Ethics in Business Markets
Business ethics are special type of regulatory guidelines. They are vital for making business operations more authentic. Today’s marketing practices are full of deceptive packing, ambiguous offers, exaggerated advertising, and aggressive selling. Some marketers practice several unfair tactics to attract customers in pursuit of sales volumes and profits. Business ethics restrict these all things. Their presence and compulsion to follow them make a lot of difference in marketing activities. Business ethics are necessary for marketer as well as consumers. They have many direct or indirect purposes.
Some common purposes may include the followings:
- To prevent malpractices in business. Ethics make business activities more authentic.
- To ensure uniformity in marketing practices among various business enterprises throughout the country.
- To make marketers more aware, sensible, and liable to customers and society as a whole.
- To ensure confirmation of marketing practices with the contemporary legal framework.
- To enforce government, voluntary social organizations, and others to be alert regarding long-term interest and welfare of society.
- To assist government to formulate necessary legal provisions and enforce the marketers to obey them.
- To distinguish ideal firms from exploiting firms. They facilitate in taking needed actions against those firms indulging malpractices.
- To decide on rewards, awards, certificates, prizes, and other encouragements for deserving business firms.
There are a number of moral principles prescribed by different associations and governments. They include:
- Do not cheat customers by defective or inferior products.
- Avoid black marketing, hoarding, profiteering and speculation for the interest of buyers.
- Refrain from unhealthy competition, or promote healthy competition.
- Ensure honesty and precision while packaging, labeling, and advertising the products.
- Do not defame the image and reputation of other rival firms by improper methods.
- Create and maintain up-to-date records of economic transactions and produce them when asked by the relevant authority.
- Pay taxes and duties honestly in time.
- Discharge social responsibilities towards suppliers, governments, investors, employees, service providers, etc.
- Do not make any contracts with others that affect adversely the long-term social interest and welfare of people. Do not work against national interest.
- Extend all possible support and cooperation to the governments in implementing social and economic plans.
- Contribute liberally for promoting socially significant activities.
- Protect ecological environment in all possible ways.