ETHICS IN MARKETING
Ethics are a collection of principles of right conduct that shape the decisions people or organizations make. Practicing ethics in marketing means deliberately applying standards of fairness, or moral rights and wrongs, to marketing decision making, behavior, and practice in the organization.The purpose of marketing is to create a competitive advantage. An organization achieves an advantage when it does a better job than its competitors at satisfying the product and service requirements of its target markets.
Ethics violations
Marketing practices are deceptive if customers believe they will get more value from a product or service than they actually receive. Deception, which can take the form of a misrepresentation, omission, or misleading practice, can occur when working with any element of the marketing mix. Because consumers are exposed to great quantities of information about products and firms, they often become skeptical of marketing claims and selling messages and act to protect themselves from being deceived. Thus, when a product or service does not provide expected value, customers will often seek a different source.
FINANCE:-
ETHICS IN FINANCE
Ethics in general is concerned with human behavior that is acceptable or "right" and that is not acceptable or "wrong" based on conventional morality. General ethical norms encompass truthfulness, honesty, integrity, respect for others, fairness, and justice. They relate to all aspects of life, including business and finance. Financial ethics is, therefore, a subset of general ethics.
ETHICAL VIOLATIONS
The most frequently occurring ethical violations in finance relate to stakeholder interest versus stockholder interest, investment management, and campaign financing. Businesses in general and financial markets in particular are replete with examples of violations of trust and loyalty in both public and private dealings. Fraudulent financial dealings, influence peddling and corruption in governments,misuse of customer funds for personal gain, mis-pricing customer trades, and corruption and larceny in banking have become common occurrences.
HUMAN RESOURCES (HR) :-
Human resource is an management function that helps managers recruit, select, train and development members for an organisation.
Ethical issues faced by Human resources are as follows:-
1) SOCIETAL OBJECTIVE-
To be ethically and socially responsible to the needs and challenges of the society while minimising the negative impact of such demands upon the organisation.
Example : The society may limit HR decisions through laws that enforce reservation in hiring and laws that address discrimination, safety or other such areas of society concern.
2) TRAINING AND DEVELOPMENT -
The training and development programme should cover the number of trainees required, training and development programme necessary for the existing staff, identification of resources personnel for conducting development programme, frequency of training and development programme and budget allocation for such programmes.
3) RECRUITMENT, SELECTION AND PLACEMENT -
After the job vacancies are known, efforts must be made to identify sources and search for suitable candidates. The selection programme should be professionally designed and, among other considerations, special care must be taken to ensure compliance with the reservation policies of the government.
4) JOB EVALUATION -
Job evaluation involves determination of relative worth of each job for the purpose of establishing wage and salary differentials. Relative worth is determined mainly on the basis of job description and job specification.
5) SAFETY AND HEALTH -
The process of conducting a detailed job analysis provides and excellent opportunity to uncover and identify hazardous conditions and unhealthy environmental factors such as heat, noise, fumes and dust, so that corrective measures can be taken to minimise and avoid the possibility of human injury.
Thank you
