Questions and Answers
According to the Ethical Norms, what are the three responsibilities of marketers?
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?
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What are the six core ethical values in the AMA Code of Ethics?
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What is the definition of honesty in marketing?
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What is the definition of responsibility in marketing?
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What is the definition of fairness in marketing?
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What is the definition of respect in marketing?
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What is the definition of openness in marketing?
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What is the definition of citizenship in marketing?
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What four things must we do to ensure honesty in our marketing?
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What five things must we do to ensure responsibility in our marketing?
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What three things must we do to ensure fairness in our marketing?
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What four things must we do to ensure respect in our marketing?
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What four things must we do to ensure openness in our marketing?
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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.