What you understanding about ethics in marketing strategy and marketing? Explain..

Ethical marketing refer to the application of marketing ethics into the marketing process. Briefly, marketing ethics refers to the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment. Ethical marketing generally results in a more socially responsible and culturally sensitive business community. The establishment of marketing ethics has the potential to benefit society as a whole, both in the short- and long-term. Ethical marketing should be part of business ethics in the sense that marketing forms a significant part of any business model.

Ethics are collection of principles of right conduct that shape the decisions people or organizations make. Practicing ethics in marketing means deliberately applying standards of fairness, or moral right and wrongs, to marketing decision making, behavior, and practice in the organization. In a market economy, a business may be expected to act in what it believes to be its own best interest. The purpose or marketing is to create a competitive advantage. An organization achieves an advantage when it does a better job than its competitor at satisfying the product and service requirements of its target market. Those organizations that develop a competitive advantage are able to satisfy the needs of both customers and the organization.

there are however several basic principles involved in ethical marketing: taking responsibility, dealing fairly and respecting consumer right. in marketing ethics particular emphasis is given to safeguarding the interests of vulnerable consumers, such as children and elderly. a good example of a clear code of marketing conduct is the Canadian Marketing Association code on information-based marketing.

Corporate Governance

Definition "Corporate Governance"

Corporate Governance is the framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with all stakeholders such as with financiers, customers, management, employees, government, and the community.

The corporate governance framework consists of:

· Explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards.

·Procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles.

· Procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances.

                                                               

The corporate governance consists of two elements:

1. The long term relationship which has to deal with checks and balances, incentives for manager and communications between management and investors;

2. The transitional relationship which involves dealing with disclosure and authority.

For Market an ethical product or service.
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Business Ethics

Definition business ethics

Business ethics is a branch of ethics that examines ethical rules and principle within a commercial context, the various morals or ethical problems that can arise in a business setting, and any special duties or obligation that apply to persons engaged in commerce.

It is about identifying and implementing standards of conduct that will ensure that, at minimum level, business does not detrimentally impact on the interests of its stakeholders.

Oxymoron Definition 

Dictionary said: A figure of speech by which a location produces an incongruous, seemingly self-contradictory effect, as in "cruel kindness" or "to make haste slowly."

Why Business Ethics is considered "Oxymoron"?

Some business, they bringing together of two apparently contradictory concepts like cheerful pessimist or deafening silence. It is like we do it wrongly but keep it in silent or do something in term later can gain profits. In the business can and do act ethically. They do it because good, ethical behavior is the best long-term strategy for a company. That's not to say that ethical behavior always pays off financially or that unethical behavior is always punished. Unethical can make the business at least in the short term. There for the most part and over the long run, acting ethically can give a company a significant competitive advantage over companies that do not act ethically. 

Introduction to Ethics.

Ethics are generally defined as the principle of morally acceptable conduct of individuals .Ethics refers to an individual personal belief about right and wrong. An individual ethics is shape by a combination of factor family and peers, life experiences, personal values and morals and situation factors.

Utilitarian- states that the outcome of a decision or action is of prime importance, and that is the result that truly matter in our treatment of other people.

Separatists- is based on a relativist conception of morality that there can be different, equally valid moral codes that apply to different sections of society and differences in codes between societies.

Integration- ethical behavior and business should be integrated in a new era called business ethics.

Ethics are the guiding principles. Where the proposed business activity/ operation of the company borders on the unknown, the company needs to apply the ethics principle to decide on the project. Ethics help make relationships mutually pleasant and productive- imbibes a sense of belonging to society.

Reflection in an company operation of the value and moral principle used in the communities in which they operate. Successful markets and corporate are founded on a commitment to basic ethical principles aligned as much as possible to the interests of individuals, corporations and society.

Ethical standard may be expressed in a company formal conduct requirement, or contained in generally stated principles that guide a company preferred conduct or behavior. Most companies have put in place a code of ethics for its employees to conduct themselves in a particular manner while doing business.

Businesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long run because they show a commitment to an expectation of sound moral behavior. This demonstrates a dedication to society, customers, employees and the business itself.

It also enhances a company reputation if they become commonly known as an ethical company, and this brings more value to the organization. When companies make unethical decisions it can result in defective or rushed product, unsubstantiated firing of employees, and false presentation of product to consumers.