companies, if a company is performing unethical practices we criticise it at a peak and remember them for their unethical practices but what about those companies who are performing ethical practices, do we know the names of those ethical companies who performing in a right manners by doing right things? 

 So, let's discuss about some global leaders of ethical business. 

Nowadays, it is very important for the companies to perform in an ethical way to maintain their brand value in the society.

Doing ethical practices leads to achieve all the objectives of the company i.e. organisational,personal and social objectives also.

 There are many companies those are doing unethical practices to increase their revenues, but this is not the only way to do that. There are also some companies those are doing ethical practices and not only increased their revenues but also brand value in the market and became a trustworthy Company because of their ethical behavior.

One of those ethical companies is Tata Steel

Tata Iron and Steel Company Limited(TISCO), is an Indian multinational steel-making company headquartered in kolkata, West Bengal, India.

• It is well known for doing ethical practices and has been recognized as one of the 2019 World's Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing  the standards of ethical business practices.

The company has received the recognition for the eighth time in the 'Metals,Minerals and Mining' category.

The company always continue to improve communities,building capable and empowered workforce.The Tata name evokes a sense of Trust,  Credibility and Integrity to many millions of stakeholders in India and overseas.

All these above practices makes a company an ethical company in all prospective.

Being ethical to the society and to the stakeholders increase the efficiency of the company.Ethical practices should not only done inside the company,  but also outside the company with society. This would increase the revenue of company and the company would perform more effectively for a long period of time. And there are many companies those are doing well for being ethical such as:

1.Canon

2.Dell

3.H&M

4. Wipro

And more companies are there in the list those are performing ethically. All these companies respect the rights of all its stakeholders and create overall value for society.

It is great to know that there also many companies those are reinforcing ethical culture and looking forward to an equally aligned work culture with all stakeholders, internal or external without any discrimination.

At last I would say that we should appreciate the companies for their ethical practices and should keep recognizing them for their work and ethical behavior towards  the society.

Thank you!!