1.2 Marketing ethics and Social Responsibility

The relationship between market ethics and social responsibility

Business and market Ethics

Ethics is defined as the set of moral principles that distinguish what is right from what is wrong. Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give prescriptive advice on how to act morally in a given situation.

A study of ethical philosophies reveals two different groups: Teleology and Deontology theories.

If ethics are important in one's life, they are also important in business. In modern times business ethics have become a major topic of discussion among business communities and other related organizations.

Business ethics can help people approach moral problems in business with better tools. They examine ethical rules and principles within a commercial context. It deals with the various moral or ethical problems that can arise in a business setting; and sets special duties or obligations that apply to persons engaged in different commerce. Business ethics is concerned with the study of what is good and bad, right and wrong, and just and unjust in business.

1.2 Marketing ethics and Social Responsibility

Social Responsibility:

Social responsibility is an ethical ideology or theory that an organization has an obligation to act to benefit society at large. It focus on the importance that any entity, whether it is a government, corporation, organization or individual, has a responsibility toward their society. That is why these companies should function morally and contribute to the welfare of their communities.

Many companies believe that ethics and social responsibility are important components of organizational effectiveness. They recognize that socially responsible activities improve their image among consumers, stockholders, the financial community and other relative publics.