MARK1012 Chapter Notes - Chapter 3: American Marketing Association, Marketing Ethics, Corporate Social Responsibility
MARK1012 CHAP 3
Chapter 3: Marketing Ethics, Sustainability and CSR
Business ethics: moral or ethical dilemmas that might emerge in a business setting
Marketing ethics: refers to ethical dilemmas that are specific to marketing
Ethical values marketers should adopt
AMA's Code of Ethics states basic ethical values marketers should adopt are:
-Honesty, responsibility
-Fairness
-Respect
-Openness
-Citizenship
Difference between ethics & social responsibility
-Ethical acts may only affect the firm's immediate stakeholders (employees, customers
and suppliers)
-To be socially responsible, a firm must take additional actions that will benefit the
community. Eg. helping people/ organisations that have been affected by natural
disasters
4 steps of ethical decision making
1. A firm can incorporate ethics and social responsibility in their corporate mission
2. They could establish policies and procedures to ensure that everyone working for the
firm is acting in an ethically responsible manner
3. Model their ethical policies after a well-established code of ethics like the American
Marketing Association
4. Utilise a metric such as the ethical decision-making when making ethically sensitive
decisions
How ethics can be integrated into a marketing strategy
-Integrate ethical and socially responsible considerations into the firm’s mission
statement.
-Top management must commit to supporting an ethical climate within a firm.
-In the control phase, marketers must determine whether or not they have truly acted in
an ethical and socially responsible manner. If not, changes to the marketing strategy
must be made.
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Document Summary
Business ethics: moral or ethical dilemmas that might emerge in a business setting. Marketing ethics: refers to ethical dilemmas that are specific to marketing. Ama"s code of ethics states basic ethical values marketers should adopt are: Ethical acts may only affect the firm"s immediate stakeholders (employees, customers and suppliers) To be socially responsible, a firm must take additional actions that will benefit the community. Eg. helping people/ organisations that have been affected by natural disasters. Marketing association: utilise a metric such as the ethical decision-making when making ethically sensitive decisions. How ethics can be integrated into a marketing strategy. Integrate ethical and socially responsible considerations into the firm s mission statement. Top management must commit to supporting an ethical climate within a firm. In the control phase, marketers must determine whether or not they have truly acted in an ethical and socially responsible manner. If not, changes to the marketing strategy must be made.
