Lecture 4: Marketing Ethics

Question 1

What is teleological ethics?

Answer 1

Consequences.

The consequences of an action that determine if it’s right or wrong

Question 2

What is deontological ethics?

Answer 2

Principle.

Importance of codes (regulations and laws) of ethics outlined by authorities and government.

Focuses on what we should do. The duty determines what we should do. We look at the act itself and not the consequences.

The duty (norm) determines the right (deontological) . The rightness of an action is not determined by the consequences.

Question 3

What is Virtue ethics?

Answer 3

Virtue.

Theories that focus on what qualities we should have. Development of good character and that the organisation is aiming for virtue.

These theories are based on what kind of people we should be. Is not based on what people think.

Acquiring characteristics (implement habits) to achieve good (virtues).

Example: The body shop, testing on animal is wrong

Dygdetik betonar å andra sidan utvecklingen av dygdiga karaktärsdrag eller moraliska dygder, såsom ärlighet, mod, medkänsla och integritet

Question 4

What is relativism?

Answer 4

Relativism, particularly moral relativist. Moral principles and values are subjective and context-dependent, varying from culture to culture or individual to individual. This can lead to the belief that there are no universal or objective moral truths in contrast to virtue ethics.

Question 5

What are the virtues in marketing?

Answer 5

Integrity: provide accurate information to costumer

Fairness: pricing in relation to the benefit you get.

Respect: You want the best for the costumer, don’t sell products that are not safe.

Transparency: open attitude to costumers and stakeholders.

Question 6

What is managerial egoism?

Answer 6

When a manager acts in their own best interest.

Question 7

What is utilitarianism?

Answer 7

We must determine the cost and the benefit. Evaluates the morality of actions based on the principle of maximizing overall happiness or utility.

There are consequences:
ex: GMO, medicine

Question 8

What is the 4 ps?

Answer 8

Different areas have different ethical issues.

Areas
Product:
Price: price discrimination, pricing, cartels, monopoly
Place: how products or services are made available to customers
Promotion: shock advertising, provide accurate information, ex toothpaste.

Question 9

What are the 3 basic criteria for ethical marketing from AMA?

Answer 9

• do not harm
• foster trust in the marketing system (avoid deception)
• embrace ethical values (honesty, responsibility, fairness, respect, transparency, citizenship