Guide Profit at Any Cost?: Why Business Ethics Makes Sense

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Contents:


  1. Profit at Any Cost? by Jerry Fleming - Read Online
  2. What’s the Matter with Business Ethics?
  3. Profit at Any Cost?: Why Business Ethics Makes Sense
  4. Product Information

He earned his doctorate from Oxford Graduate School in Dayton, Tennessee, where he wrote his dissertation on the relationship between morality and the earnings of publicly held companies.

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Profit at Any Cost? by Jerry Fleming - Read Online

He and his wife, Sonin, live in Sanibel Island, Florida. Why Business Ethics Makes Sense. Format: Digital. Publisher: Baker Books. ISBN: Be the first to rate this. Sale Price. Add to Cart.

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From the Back Cover True or False? About the Author Jerry W. The Canadian Marketing Association also has a code of ethics and standards, which is a self-regulatory guideline for marketers. Though marketers are responsible for their marketing content, members of the CMA must abide the code. The principles of this code include:. Companies are aware that consumers are savvy and opinionated.

So with this in mind, firms should create an ethically sound marketing plan and integrate it into all aspects of their marketing mix.

What’s the Matter with Business Ethics?

While ethics and social responsibility are sometimes used interchangeably, there is a difference between the two terms. Ethics tends to focus on the individual or marketing group decision, while social responsibility takes into consideration the total effect of marketing practices on society. Next, marketers should forecast the long-term effects of the decisions that pertain to those changes.

Bearing in mind that a company cannot satisfy the needs of an entire society, it best serves marketers to focus their most costly efforts on their target market, while being aware of the values of society as a whole. Five simple steps every marketer can take to create a sustainable socially responsible market plan are:.

Social conscious marketing addresses the shortcomings of traditional marketing practices and follows the philosophy of mindfulness and responsibility. This philosophy states according to Chron. Below is the list of main aspects socially responsible marketing practice rely on. This socially responsible practice teaches that companies should base policies and operations on a consumer perspective. As an example, an over crowded website with lots of ads dumped onto it will be easily spotted if the marketers were to practice this method. Improving products and services in innovative manner improves the experience for users.

And improving marketing strategies, polices, and brand personality, on an ongoing basis will position your company as an innovative experience to be repeated and passed on. A company that produces valuable products and focuses on offering the customer great pricing, excellent experiences and great customer service will not have to resort to pushy sales tactics and gimmicks.

Apple brand is famous for having people happily wait in line overnight to be first to own an upgraded product. A clearly defined corporate mission will help companies be clear about their plans, goals, and practices. By putting the good of the community and associates over profit, companies will indeed see an increase in the number of consumers willing to pay premium prices for their products. Unlike traditional marketing focus, which was cost reduction and profit increase, socially responsible marketers are more focused on providing goods and services consumers want, gaining feedback for improvement and giving back to the communities that helped them become who they are.

Profit at Any Cost?: Why Business Ethics Makes Sense

Marketers get the right products to the right people at the right time. Ethical marketers ensure the products meet and exceed their needs, back up their claims and offer value to the customers over time while finding opportunities to pay it forward. A company that uses ethical and socially responsible marketing strategy will gain the respect and trust of the customers they target and interact with. Over long term, this will translate to greater benefits all round. They may be customers, suppliers, or even competitors, who are not even a part of your own organizational culture and business goal framework.

Teamwork: Hierarchical management structures are being replaced by teams, with leadership earned by personal skill rather than title. Entrepreneurship and intrapreneurship: Many companies are encouraging employees at the lowest possible level to take risks, innovate, and even spend company resources, acting like owners of the business. With responsibility for major decisions comes the necessity to act responsibly. Deregulated government: As regulation is replaced by voluntary industry and company codes, government laws and enforcement are no longer the only or the complete resources for those looking for answers or limitations.

Of course, they never really were but, more often than not, business acted as if they were. Competitive, hour media: Few organizations have the luxury of time to figure out what the right response should be to an ethical crisis, particularly if the crisis is public rather than private. Talking about values is hard work because the meaning is subject to interpretation.


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The best place to start is to consider a few basic values appropriate to the economic structure of your company, the community, and the industry. The lowest common denominator is the law, and thus, is a logical place to begin.

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Glenn Coleman, former director of communications and training in the office of ethics and business conduct at EDS, proposes that companies first make a list of laws, regulations, and procedures that apply to them. It might be a short list, but it will remind managers of obvious prohibitions. However, narrowing down a long list of other values that will apply to work is not easy. Managers may want to start with the obvious ones, such as a moral obligation not to cause harm, steal, and lie.

How do these play out in a work situation? For example, if we agree we have an obligation not to cause harm, how will that work in our corporate culture?