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Marketing ethics - Essay Example

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Marketing ethics

The UK Co-operative bank is a perfect illustration of a business that endeavours to observe ethical principles that are dependent on the ethical practices that in which their consumers believe. The activities of businesses will always positively or negatively affect the surrounding environment and thus the community. Business operations predictably result in social as well as ecological consequences. Some firms, by their very character, have a vast and obvious effect on the society and the environment. The impact of the businesses in financial services field is not always evident. The UK Cooperative bank is aware that through its banking as well as finance services, the bank can be more influential and insightful than using the direct effect of actual operations. This bank has, therefore, put statutes in place to guarantee that this impact is managed.        The UK Cooperative bank's Ethical Policy was initiated in 1992 to determine exactly what ethical standards would preside over the kinds of business operations in which the bank would participate. When looking to decide what ethical principles to embrace, it is critical for a financial institution to take into account whose ethics to embrace. The UK Cooperative bank decided to base its Ethical Policy on consumer concerns owing to the fact that it would be their money that would form the capital used by the bank (Reynolds and Newell 2011). Twenty years later, the bank continues and is still the singular high-street bank that allows consumers

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to voice opinions on how their funds are utilised. This process encourages customers to give their input in the continuing improvement of the bank’s Ethical Policy (Davies, Lee and Ahonkhai 2012). To make sure that its Ethical Policy is realised successfully, Ethical Policy fulfilment methods are incorporated into the bank’s daily operations. Once they apply for banking services with The Co-operative Bank, all clients are usually required to answer an Ethical Policy survey. These surveys are distributed through the bank branch’s Business Relationship Manager, and/or an official of the institution’s New Business Centre. This official carries out an evaluation of the suggestions against the Cooperative bank’s Ethical Policy. If a subject of concern or possible policy conflict is recognised the issue is referred to the Ethical Policy division for further examination. The Ethical Policy division appraises the suitability of the suggestions from customers against the corporate policy statements as well as the approximately 1,750 plus case studies that are on record (Koslowski 2011). Where necessary, an additional in-house study will be carried out and the pertinent outside sources conferred with prior to making any decisions. When it is discovered that there exists no conflict with the bank’s policy, then the suggestions of consumers can be ratified as laws concerning ethical marketing practices (Brinkmann 2004). This means that the Cooperative bank will turn down investment opportunities in spite of any likely financial improvement if the customers are uncomfortable with the venture. The consumers’ expectations, as articulated via the Ethical Policy, are sustained at all times. A perfect example of this was when the bank turned down 29 percent of business proposals in 2002 alone because of its agreements with its customers in its Ethical

Summary

Good Marketing Ethics Ethical standards in business basically refer to the actions taken organisations as well as employees to ensure that their activities and operations are not detrimental but helpful to the surrounding community. Corporations endeavour to engage in ethical marketing as they perceive that this is what modern consumers expect…
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Marketing ethics essay example
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