What should marketers do to stay on the ethical side while marketing their services or goods? Do you know what modern marketing ethics are? How can they help us understand our responsibilities towards customers and society at large?
Marketing has always had a bad reputation due to unethical practices. The word itself means ‘to go out before, and its meaning changed over time. Today's definition of marketing is more focused on sales than ever before. Marketers play an important role of content in shaping public opinion and culture. They use various tactics to influence the thinking and behaviour of consumers. These tactics include advertising, pricing strategies, branding, etc.
So what does modern marketing ethics mean today? Well, according to Wikipedia, it means being fair, honest, transparent, accountable and trustworthy. It involves taking into consideration the interests of both buyers and sellers. In other words, it ensures fairness between all involved parties. Marketing professionals also focus on creating positive perceptions and encouraging brand loyalty.
The ethics of marketing should always be at the forefront of our minds. In order to succeed in the modern marketplace, the integrity of the brand as well as its employees must be maintained at all times.
The success of any marketing company depends upon their involvement with its clients. The modern marketing concept is the importance of developing a good relationship with every marketing company and its clients to enhance their business and with other competitors in marketing.
Nowadays, marketing professionals have expanded their awareness of customer relationships in society and have become much more aware of the ethics of the modern market.
As competition increases in the industry, marketers are involved in some unethical activities to compete and attract customers. Modern marketing is the ability to tackle the full capabilities of the business to provide the best experience for the customer and drive growth.
In a recent survey, 83% of global CEOs said they look to marketing to be an essential driver for most or all of a company’s growth agenda.
Marketing ethics are essential to the success of any company. They play an integral role in helping brands build positive relationships with their customers. When done correctly, companies benefit. But if not, it can damage reputations, leading to potential lawsuits or even bankruptcies.
The importance of marketing ethics in the modern world
The aspects of modern marketing ethics not only benefit customers but also businesses. Businesses can evaluate their operations on a full scale to determine if different departments and systems, like sales and marketing, are collaborating efficiently in calculating data and results of marketing strategies.
This highlights the importance of integrated relationships among departments and the ability to collect and analyze consumer data to ensure perfect customer service.
The four most important concepts in modern marketing
1) The production concept:
Before a business can offer a product to consumers, it must manufacture or you can say product first. This concept is based on the philosophy that the more something is produced, the less it costs for consumers and if a business can figure out how to produce a product on a mass scale, it lessens the costs for them as well. So basically you can say increase profits, reduce costs.
2) The product concept:
The consumer gives importance to cost, accessibility, and efficiency before deciding to purchase a product.
3) The sales concept:
Dealing with the process of actually selling a product, this concept shows the importance of selling as much of the product as possible no matter if the consumer's needs are completed or the quality of the product/service.
4) Societal marketing concept:
While similar to the marketing concept of prioritizing the needs of the consumer, the concept also urges businesses to put in mind the overall welfare of the consumer and society. An example of this might be a business considering an eco-friendly way of producing its products to reduce carbon emissions, and good breathing conditions for consumers.
The Role of Ethics in Modern Marketing
Ethical modern marketing refers to a marketer's responsibility to ensure all marketing activities to core ethics principles, including integrity, humility, and honesty internally and externally.
Let's consider an example to further recognise the difference between internal and external marketing ethics.
Let's say your marketing team hires a design agency for a new marketing campaign. Halfway through the campaign, your team discovers the agency doesn't treat its workers fairly and doesn't align well with your values regarding environmental and social responsibility.
Even if your customers don't know about this alliance, it's still in your best interest to discontinue a working relationship with the agency as soon as possible and re-align yourself with agencies that uphold the same standards you've set for your team internally.
Equally importantly, of course, is the public-facing component of ethical marketing. This includes ensuring you don't stretch the truth or lie about your product or service to try to attract new customers. Lying about Beyonce's use of your product might seem like a good idea in theory, but it won't take long before you're caught out.
Ethics in modern marketing also means treating workers fairly, relationships for your Business using sustainable materials, and doing your part to support environmental or social causes that feel important to your brand.
Modern marketing refers to a marketer's responsibility to ensure all marketing activities to core ethics principles, including integrity, humility, and honesty internally and externally.
Let's consider an example to further recognise the difference between internal and external marketing ethics. Let's say your marketing team hires an agency for a new marketing drive. Apart from the campaign, your team finds the agency does not treat its workers kindly and does not align well with your values regarding environmental and social responsibility.
Indeed if your guests do not know about this alliance, it's still in your stylish interest to discontinue a working relationship with the agency as soon as possible and align yourself with agencies that uphold the same norms you've set for your platoon internally.
Inversely importantly, of course, is the public-facing element of ethical marketing. This includes icing you do not stretch the variety or lie about your product or service to try to attract new guests lying about Beyonce's use of your product might feel like a good idea in the proposition. Still, it will not take long before you are caught out.
Also, ethical marketing means treating workers fairly, using sustainable accouterments, and doing your part to support environmental or social causes that feel important to your brand.
Modern marketing concepts offer four benefits
1) Increased opportunities for employees
As a business grows, business needs more professional employees for services to satisfy needs, so the company will need to hire more employees to accommodate expanding operations.
2) Awareness and social well-being
When consumers are doing well then that leads to a good society. A business can make sure that this is happening by prioritizing what services or products it can offer to its consumers by improving production and operations.
3) Increased quality of production
Businesses should know what the consumer needs can allow a business to mould its products in the production process to meet expectations, thus increasing the quality of what they have to offer.
4) Healthy competition
Different people want requirements for different things. This allows for multiple businesses to thrive in the same marketing by providing for those various needs.
5) Consumer satisfaction
The more a consumer is happy with a business's products or services, the more they will buy.
It’s more important for businesses to carry out work the right way for making the business work. Ethics programs are an essential tool for promoting moral conduct.
Organizations also need employees dedicated to ethical decision-making for both to work in a sink. Corporations establish business ethics to promote integrity among their employees and gain the trust of consumers.
Modern marketing is harnessing the business's full capabilities to provide the best experience for the customer and thereby drive growth. Modern marketing is about customer experience building relationships with customers, adapting continuously to the new digital landscapes, and marketing across multiple channels to reach different consumers.
FAQ's on Modern Marketing:
Philip Kotler, the Father of Modern Marketing, Will Never Retire.
The first, and most important, factor to understand in marketing is what product is being marketed to a specific target market.
Ethics is what guides us, to tell the truth, keep our promises, or help someone in need.
Ethical marketing is a strategy where businesses commit to open, transparent, responsible, and fair practices and communicate these values to their target market.
Ethics examines the rational justification for our moral judgments; it studies what is morally right or wrong, just or unjust.