Chapter 4 Notes
Chapter 4 Notes MARK 3001
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This 4 page Class Notes was uploaded by Kyla Brinkley on Wednesday September 2, 2015. The Class Notes belongs to MARK 3001 at University of Georgia taught by Kimberly Grantham in Summer 2015. Since its upload, it has received 117 views. For similar materials see Principles of Marketing in Marketing at University of Georgia.
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Date Created: 09/02/15
Kyla Brinkley MARK 3001 Notes Fall 2015 Chapter Four Marketing Ethics a b C 3 Solely focusing on profit leads to shortterm decisions that cause the firm to lose customers in the long run Primary ethical dilemma facing managers how to balance shareholder interests with the needs of society Customers have to trust a company and believe it to be responsible in order to support it Business ethics examines ethical rules and principles within a commercial context the various moral or ethical problems that might arise in a business setting and any special duties or obligations that apply to persons engaged in commerce Marketing ethics refers to those ethical problems that are specific to the domain of marketing People in marketing interact directly with the public in public eye Ethical climate the set of values within a marketing firm or in the marketing division of any firm that guide decision making and behavior Marketers in general aren t very trusted by the public exp compared to doctors etc but interactions build public trust Everyone in a firm should understand its ethical values and how they are put into action The roots of ethical conflict are usually competing values of different pe0ple Must be a system of controls that helps resolve dilemmas and rewards appropriate behavior for the firm and punishes inappropriate behavior Many companies use selfpolicing to uphold their values i Allows them to avoid painful public revelations Professions as a whole also have different ethical codes As we grow we gain an understanding of what is and isn t ethical i Many times managers make unethical decisions because they don t feel that they are unethical Corporate social responsibility refers to the voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders i the short term goals of each employee must be aligned with the long term goals of the firm firms should implement programs that are socially responsible AND its employees should act in an ethically responsible manner being socially responsible going above and beyond norms of corporate ethical behavior i ex philanthropy giving back to community programs etc ii however firms that are seen as socially responsible can still make unethical decisions at times iii some pe0ple are more inclined to pay more if they think a company is truly ethical ethical decision making framework i identify issues ii gather info and identify stakeholders iii brainstorm alternatives iv choose a course of action firm must identify all individuals and groups that have a stake in how the issue is resolved it is important to investigate any legal issues that might arise with alternatives i if the marketer isn t confident about the decisions they should revisit the other alternatives ethical decision making metric i publicity test 1 would you want the action you re taking on the front of a magazine ii moral mentor test 1 would person I admire most do this iii Admired observer test 1 Would I want the person I admire most to see me do this iv Transparency test 1 Could I explain this action well enough to satisfy a fair moral judge v Person in the mirror test 1 Would I respect myself after doing this vi golden rule test 1 would I want someone to do this to me v Integrating ethics into marketing strategy i Planning phase 1 Including ethical statements in firm s mission statement ii Implementation phase 1 Ways to deliver 4Ps to potential markets 2 Firms consider ethical issues 3 Marketing through social media has many ethical concerns iii Control phase 1 Managers are evaluated on their actions from an ethical perspective w Corporate social responsibility CSR i 1906Upton Sinclair The Jungle 1 Horrific conditions US meatpacking districts 2 Pres RooseveltCongress made changes ii Today companies take initiative iii Goal isn t just to make money 1 CSR appeals to shareholders and key stakeholders a Employees i Safe working environment ii Companies want reputation as good place to work iii Happy employees provide better service b Customers i Firms must consider effects on current and possible customers ii Healthy products iii CSR increases consumer awareness c Marketplace i When one firm in industry leads way to CSR its partnerscompetitors often have no choice but to follow ii Looks good to be on the cutting edge of CSR d Society i Improving community as a whole ii 95 of CEOs think society expects companies to take public responsibilities iii Can t ignore societal demands
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