...Need for companies to act ethically with its stakeholders Marketing ethics refers to the practices followed to implement the marketing decision making, behaviour and practice in the organization which comply with the standards of fairness. Marketing aims at creating a competitive advantage which creates value for the organization as well as the customers. Organizations are free to set and implement their standards and practices which is required for their own benefit. However, considering the advancement in our economic system, it is crucial in today’s world for them to not just supply products but also adhere to the ethical standards. In a way ethics is another variable that influences marketing advantage of the organization. Ethical marketing leads to positive sentiment among the current and prospective customers which leads to a better image of the company in the market and also more acceptances of its products by the customers. Unethical marketing by an organization can harm or annoy the customers that could lead to resentment, lack of trust, lost business and sometimes even legal actions. There are also businesses that are set up because their founders believe strongly about an issue and prefer dealing with it through a business. A company needs to be sensitive to the needs and expectations of all its stakeholders. Here stakeholder refers to everyone who is influenced or can be influenced by its products and services. The need for companies to behave responsibly has been...
Words: 1196 - Pages: 5
...|ASSESSMENT DETAILS | |Unit Code |BSBMKG502B | |Unit Title |Establish and adjust the marketing mix | |Assessment No. |1 | |Assessment Title |Report – Evaluate and determine the marketing mix | |STUDENT DETAILS | |Student’s Name | | |Student ID No. | | |Group No. | | |Date of Submission | | |ASSESSOR DETAILS | |Assessor’s Name | ...
Words: 652 - Pages: 3
...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
Words: 6661 - Pages: 27
...315 WK 4 ASSIGNMENT 1 RETAILER MARKETING CHANNELS To purchase this visit here: http://www.activitymode.com/product/mkt-315-wk-4-assignment-1-retailer-marketing-channels/ Contact us at: SUPPORT@ACTIVITYMODE.COM MKT 315 WK 4 ASSIGNMENT 1 RETAILER MARKETING CHANNELS MKT 315 WK 4 Assignment 1 - Retailer Marketing Channels Select a retailer that you are interested in. Write a six to eight (6-8) page paper in which you: 1. Outline and describe the basic configurations, flows of products and information, and typical participants in marketing channels. 2. Identify the three (3) most influential channel participants for the retailer that you selected. 3. Describe the role of marketing channels in the overall marketing strategy of the retailer you chose. 4. Conduct an environmental scan for your particular retailer. Describe how each environmental variable (demographic changes, economy, etc.) affects the marketing operation. More Details hidden... Activity Mode aims to provide quality study notes and tutorials to the students of MKT 315 WK 4 Assignment 1 Retailer Marketing Channels in order to ace their studies. MKT 315 WK 4 ASSIGNMENT 1 RETAILER MARKETING CHANNELS To purchase this visit here: http://www.activitymode.com/product/mkt-315-wk-4-assignment-1-retailer-marketing-channels/ Contact us at: SUPPORT@ACTIVITYMODE.COM MKT 315 WK 4 ASSIGNMENT 1 RETAILER MARKETING CHANNELS MKT 315 WK 4 Assignment 1 - Retailer Marketing Channels Select a retailer that...
Words: 705 - Pages: 3
...UNIT 11: UNDERSTANDING RELATIONSHIP MARKETING Scenario Your work for this unit will be based on Boots Pharmacy in the UK. Handy tip: There is a wealth of resources available to you throughout this unit, as it is based on a well-established, reputable organisation that communicates with potential and existing customers through various mediums which you will have seen or have access to. It is important that you use the resources and information available in order to conduct your own independent reading to help you answer the questions. Task One PASS (P1) P1/a Explain the term ‘relationship marketing’ P1/b Explain the term ‘brand loyalty’ P1/c Explain the term ‘direct marketing’ P1/d Explain how relationship marketing is used both in the b2b and c2b markets P1/e Explain the concept of lifetime customer value and identify its advantages P1/f Identify and explain the extended marketing mix and how it applies to relationship marketing Task Two PASS (P2) P2/a Explain the development of Relationship Marketing over the past few decades and how this has affected Boots P2/b Explain how Boots uses RM to achieve its organisational mission and objectives for Boots P2/c Explain the difference between transactional marketing and relationship marketing, and why Boots has chosen to focus its efforts on RM P2/d Discuss the needs and expectations of Boots stakeholders and the importance of customer...
Words: 615 - Pages: 3
...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
Words: 6661 - Pages: 27
...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
Words: 6661 - Pages: 27
...governance and leadership between the American Statement of Ethics and the European Marketing Confederation Code of Conduct, and how these differences impact decision-making and governance of U.S. and European marketing. The limits may be less evident when matching U.S. and European marketing practices. After reviewing what is accepted what is legal or ethical in one country is possibly illegal in the other, or vice versa. EUROPE’S EMC COMPAIRED TO U.S. AMA The European code of conduct is issued by a board of directors, outlining specific behaviors required or prohibited as a condition of ongoing endeavors by individuals. These are rigorous standards enforced by company leaders The American Marketing Association’ statement of ethics, or code, is issued by a board of directors, outlining a set of values that have an influence on decision-making. The expectation is that individual employees, when faced with the option, will select the best solution. According to "Caux Roundtable," (2003-2013), “business leaders must always assert ethical leadership so as to protect the foundations of sustainable prosperity” (PRINCIPLES FOR RESPONSIBLE BUSINESS). Similarities Both codes are comparable by trying to inspire particular forms of action. Ethic guidelines try to deliver guidance about conditions and selections to influence decision-making while conduct regulations stress that some specific actions are suitable or incorrect. Differences ...
Words: 590 - Pages: 3
...Section 1: Introduction In marketing, issues such as price discrimination, cheating of customers, bribes, dishonest advertising, price collusion posed by competitors, overselling and unfairness to employees especially in prejudiced hiring and unfair remuneration, all present big ethical problems in business. These discrepancies are bound to happen since they occur during interactions among humans which is inevitable in marketing. The issue then is how to manage them and suppress them and their accrued consequences. A researcher is mandated to get accurate and reliable information from the respondents. They are at times lured into deceiving the respondents into not what the actual research actually entails. The act of lying or even cheating is ethically unacceptable. On the other hand, they may be too considerate about the interests of the respondents, thus collecting insufficient information that is not fit for the research. In this case it will be unethical in that they did not accomplish what they were mandated to do. •Section 2: Analysis of the situation Methodology In order to curb the problem of unethical behavior in marketing, we need to identify the major setbacks and situations during which ethics are not adhered to. With these then we can identify possible solutions for every one of it. The first one to consider is the credibility of a marketing research. The integrity of a research is usually hampered by activities such as deliberate withholding of information...
Words: 1360 - Pages: 6
...Jovie Alvarez ID No. 3109617 Diploma of Marketing (BSB51207) Competencies: BSBMKG514A – Implement and Monitor Marketing Activities BSBMKG515A – Conduct a Marketing Audit Case Study 1: Chapter 3 – Portfolio Models (review questions 1-3, page 64) The ABC Cheese Factory – Case Questions (page 65) BSBMKG514A – Implement and Monitor Marketing Activities BSBMKG515A – Conduct a Marketing Audit 1 Jovie Alvarez ID No. 3109617 Chapter 3 – Portfolio Models (review questions 1-3, page 64) 1. What is a portfolio model and how is it used? Is a visual tool for diverse companies to review: – – – all businesses together; where growth is expected (resources needed); and returns generated (cash produced). It provides the decision maker with a starting point for decisions regarding: – – – strategic business units (SBU) retention or deletion general strategic direction (growth, maintenance, deletion) for each SBU resource allocation/redistribution decisions. 2. Using the BCG model: a. Draw and label all parts of the model HIGH 20% STARS QUESTION MARKS MARKET GROWTH (position in the product category life cyle) MED. 10% CASH COWS LOW 0% 10X 1.0X DOGS 0.1X RELATIVE MARKET SHARE (SBU’s market share compared to the largest competitor in the same market) BSBMKG514A – Implement and Monitor Marketing Activities BSBMKG515A – Conduct a Marketing Audit 2 Jovie Alvarez ID No. 3109617 b. Explain each quadrant...
Words: 1636 - Pages: 7
... | PRINCIPLES OF MARKETING BA003IU 1. COURSE STAFF Lecturer: Nguyen Thi Huong Giang Room: A207 E-mail: giangnth@hcmiu.edu.vn (preferred contact method) Consultation Hours: Anytime with appointment, from Monday to Thursday All students are advised to make appointment in advance. 2. COURSE INFORMATION 2.1 Teaching times and Locations Lecture: 8am-11am Monday Venue: L102 2.2 Units of Credit This course is worth 3 credits. 3. COURSE DESCRIPTION: National markets are now in a period characterised by ‘exchange relationships’ where the principal focus is on sets of integrated activities geared to serve the interests of the customer first. The role of the marketer, therefore, is to facilitate exchange transactions in an increasingly challenging environment. This justifies the development of an understanding of the micro and macro dimensions of the wider environment as the participant works through the learning activities of this course. Marketers are expected to be receptive to shifts in customer preferences, attitudes, and loyalties to a brand or a product. There is equally a genuine interest in the capacity of markets (consumers) to engage or respond to demand for innovation in product or service characteristics. At the same time developing a coherent marketing plan depends upon a range of skills, insights, and methodologies, but the focus of your...
Words: 1644 - Pages: 7
...Group Inc., a Supply Chain Logistic Company headquartered in Hyattsville, Maryland. U.S.A. We currently have wholesale distribution operations in Ghana. We currently operate wholesale/warehousing, product marketing and distribution services in Ghana. We specialized in sourcing and introducing products that can best fit local demands and also have the potential to gain a competitive edge in the Ghanaian marketplace. We have a tremendous insight into the market and as such can adapt and make adjustments when necessary. We see Klorsept and KlorKleen products as having that competitive potential. We are best positioned and qualified to facilitate sales and distribution of this product in Ghana. Our strategic partners include institutional clients, facilities, wholesalers and small retailers across various regions of the country. We take proactive steps to mitigate risk and remain technically competent. Our marketing strategy clearly offer the “Best Value”, an approach that is based on an anticipatory and planned management, detailed quality control and inspection and a highly skilled and dedicated staff. We are confident that after a detailed and careful review of our plan, Medentech will concur with this opinion. Our products marketing strength is focused on: * Marketing Operational Plan * Reference Our plan is simple, yet all encompassing: It is integrated, task oriented, monitored, and controlled. We manage the technical aspect, and scheduled elements of the...
Words: 614 - Pages: 3
...1 Kolb-01.indd 1 Introduction to Uses and Methods of Marketing Research 2/7/2008 6:10:15 PM Kolb-01.indd 2 2/7/2008 6:10:16 PM 1 1 2 3 4 5 Introduction to Marketing Research Learning Objectives Recognize that research is an integral component of marketing strategy Define marketing research Describe the development of marketing research as a profession Explain how marketing research is incorporated into the marketing plan Discuss the importance of conducting ethical research WHAT MOTIVATES YOUNG PEOPLE TO BUY? AUTOMAKERS NEED TO KNOW! Surprisingly 6 per cent of all US car sales are made to people 16 to 24 years old. Because this is a sizeable target market segment, automobile companies have spent millions on design and advertising trying to win this segment’s brand loyalty. However, the distinctive stylish designs created for the Pontiac Aztek, Chrysler PT Cruiser and Toyota Echo failed to interest young potential auto buyers. Why did the cars fail to attract buyers? CNW Marketing Research studied young auto buyers to learn what really motivates them to purchase. They found that the average price of autos purchased by this group was only $15,000. The research found that young people were interested in style, but first wanted low price, good value and long warranties. Was the research correct? The South Korean company Hyundai Motors produced two cars that offered these benefits. When the automaker introduced the Accent (priced at $10,000) and the Elantra...
Words: 7082 - Pages: 29
...MARKETING COMMUNICATIONS By (Name): Course: Tutor: University: City/State: Date: Marketing Communications Introduction It is imperative for all companies to communicate with the involved stakeholders. These stakeholders include the government, the vendors, the retailers, and the clientele in a particular locale. Marketing communications refers to management procedures that entail interactions with distinct audiences from diverse backgrounds (Blakeman 2009). The study shall examine the features of an integrated marketing communications mix strategy for Hewlett Packard Company. More intently, the research shall focus on a strategy that pertains to launching a new HP venture in China. In addition, this essay shall examine the competitors of HP in the Chinese locale, the features of the Chinese market, and the marketing strategies of HP’s competitors in China. It is necessary to define some critical terms that are relevant to the analysis of this essay. Integrated marketing communications involves displaying an idea that relates to marketing communications planning. It distinguishes the benefits extensive plans and it scrutinizes the strategic functions of different communication disciplines (Fill 2002). The marketing communications mix deals with the consolidation of the specific mixes and these are advertising, personal selling, sales promotion, public relations, and direct marketing (Ruskin-Brown...
Words: 1119 - Pages: 5
...RELATIONSHIP MARKETING Scenario Your work for this unit will be based on Boots Pharmacy in the UK. Handy tip: There is a wealth of resources available to you throughout this unit, as it is based on a well-established, reputable organisation that communicates with potential and existing customers through various mediums which you will have seen or have access to. It is important that you use the resources and information available in order to conduct your own independent reading to help you answer the questions. The School Social Enterprise Group is struggling to effectively market their fund raising activities for the coming term. As non Business Studies students they are finding it very difficult to understand how to develop a meaningful relationship with their target market. You have been asked to develop a training presentation for them to assist the group in understanding how to develop Relationship Marketing strategies. You are encouraged to use Boots as an organisation to base the presentation on but may select another organisation if you wish. The School Social Enterprise Group is struggling to effectively market their fund raising activities for the coming term. As non Business Studies students they are finding it very difficult to understand how to develop a meaningful relationship with their target market. You have been asked to develop a training presentation for them to assist the group in understanding how to develop Relationship Marketing strategies...
Words: 1029 - Pages: 5
