Issues related to market - Essay Example

Ethical Marketing In the recent years, ethical marketing has become more sensitive factor in the field of marketing. During the first decade of 21st century, marketing discipline has provoked several debate and argument related to the issue of unethical marketing. In worldwide market, several incidences where organizations involvement in unethical marketing practice has witnessed globally. According to the Ethics Resource Center, it has been reported that one out of two employees is at least engaged in one specific type of misconduct (Ferrell, n. d.).

Over the last few years, several companies have been accused for marketing misconduct. In order to identify the reason, it has been found that stakeholders of many companies are mainly responsible for this issue. Employees and managers have directly and indirectly evolved with these issues. Most of the stakeholders have engaged with ethical approaches in order to fulfill the organizational as well as their personal requirement for seeking higher benefits. According to the observation, it can be evidently asserted that several industries have involved in unethical marketing practices such as financial sector, tobacco industry and fast moving consumer goods industry (FMCG) among others.

In order to discuss the issue, it can be affirmed that tobacco industry has been remained in the highlight due to its unethical conduct. During marketing practice tobacco industry often launched advertisement campaigns for discourage teenagers from smoking in United States market and on the other hand, those companies have promoted their products in Asian and African market place with a strategy of providing free sample among minors (Vassilikopoulou et al., 2008). Apart from this, several allegations have been also witnessed in the FMCG field related with moral problems due to unethical product administration, advertising and promotion, market research and pricing among others.

Altogether, this unethical conducts have affected the market place inversely as well as it has increase the tendency of unethical consumption among consumers (Vassilikopoulou et al., 2008). On the contrary, the marketing of financial services is more fascinating and intricate than that of other products and services. Earlier, it has been also observed that several banks have engaged with unethical approaches in international business transactions (Federwisch, 2014). Due to that reason, The Foreign Corrupt Practices Act (FCPA) was passed in order to disclose corrupt payment and scandals of multinational financial firms.

Consequently, The Security Exchange Commission (SEC) has become more suspicious about ethical marketing practice (Seyoum, 2009). According to National Business Ethics Survey (NBES), it has been observed that the percentage of unethical workers have been reduced in the year 2013 and it reveals all time low percentage in history. Subsequently, the unethical consumption has been also reduced by the consumers’ due to ethical and moral marketing approaches (Ethics Resource Center, 2014). In order to conclude the topic it can be evidently asserted that increasing internationalization, rising competition, advanced transportation and communication along with modern tools and techniques have influenced most of the multinational corporations’ (MNCs) to maintain the ethical conduct and morality during their marketing practices.

Moreover, an increased demand for organizations to focus on customer satisfaction rather than profit maximization lately gaining widespread popularity. References Ethics Resource Center. (2014). National business ethics survey. Retrieved from http://www.ethics.org/downloads/2013NBESFinalWeb.pdf Federwisch, A. (2014). Ethical issues in the financial services industry. Retrieved from http://www.scu.edu/ethics/practicing/focusareas/business/financial-services.html Ferrell, L. (n. d.). Marketing ethics.

Retrieved from http://college.cengage.com/business/modules/marktngethics.pdf Seyoum, B. (2009). Export –import theory, practices and procedure. United States: The Haworth Press. Vassilikopoulou, A. Siomkos, G. and Rouvaki, C., (2008). The ethical and unethical dimensions of marketing. An International Journal, 3(2), 49-60.