Reconciling Ethics in the Global Market

1025 WordsNov 12, 20085 Pages
Reconciling Ethics in the Global Market Values, morals, and ethics are three interrelated concepts that influence the decisions in our personal lives. Values are usually acquired throughout childhood, based on experiences and influenced by many sources including parents, teachers, media, religious affiliations and many other factors. Morals are developed throughout a person’s life, as he or she acquires personal beliefs of right and wrong, (Walker, 2001). Ethics are standards of conduct that indicate how individuals ought to behave when faced with difficult situations. These standards are based primarily on values and principles about what is right or wrong. Secondary factors can also affect ethical behavior, and these include differences…show more content…
Add campaigns for example, if not tailored correctly for their marketing recipients can result in controversy, as was the case of United Colors of Benetton when in 2000 released an ad featuring pictures and interviews with death row inmates. The campaign was criticized for being sick, cynical and for glamorizing murderers, despite Benetton’s claims that it was an “innovative mode of corporate communication.” (Taylor, 2000) Sometimes product localization is not enough to break into the foreign markets because their cultural differences or ethical values are so marked that the regular product would not be acceptable. A company needs to be prepared to introduce new and radical products that cater and adjust to the local culture. Conducting market research analysis before embarking in business in a new area is one way to know and understand the needs of the potential customers. A successful international business must respect the cultural, religious, and other beliefs of other countries when deciding on new product lines. An example of a successful approach to introducing new product lines to cater and adjust to different cultures is McDonalds. The company did research in China and changed their product lines to offer less menu selections and new teriyaki flavored menu items. In Saudi Arabia, McDonalds closes five times a day for Muslim prayers and does not server pork. In India McDonald’s has radically modified
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