Abstract
In today's competitive era, organisations adopt several practices to gain a competitive advantage. But the question that arises is: Are these practices based on the morals and values of our organisation? Thus, ethical practices are the solution to it. So, it becomes the moral responsibility of managers or the top management to adopt such practices, and therefore, companies must make social responsibility an integral component of every marketing decision. This chapter highlights the importance of using ethical marketing practices to gain a competitive edge over rivals. The chapter also highlights about importance of the responsible behaviour of producers towards society.
TopPurpose And Objective
The purpose of this study is to underline and understand the reasons for using ethical practices adopted by an organization to gain a competitive edge other rival. The objective of this study lies in the significance of using ethical marketing practices. Following points can easily be understood as the objectives of this study:
TopMethodolgy
To understand the objectives of this study, the data collection is done based on secondary data available from Journals, Articles, Newspapers, Books, and other material available with the related topic. Since, many researchers have been done on this topic there is abundant amount of literature available. So, with the help of that, importance, and benefits of using ethical practices is highlighted. The paper also tries to list down suggestions to managers for using such practices.
Key Terms in this Chapter
Society: People in general living together in an organized way, making decisions about how to do things, and sharing the work that needs to be done.
Societal Marketing: Marketing with a social dimension or marketing that includes non-economic criteria.
Business Ethics: It is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.
Competitive advantage: A condition or circumstance that puts a company in a favourable or superior business position.
Competition: It is the contest between organizations that provide similar products or services or that target the same audience of consumers.