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Ethical marketing is a positive influence on companies, and their response is to market their products in a more socially responsible way. The increasing trend of fair trade is an example of the impact of ethical marketing. In the Ethical Shoppers Price Index Survey (2009), fair trade was the most popular ethical badge products could have.
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
When companies create high ethical standards upon which to approach marketing they are participating in ethical marketing. To market ethically and effectively one should be reminded that all marketing decisions and efforts are necessary to meet and suit the needs of customers, suppliers, and business partners.
Social responsibility in marketing is often discussed with ethics.The difference between the two is that what is considered ethical in terms of business, society and individually may not be the same thing––nor do all business actions necessarily have to be socially responsible in order to be considered ethical.
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Although single-source ethical consumerism guides such as Ethical Consumer, Shop Ethical, [4] and the Good Shopping Guide [5] are popular, they suffer from incomplete coverage. User-generated ethical reviews are more likely, long-term, to provide democratic, in-depth coverage of a wider range of products and businesses. [6]
Organizations that lack ethical practices as a mandatory basis of their business structure and corporate culture, have commonly been found to fail due to the absence of business ethics. Corporate downfalls would include, but are not limited to, the recent Enron and WorldCom scandals, two primary examples of unethical business practices ...
Social responsibility from businesses such as providing recycling bins can in turn provide opportunities for people to be socially responsible by recycling. Social responsibility is an ethical concept in which a person works and cooperates with other people and organizations for the benefit of the community. [1]