ROLE OF MARKETING ETHICS IN BUSINESS ORGANIZATION
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ROLE OF MARKETING ETHICS IN BUSINESS ORGANIZATION
Chapter one
INTRODUCTION
1.1 Background of the Study
Marketing can be defined as an organisational activity and a set of processes for producing, communicating, and delivering value to clients and maintaining relationships with them for the benefit of the organisation and its shareholders.”
According to this definition, those involved in marketing activities have an apparent role in society: they are responsible for carrying out actions to persuade consumers in various market segments that, for a price, they can benefit from products and services that meet their needs and fulfil their expectations and desires.
Marketing ethics should be evaluated on an individual and organisational level. Individual beliefs and moral philosophies are critical to making ethical marketing decisions. Honesty, fairness, accountability, and citizenship are considered values that can govern difficult marketing decisions within an organisation.
Organisational values, rules, and training are required to enable consistent and shared approaches to ethical decision making (Ferrell and Ferrell, 2012). Accordingly, in marketing exchanges, the relationship between a consumer and an organisation exists as a result of mutual expectations based on trust, good faith, and fair dealing (Ferrell, 2010).
However, marketing ethics also includes avoiding unintended repercussions of marketing efforts by considering stakeholders and their relevant interests, as well as society (Fry and Polonsky, 2009).
Marketers now confront significant obstacles in trying to get their marketing messages heard. According to practitioner estimates, consumers are exposed to thousands of marketing communications each day.
This expansion of marketing communications has not only resulted in unprecedented levels of perceived chaos, but it has also increased consumer disgust for firms, with many deliberately seeking to avoid marketing communications from all sources.
Ethical marketing refers to making morally sound marketing decisions. Ethical concerns in marketing and society as a whole have grown in recent years. This represents the rising affluence and education levels in society.
In the future, goods and services will be sold based on value rather than need. A corporation that responds to ethical concerns is likely to have a better reputation, a larger market share, and add more value to its products than a less ethical competitor.
As a result, this study explores and emphasises numerous ethical issues in marketing, as well as initiatives organisations can take to improve their marketing ethics standards.
1.2 Statement of the Problem
Every firm uses marketing to acquire clients and sell products or services. The issue is that marketing can occasionally push items or services in unethical ways. What can firms do to maintain ethical standards in their marketing strategies?
Market research is the collection and analysis of data on consumers, rivals, and the efficacy of marketing campaigns. Market research allows organisations to make decisions based on market responses, resulting in a better understanding of how the business must adapt to a changing market.
It is used to determine which subset of the population will or will not purchase a product based on age, gender, geography, economic level, and a variety of other factors.
This study enables businesses to discover more about their previous, present, and potential customers, including their individual preferences and dislikes.
Unethical market research affects several groups of people, including the general public, respondents, clients, and researchers.
Approaches to privacy can be broadly classified into two categories: free market and consumer protection. In a free market approach, commercial entities are basically free to do anything they want, with the idea that consumers will prefer to do business with firms that respect their privacy to a certain extent.
If certain companies fail to protect privacy, they will lose market share. In contrast, a consumer protection approach asserts that individuals may lack the time or expertise to make informed decisions,
or that reasonable alternatives may not be available. Stereotyping happens because any examination of real populations must make approximations and assign individuals to categories.
1.3 PURPOSE OF THE STUDY
1. Investigate the role of marketing ethics in corporate organisations.
2. Investigate the relationship between marketing ethics and organisational productivity.
3. The research attempts to analyse the challenges that arise when discussing marketing ethics.
4. To investigate whether the organisation under review followed the best marketing ethics among its competitors.
1.4 RESEARCH QUESTIONS
1. What are the functions of marketing ethics in commercial organisations?
2. Is there a link between marketing ethics and organisational productivity?
3. What are the challenges that arise while discussing marketing ethics?
4. Has the organisation being studied embraced the best marketing ethics among its competitors?
1.5 Hypothesis of the Study
Hypothesis I.
Ho: There are no substantial responsibilities for marketing ethics in corporate organisations.
Hi: HYPOTHESIS II: Marketing ethics plays important functions in commercial organisations.
Ho: There is no significant association between marketing ethics and organisational objectives.
Hi: There is a strong link between marketing ethics and organisational objectives.
1.6 SCOPE OF THE STUDY
The scope of this research is limited to questions of marketing ethics in commercial organisations, with First Bank Nigeria Plc serving as the case study.
This means that the data obtained for the study is confined to First Bank Nigeria Plc. Covering topics such as whether the organisation under examination followed the best marketing ethics among its competitors.
1.7 Significance of the Study
Because of economic necessity, the complexity of current company activities, the dynamic and ever-changing character of the market environment, and the high rate of inflation, it has become necessary to practise marketing ethics in order to regulate the trend in the complicated and competitive economy.
Another significance of the study is that the competitive nature of business operations necessitates that corporations and business organisations implement marketing ethical measures to improve marketing shares (sales).
1.8 Limitations of the Study
Some circumstances presented challenges to the researcher while the study was being conducted. This includes:
Financial constraints: This is the primary element limiting the extent to which the research was undertaken. Travel expenses were incurred to get materials, type the questionnaire, and distribute the questionnaires.
Time was another obstacle that hampered the completion of this research.
Management restrictions frequently exclude access to information that is considered highly secret, such as details on the organization’s profile. Due to this constraint, the researcher was unable to obtain all of the necessary information.
Another constraint was the respondent’s attitude towards disclosing personal information. The researcher mostly used the information provided.
1.9 Definition of Terms
Marketing is an organisational activity that encompasses a range of procedures for developing, communicating, and delivering value to clients, as well as maintaining relationships with them, for the benefit of the organisation and its shareholders.
Marketing ethics is a branch of applied ethics concerned with the moral considerations underlying the functioning and regulation of marketing.
Strategy is a tool for putting policy into action and accomplishing specific goals.
Planning is an intellectual process that involves consciously deciding on a path of action based on purpose, facts, and a reasoned estimate. To plan is to foresee the future based on connected facts and assumptions.
Marketing Mix: The marketing mix is the specific combination of controllable marketing elements that a marketer use to attain his goal in a given market segment.
The marketing mix consists of four key elements: product, pricing, place or distribution, and promotion. These four elements are commonly referred to as the 4Ps.
Marketing planning is defined as a systematic management process that includes identifying and assessing marketing problems, opportunities, and organisational capabilities, as well as selecting target markets and developing marketing objectives.
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