Ethical Business Marketing: The Practices to Compete Successfully in Business

Ethical Business Marketing: The Practices to Compete Successfully in Business

Pradeep Reddy K., Venkateswarlu Chandu, Narendra Ryali, Amala Gangula, Debesh Mishra, Swagatika Mishra
Copyright: © 2023 |Pages: 18
DOI: 10.4018/978-1-6684-7568-3.ch013
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Abstract

Organizations use a variety of strategies to acquire a competitive advantage in today's competitive environment. The question is whether these behaviours are consistent with our organization's beliefs and ideals. Ethical activities are thus the solution. Managers or the top management now have a moral obligation to embrace these methods, thus businesses must incorporate social responsibility into every marketing choice they make. This study emphasizes the significance of employing ethical marketing methods to achieve a competitive advantage over competitors. The significance of manufacturers acting in a socially responsible manner is also highlighted in the study.
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Scope Of Work And The Study’S Target

The goal or scope of this research work is to highlight and comprehend the reasons for an organization's use of ethical practices to facilitate achieving a competitive advantage over competitors. The relevance of employing ethical marketing strategies is the study's goal. The following items may be clearly recognized as the study's targets:

  • a)

    To look for reasons why a company should embrace ethical procedures.

  • b)

    To determine the most recent-trend in the use of these techniques in businesses.

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Adopted Methodology

To comprehend the aims of this study, secondary data is collected from literature on the related topic, including journals, essays, newspapers, novels, and more. Since numerous academics have worked on this area, there is an abundance of literature available. So, employing ethical practices is stressed together with its relevance and advantages. The study makes advice for managers on how to implement these practices.

Key Terms in this Chapter

Marketing: Advertising and market research are both part of the process of promoting and selling goods and services.

Competitive advantage: It refers to elements that enable a business to create goods or services more effectively or affordably than its competitors. These elements enable the producing unit to outperform its competitors in terms of sales or margins.

Ethics: The discipline that examines what is ethically good and bad as well as right and wrong is known as moral philosophy.

Marketing Ethics: It entails consciously incorporating moral good and evil into the organization's marketing decision-making, behaviour, and practice.

Business: Making a living or earning money through the production, acquisition, and sale of items is what it entails (such as goods and services). Additionally, it includes “any activity or enterprise undertaken for profit.”

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