Legal and Ethical Considerations of Marketing Essay Example
The Legal and Ethical Considerations of Marketing in America Paper
Evolution of the Market Orientation explains why marketing is a driving force in the modern global economy. First of all, the first stage was covered up until the early years of the 1920’s, in the United States, called the ‘production era’. Goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them. The ‘sales era’ picked up right after the early 1920’s to the 1960’s, where manufacturers found they could produce more goods than buyers could consume and competition grew. In the 1960’s American firms relied on marketing because it became the motivating force and the ‘marketing concept era’ dawned, which is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve organization’s goals. Many firms such as General Electric have achieved great success by putting extraordinary efforts on consistently collecting information about customer’s needs, sharing this information freely, and using it to build and create customer value. This is the result of the ‘customer relationship era, in which firms seek continuously to satisfy the high expectations of customers which led to customer relationship management (CRM), the process of identifying prospective buyers, listening to the inner thoughts, and developing favorable long-term perceptions of the organization and its offerings, hoping the buyers will choose them in the marketplace. According to William Frankena (1973), ethics are a group of moral principles aimed at improving the safety and welfare of the society. Balancing interests such as ethics and social responsibility has shifted from an emphasis on producers’ interests to consumers’ interests. Several marketing issues are not precisely addressed by existing laws and regulations. The four key elements to a better business ethics foundation are Ethics programs and a solid ethics
Evolution of the Market Orientation explains why marketing is a driving force in the modern global economy. First of all, the first stage was covered up until the early years of the 1920’s, in the United States, called the ‘production era’. Goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them. The ‘sales era’ picked up right after the early 1920’s to the 1960’s, where manufacturers found they could produce more goods than buyers could consume and competition grew. In the 1960’s American firms relied on marketing because it became the motivating force and the ‘marketing concept era’ dawned, which is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve organization’s goals. Many firms such as General Electric have achieved great success by putting extraordinary efforts on consistently collecting information about customer’s needs, sharing this information freely, and using it to build and create customer value. This is the result of the ‘customer relationship era, in which firms seek continuously to satisfy the high expectations of customers which led to customer relationship management (CRM), the process of identifying prospective buyers, listening to the inner thoughts, and developing favorable long-term perceptions of the organization and its offerings, hoping the buyers will choose them in the marketplace. According to William Frankena (1973), ethics are a group of moral principles aimed at improving the safety and welfare of the society. Balancing interests such as ethics and social responsibility has shifted from an emphasis on producers’ interests to consumers’ interests. Several marketing issues are not precisely addressed by existing laws and regulations. The four key elements to a better business ethics foundation are Ethics programs and a solid ethics