Ethics have been a controversial topic for many years. Every business must encounter situations where they are required to find solutions to fix a problem. There must be standards set by a business and these standards are expected to be a symbol of representation from leadership straight to its employees.
In marketing, problems will arise. It is up to the individuals or parties involved to decide how they will act or react when the problem faces them or the business. An individual with strong ethical background will sense when something is not right and seek the best ways to deal with an issue. While an individual with a shallow ethical background may make bad decisions and end up paying the price for it in the long-run. This theory also…show more content… We must clearly understand that each area or marketing, has ethical issues that must be addressed.
In this paper, four critical points will be addressed relating to marketing ethics. There are also many other issues that relate to this topic, but these four areas namely, marketing research, market audience, advertising and promotion and pricing, are very important points for potential/current marketers to be precise and knowledgeable, so as to practice ethical values within themselves and their organization.
Market research is a key component of marketing because it involves conducting an analysis of how consumers respond to a particular product or service and how the business can adapt to the ever-changing trends. Market research is important in order to gain feedback so that marketing managers can make the right decisions for their business. Sometimes in market research, ethical issues may arise where stereotyping and invasion of privacy is violated.
Stereotyping in marketing research is a common issue faced. Hence, when analyzing data collected from research and individual participants, the information should be handled responsibly and correctly so as to avoid any accusations of stereotyping the results (Ethical and Legal Issues in Marketing, n.d.).