American Marketing Association Ethics Flashcards

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Questions and Answers

According to the Ethical Norms, what are the three responsibilities of marketers?

Maximize profits

Foster trust in the marketing system (correct)

Do No Harm (correct)

Embrace ethical value (correct)

What does 'Do No Harm' mean in marketing?

Consciously avoiding harmful actions or omissions by embodying high ethical standards.

What does 'Fostering trust in our marketing system' refer to?

Striving for good faith and fair dealing to contribute to the efficacy of the exchange process.

What does 'Embracing Ethical Values' mean?

Building relationships and enhancing consumer confidence in the integrity of marketing. Signup and view all the answers

What are the six core ethical values in the AMA Code of Ethics?

Honesty, Responsibility, Fairness, Respect, Openness, Citizenship. Signup and view all the answers

What is the definition of honesty in marketing?

To be forthright in dealings with customers and stakeholders. Signup and view all the answers

What is the definition of responsibility in marketing?

To accept the consequences of our marketing decisions and strategies. Signup and view all the answers

What is the definition of fairness in marketing?

To balance justly the needs of the buyer with the interests of the seller. Signup and view all the answers

What is the definition of respect in marketing?

To acknowledge the basic human dignity of all stakeholders. Signup and view all the answers

What is the definition of openness in marketing?

To create a sense of transparency in our marketing operations. Signup and view all the answers

What is the definition of citizenship in marketing?

To fulfill economic, legal, philanthropic, and societal responsibilities. Signup and view all the answers

What four things must we do to ensure honesty in our marketing?

Strive to be truthful, offer valuable products, stand behind products' claims, honor commitments. Signup and view all the answers

What five things must we do to ensure responsibility in our marketing?

Serve customer needs, avoid coercion, acknowledge social obligations, recognize commitments to vulnerable segments, consider environmental stewardship. Signup and view all the answers

What three things must we do to ensure fairness in our marketing?

Represent products clearly, reject manipulative tactics, avoid conflicts of interest. Signup and view all the answers

What four things must we do to ensure respect in our marketing?

Value individual differences, listen to customers, treat stakeholders respectfully, acknowledge contributions. Signup and view all the answers

What four things must we do to ensure openness in our marketing?

Communicate clearly, accept criticism, explain product risks, disclose pricing and terms. Signup and view all the answers

Study Notes

Ethical Norms in Marketing

Marketers must adhere to three primary principles: do no harm, foster trust in the marketing system, and embrace ethical values.

Do No Harm

Marketers should avoid actions or omissions that could cause harm and maintain high ethical standards while following all applicable laws.

Fostering Trust

Building trust involves good faith and fair dealings, ensuring transparency in product design, pricing, communication, and distribution to avoid deception.

Embracing Ethical Values

Relationship building and enhancing consumer confidence are crucial, achieved through the six core values of marketing.

Six Core Ethical Values

Honesty: Being transparent in dealings with customers and stakeholders.
Responsibility: Accepting the outcomes of marketing decisions and strategies.
Fairness: Balancing the needs of buyers with the interests of sellers.
Respect: Recognizing the basic dignity of all stakeholders.
Openness: Creating transparency in marketing practices.
Citizenship: Fulfilling economic, legal, philanthropic, and societal responsibilities.

Ensuring Honesty in Marketing

Strive for truthfulness always.
Offer valuable products that meet claims.
Support products if they fail to deliver promised benefits.
Honor both explicit and implicit commitments.

Ensuring Responsibility in Marketing

Serve customer needs without coercion.
Acknowledge social obligations tied to marketing power.
Commit to vulnerable market segments including children and economically disadvantaged.
Consider environmental impact in decision-making.

Ensuring Fairness in Marketing

Clearly represent products in communications, avoiding any misleading promotions.
Reject harmful practices like price fixing or bait-and-switch tactics.
Steer clear of conflicts of interest and protect customer privacy.

Ensuring Respect in Marketing

Value individual differences; avoid negative stereotyping.
Listen attentively to customer needs and strive for satisfaction.
Respect and understand diverse cultural backgrounds of buyers and suppliers.
Acknowledge contributions from all parties involved in marketing efforts.

Ensuring Openness in Marketing

Communicate clearly with stakeholders.
Accept constructive criticism.
Address significant product or service risks transparently.
Disclose pricing and financial terms comprehensively.

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Description

Test your knowledge on the American Marketing Association's Code of Ethics with these flashcards. Explore key ethical norms such as 'Do No Harm', building trust, and embracing ethical values in marketing practices. Perfect for marketing students and professionals alike.