Ethical marketing: was it originally priced at Rs. 2000 or something more?
Recently, I was scrolling through my social media and stopped when I saw an advertisement that used an unethical marketing gimmick, which was flagged by one of the customers.
They advertised a product with the claim: “Was Rs. 2500, now Rs. 2000!” However, a closer look revealed that the product was originally priced at Rs. 2000. This misleading discount tactic is a classic example of unethical marketing, aiming to deceive customers into believing they are getting a special deal. Such practices erode trust and can lead to significant backlash from consumers.
As a Business Ethics student, I aim to share my thoughts on this issue.
In today’s world, marketing shapes how we think about products and brands. But with great power comes great responsibility. Ethical marketing ensures that businesses not only comply with legal standards but also promote fairness, honesty, and respect for consumer rights.
So, what is Ethical Marketing?
It’s about fairness, transparency, and responsibility in how products and services are promoted. It means telling the truth about what a product can do, avoiding tricks in ads, and respecting people’s privacy and choices. Ethical marketing builds trust for the long haul, rather than trying to make a quick buck with shady tactics.
Why does Ethical Marketing matter?
Legal Compliance: Adhering to ethical standards helps businesses stay within legal boundaries. This can prevent costly legal battles and penalties associated with false advertising, privacy violations, or other unethical practices.
Positive Brand Image: Companies that prioritize ethical marketing are often viewed more favorably by the public. A positive brand image can enhance customer acquisition and retention, as well as attract top talent who want to work for a reputable company.
Long-term Success: Ethical practices contribute to sustainable business growth. Companies that consistently act with integrity can build a loyal customer base, ensuring long-term profitability and market presence.
Take companies like TOMS Shoes, known for their “One for One” model exemplify how integrating social responsibility into business practices can foster a positive brand image and resonate with conscientious consumers. These initiatives underscore that ethical marketing is not merely a moral imperative but also a strategic advantage for companies seeking sustainable growth and competitive advantage in today’s discerning marketplace.
Ethical marketing isn’t just about doing what’s right — it’s about creating a legacy of trust and integrity that resonates with consumers and drives sustainable business growth.
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