Ethical Issues Affecting Each Component of the Marketing Mix

In: Business and Management

Submitted By trsina
Words 1662
Pages 7
Ethical Issues Affecting Each Component of the Marketing Mix Ethical issues in businesses among other related issues like conflicts or success revolves around relationships. In today’s business world, it has become inevitable to built strong and effectives between all the key players in businesses (Carroll et al 403). The board of directors in every business has the mandate of giving direction and oversight making sure that the business does not stray from its course and remains relevant in achieving its objectives in a socially acceptable, legally acceptable and ethical manner. In many instances of unethical business conduct, there exists a certain degree of compliancy and knowing corporation which acts to perpetuate the acceptance of such conduct. Importantly, most ethical issues come into existence due to conflicts in belief patterns and value conflicts regarding what is wrong or what is right. This occurs because ethical standards are a derivative of deeply-rooted personal believes and societal morals which may not be universally agreed upon. The elements of the marketing mix are important aspects of the business which can be evaluated in the light of ethical issues. Marketing mix encompasses all the major areas of decision making affecting the marketing process and when carefully blended, desirable results for the organization are obtained. As marketing managers make decisions about the overall process of marketing, they have to consider the specific elements of the marketing mix which include price, promotion, product and place and in other instances they are supposed to consider the sub-elements in each element in order to satisfy the wants and needs of the customers. Given the importance of the marketing mix and the fact that all important aspects of the business revolves around it, it becomes a rather sensitive area in ensuring that…...

Similar Documents

Marketing Leaders and Ethical Issues in Advertising

...“Marketing Leaders and Ethical Issues in Advertising” ABSTRACT The purpose of this project is to point out some different measures used in advertising for defining problems and to note ethical and moral problems that advertising can and does raise and, finally, to suggest certain steps for the marketing leaders of those professionally involved in advertising. The project examines what the ethical problems in advertising are and why many marketing leaders create unethical advertisements. In order to demonstrate the unethical advertising, I provided some examples. I added to the project a list of ethical and legal issues when creating advertisements can help you to craft legal, responsible advertisement messages. The project also examines ways of solving ethical issues in advertising and what advertisers, marketing leaders should do to be in the money. INTRODUCTION Communication stimulation was known in ancient times. With banners and signs and graffiti dealers notified the citizens about the availability of certain goods on the stalls, as well as future events, such as the slave trade or the gladiators. Due to mass illiteracy traders also had to resort to touts - people standing in the streets or on the busy intersections of the city and loudly informed the passers on the goods. While advertising was of informative, it did not have the elements of persuasion. The flourishing of the advertising business falls on XIX century, when the first public relations man,......

Words: 1958 - Pages: 8

Marketing Mix

...22 Marketing Mix 22.1 Introduction The basic task of marketing is the delivery of product(s) to consumers so that their needs are fulfilled and organisational objectives are also achieved. This involves several important decisions, e.g. deciding about the product or products which should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. All these decisions form part of marketing-mix. In this lesson we shall study about the concept of marketing mix, its components and the relationship among various components of marketing mix. 22.2 Objectives After studying this lesson, you will be able to : explain the concept and characteristics of marketing mix; describe various components of marketing-mix; establish the relationship amongst various components. 22.3 Concept and Characteristics of Marketing Mix The process of marketing or distribution of goods require particular attention of management of business because production has no relevance unless products are sold. Marketing mix, simply stated, is the process 20:: Business Studies of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Decisions relating to the product......

Words: 5521 - Pages: 23

5 V's in Marketing Mix

...When marketing management was founded, its main philosophy focused on customer needs. With the rapid development, the customer became the central to all marketing activities, where The main focus of marketing is to identify and satisfy consumer needs. Companies after identifying their target market must do activities to satisfy consumer needs. For the first time in 1953, Neil Borden used the term marketing mix in his speech as Chief of Marketing Association in America. The term marketing mix refers to the set of integrated marketing activities and interrelated and that depend on each other in order to perform the marketing functions as its planned. In today's competitive world, customers are located in the center of attention of companies and satisfaction is their main factor to gain a competitive advantage among the organizations. In 1964 Mr. McCarthy established 4P's theory. He introduced main factors affecting the marketing of products and services in the form of four main components, namely product, price, place and promotion. While it is nice to know that mentioned view is based on a vision that looks to the market from the perspective of business managers. But a consumer wants to buy a brand of product or may use the services of service agency, with a view of business executives looking to buy a brand? After being asked this question, many researchers were working on this Issue from the perspective of consumers and customers to analyze, and recently.Mr.......

Words: 289 - Pages: 2

Marketing Mix

...chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction ROAD MAP: Previewing the Concepts Fasten your seat belt! You’re about to begin an exciting journey toward learning about marketing. To start you off in the right direction, we’ll first define marketing and its key concepts. Then, you’ll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the world’s most dominant brands. The Nike example shows the importance of — and the difficulties in — building lasting, value-laden customer relationships. Even highly successful Nike can’t rest on past successes. Facing “big-brand backlash,” it must now learn how to be both big...

Words: 18287 - Pages: 74

Ethical Issues to Be Considered in Marketing

...Ethical issues and considerations in Marketing Research 1. Information or data collected from respondents should not used for any other purpose or for any other research work. In this case the researcher plays crucial role and he can assure respondents about security of the opinions and information given by respondent. 2. Researcher should not force any respondent for answers. Researcher can explain the importance or necessity of answer of that question for research work, but he/she should not make compulsion or  impel respondents to answer a particular question. 3. Protection of data or confidentiality of data Researcher or research organization should protect data properly. They should  keep confidential data or information very safe and secure. Any client or outside person should not access confidential and important data from organization. 4. In case of personal or sensitive questions, researcher should give time to respondents to think about it, and refuse to participate in study. Researcher or trained staff of appropriate sex can be used to reduce embarrassment cause. For example, suppose questions are related to female product, then it will be better to select female staff to do the research. 5. Proper, Unbiased and accurate information collection Marketing researcher should collect accurate information and report to the research organization & client without any bias. The American Marketing association has established code of ethics i.e. principles of......

Words: 763 - Pages: 4

Marketing Mix

...MODULE-5 Marketing Notes 20 MARKETING MIX I n the previous lesson you learnt that marketing identifies consumers’ needs and supplies various goods and services to satisfy those needs most effectively. So the businessman needs to: (a) produce or manufacture the product according to consumers’ need; (b) make available it at a price that the consumers’ find reasonable; (c) supply the product to the consumers at different outlets they can conveniently approach; and (d) inform the consumers about the product and its characteristics through the media they have access to. So the marketing manager concentrates on four major decision areas while planning the marketing activities, namely, (i) products, (ii) price, (iii) place (distribution) and (iv) promotion. These 4 ‘P’s are called as elements of marketing and together they constitute the marketing mix. All these are inter-related because a decision in one area affects decisions in other areas. In this lesson you will learn about the basic aspects relating to these 4‘P’s viz., product, price, place and promotion. OBJECTIVES After studying this lesson, you will be able to : • • • • • • • • explain the concept of marketing mix and its components; explain the meaning of product and its classification; state the various factors affecting pricing decisions; describe different methods of pricing; state the meaning of channels of distribution; identify the various channels of distribution; state the factors affecting......

Words: 6686 - Pages: 27

Analyzing Ethical Issues in Marketing

...Analyzing Ethical Issues in Marketing Kari Bertrand MKT/554 November 11, 2013 Sandra Payne Analyzing Ethical Issues in Marketing There are three areas of ethical concerns for marketing flavored cigarettes. The first concern is the marketing to younger consumers or minors, that are not legally able to purchase tobacco products, (Layton, 2010). The second is the ban on favored cigarettes other than menthol, but there is no ban in regard to flavored cigars or blunts. The third and final concern is the marketing company’s responsibility to their contractual obligations with The Exotic Smokes Company. These three concerns are essential to the success of the marketing strategy and plan. The Target Market There is a ban that prohibits the advertising and selling of tobacco products to minors. The Exotic Smokes Company wants to reach a demographic that is perilously close to the ban of advertising to minors. The marketing has to be specific targeting the college age consumer or young business professionals to avoid costly litigation. Ban on Flavored Cigarettes The marketing company must advise the Exotic Smokes Company as to the ban on flavored cigarettes. The marketing company must not advertise a banned tobacco product. With full knowledge that the product is in direct violation and continuing to market the product is unethical and will potentially open the marketing company up to litigation. The marketing company is ethically obligated to discuss the Exotic......

Words: 409 - Pages: 2

Marketing Mix

...Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially, it will discuss four elements, which are the product, price, place and promotion respectively. Then, it will evaluate the most vital component in the marketing mix, which is the product. The first component of the marketing mix is the product. “A product is a good or service produced by a business or organization, and made available to the public for consumption” (Ashwin and Merrills et al., 2008). Each product has a different feature, which could be the unique selling points of them. Roams and Cota (2008:152) attempt to define this term is, “A unique selling point (USP) is a short statement that explains why a customer should buy from you instead of your competitorsin". For example, Apple Corporation has a unique and independent......

Words: 1850 - Pages: 8

Marketing Mix

...Environmental Marketing Mix Introduction An increased focus on environmental issues, has contributed to a rise in the demand for environmentally friendly products and services (EFS). The spotlight on sustaining the environment has created new terminology such as “carbon footprint” and “offsetting”. Many organisations have adapted their marketing strategies to capitalise on the consumer appetite for EFS. EF marketing strategy takes into account additional factors which arent usually part of the marketing mix. Such a deviation from the academic acceptance of the “marketing mix” components has led Learnmarketing to develop the ‘environmental marketing mix.’ Environmental Product Strategies There are a large number of environmental issues impacting on the production of goods and products. For example: What is the impact of production, sourcing of materials and packaging on the environment? Can minimum levels of packaging and/or environmentally friendly packaging be achieved without compromising product quality or appeal? Supplier practices i.e. are they at least as environmentally friendly as the organisation they are supplying? Environmentally friendly products can increase and decrease production costs; environmentally friendly production may increase costs for organisations and their suppliers but this may be offset by lower fuel bills through energy efficiency measures or an increase in sales caused by a positive product image. An organisation may able to pass......

Words: 1065 - Pages: 5

Ethical Issues

...Marketing ethics is the area of applied ethics which deals with the moral principles behind the operation and regulation of marketing. Some areas of marketing ethics (ethics of advertising and promotion) overlap with media ethics. Contents 1 Fundamental issues in the ethics of marketing 1.1 Frameworks of analysis for marketing Possible frameworks 1.2 Power-based analysis 1.3 Is marketing inherently evil? 2 Specific issues in marketing ethics 2.1 Market research 2.2 Market audience 2.3 Pricing ethics 2.4 Ethics in advertising and promotion 2.4.1 Content 2.4.2 Delivery channels 2.4.3 Deceptive Advertising and Ethics 2.5 The use of ethics as a marketing tactic 2.6 Neuromarketing ethics 2.7 Marketing strategy 2.8 Further issues in marketing ethics 3 Regulation and enforcement 4 See also 5 References 6 Bibliography 7 External links Fundamental issues in the ethics of marketing[edit] Frameworks of analysis for marketing Possible frameworks[edit] Value-oriented framework, analyzing ethical problems on the basis of the values which they infringe (e.g. honesty, autonomy, privacy, transparency). An example of such an approach is the AMA Statement of Ethics.[1] Stakeholder-oriented framework, analyzing ethical problems on the basis of whom they affect (e.g. consumers, competitors, society as a whole). Process-oriented framework, analyzing ethical problems in terms of the categories used by marketing specialists (e.g. research, price, promotion,......

Words: 3041 - Pages: 13

Marketing Mix of Asos.Com

...accessories, jewelry and beauty products. Asos.com attracts 6 million unique shoppers every month and has more that 2 million registered users. This report is examining Asos.com through their marketing mix and the external environment that may effects the industry, in order to select the most appropriate mix for the organization. Moreover, we monitor the performance of the organization’s products and services in order to determine which components should be tested. Finally, we adjust components of the marketing mix in response to test results. Component of the Marketing Mix Key characteristics of products and services Products can be physical goods or services or a combination of both. For Asos.com, their main products include women’s fashion menswear, accessories, jewellery and beauty products. They have also recently introduced a new line of children clothes that is known as little ASOS. Here are some key characteristics of product of Asos.com: * Brand: Asos.com sells over 850 brands as well as its own range of clothing and accessories. This enables it to provide well-known brands such as Levis and Adidas, which appeal to s target market. * Range of product line: Asos.com offers over 50,000 branded and own-label product lines the earehouse has new products coming in each week. * Range of size: Asos.com sales not only normal size range but also plus size clothing for different kind of customers, which can expand its customer base. * Free delivery and......

Words: 2194 - Pages: 9

Ethical and Legal Issues in Marketing

...The Legal and Ethical Considerations of Marketing in America Winfred Muthusi Grand Canyon University: BUS-340 11/ 06/ 2014 Introduction It is very important for organizations to be ethical in all their transactions. This fosters trust from the society as a whole and good performance from the company. To add to that companies have to be very straight forward without engaging in any illegal acts. As much as being ethical and honest is what is expected from companies, there are many that do not value this two rules especially when it comes to marketing and selling their products to consumers. Ethical Issues in Marketing Ethics are moral guidelines that govern good behavior. The US government requires every company to be morally upright in everything they do especially when it comes to transactions with customers. When it comes to marketing a product or service, most companies are more concerned about the results than the process. Following ethical values such as Honesty, Fairness, Responsibility, Transparency and Respect has become quite rare especially in this day and age where competition is so high. Furthermore, things are continuously changing and before a consumer forms an attachment to one product or service something ‘better’ comes out in the same market. Each marketing decision leads to a set of expectations from customers. For example when it comes to direct marketing, customers expect the product or service to be exactly how it’s presented on TV......

Words: 788 - Pages: 4

Marketing Mix

...September 30, 2015 Professor: Leon Guendoo QA1 The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. The four Ps of marketing: The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: Product means the goods-and-services combination the company offers to the target market. Kotler and Armstrong (2013). For many a product is simply the tangible, physical item that we buy or sell. You can also think of the product as intangible i.e. a service. In order to actively explore the nature of a product further, let’s consider it as three different products – the core product, the actual product, and finally the augmented product. Price: Price is the amount that is charged by marketer of his offerings or the amount that is paid by consumer for the use or consumption of the product. Price is crucial in determining the organization’s profit and survival. Adjustments in price affects the demand and sales of the product. Marketers are required to be aware of the customer perceived value of the product to set the right price.  Place: place is about where the product is made, where it is stored and hot it is transported to the customer. The place for each of these things should ensure that the product gets......

Words: 1401 - Pages: 6

Marketing Mix

...Running head: MARKETING MIX * Marketing Mix Your Name MKT421 August 28, 2011 Instructor * Marketing Mix * Organizations have become very creative with manipulate the four Ps (product, place, promotion, and price) to attract the customer's curiosity and develop a long-range plan to keep them coming back. The organization must know what the customer wants and deliver that product or service to the at the right price with good customer service. To gain the customer’s loyalty the organization must create a bond and develop a culture so he or she will feel welcome and part of the organization’s family. * The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness meant to enhance the four elements individually. When designed properly, this positive effect is directed to the customers within the target market and these customers respond positively in return * Marketing Mix: Product * The first P in the four P’s of the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. With the competition, the global marketplace and the laws established giving the consumers the ability to return products if unsatisfied that philosophy has changed. * Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will......

Words: 1693 - Pages: 7

Marketing Mix

...Chittagong Independent University (CIU) Chittagong Independent University (CIU) MARKETING MIX PROCEDURES: - A Case Study on “BSRM Xtreme 500W” Submitted to: Mr. Abu Sohel Mahmood Assistant Professor Independent Business School Chittagong Independent University Submitted by: Shaikat Saha ID: 15151009 ACKNOWLEDGEMENT I like to take the opportunity to express my sincere gratitude to those without the blessings and cooperation this report would not have been possible. First of all, I am grateful to Almighty Allah who has created all the things and make it possible to enjoy them for our good selves. He also gives me opportunity to finish this report in time. I like take the opportunity to thank my supervisor – Mr. Abu Sohel Mahmood, Assistant Professor, Independent Business School, Chittagong Independent University, for his guidance, constant and spontaneous support and constructive suggestion. Without his help this report could not have been possible. This is the way by which I can extend my heart felt thanks to the contributors of generous help I have received from many sources of BSRM Group of Companies. I like to express my tributes and gratitude to BSRM Group of Companies, Head Office, Ali Mansion, Sadarghat Road, Chittagong, Bangladesh for giving me the opportunity, appointment for discussions and collection of data from internal sources. I will never forget the contribution of all the staff and managers of BSRM Group of Companies, Head...

Words: 6955 - Pages: 28

Defenders UK | Watch now! | eyeland project 31