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Marketing 3rd Edition by Dhruv Grewal,Michael Levy
Edition 3ISBN: 978-0077622114Marketing 3rd Edition by Dhruv Grewal,Michael Levy
Edition 3ISBN: 978-0077622114 Exercise 2
Why do marketers find it important to embrace societal needs and ethical business practices? Provide an example of a societal need or ethical business practice that a specific marketer is addressing.
Explanation
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Marketing is referred to as the function of management which is utilized to promote the products and services of a company to increase the overall revenue for the organization.
Ethics can be defined as the reasoning behind why someone does what they do. Ethics of a person are based and affected by multiple factors like religious political beliefs, upbringing etc.
Marketers try to balance societal needs and ethical businesses practices because of the following reasons:
1) It prevents government action against the company's operation which not only damages their reputation but has high financial penalties as well.
2) It helps build their goodwill in the market.
3) It helps them gain the trust of the local population which helps in ensuring a sustainable business operations environment.
4) Many businesses also give back to nature to ensure that there is a sustainable form of business and the resources are not wasted or depleted.
Company C produces soft drinks among many other products. Some of the societal needs and ethical business practices that they are following are as follows:
1) They are providing and supporting girl child education.
2) They have put up measures in place to ensure that harmful chemicals that are utilized to make their products are treated before they are disposed of to ensure that nature and environment are not harmed.
3) They are utilizing recycled material in their production and other activities to ensure that a sustainable balance is maintained the negative effect of their activities on the environment is minimized.
Ethics can be defined as the reasoning behind why someone does what they do. Ethics of a person are based and affected by multiple factors like religious political beliefs, upbringing etc.
Marketers try to balance societal needs and ethical businesses practices because of the following reasons:
1) It prevents government action against the company's operation which not only damages their reputation but has high financial penalties as well.
2) It helps build their goodwill in the market.
3) It helps them gain the trust of the local population which helps in ensuring a sustainable business operations environment.
4) Many businesses also give back to nature to ensure that there is a sustainable form of business and the resources are not wasted or depleted.
Company C produces soft drinks among many other products. Some of the societal needs and ethical business practices that they are following are as follows:
1) They are providing and supporting girl child education.
2) They have put up measures in place to ensure that harmful chemicals that are utilized to make their products are treated before they are disposed of to ensure that nature and environment are not harmed.
3) They are utilizing recycled material in their production and other activities to ensure that a sustainable balance is maintained the negative effect of their activities on the environment is minimized.
Marketing 3rd Edition by Dhruv Grewal,Michael Levy
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