Business and Marketing Ethics

Read this article on business and marketing ethics in the global marketplace. Look at the discussion topics at the end of the article and reflect on each question.

Business Ethics and Trust

A primary aim of ethical business behavior is to engender public trust – both of the business environment on the whole, as well as individual companies operating within the marketplace. Some research has shown businesses can do a better job of this. For example, a Golin/Harris survey found that trust in American companies is dropping. By a margin of seven to one, survey respondents said we have a crisis of confidence and trust in the way business is done in the United States. Among the industries scoring the lowest returns in public trust:

  • Oil & Gas 
  • Insurance
  • Advertising/Marketing
  • Media Companies
  • Public Relations

Only ten business/industries in the survey were ranked as positive or neutral public regard. Among those were:

  • Grocery Stores/Supermarkets
  • Major Retail Chains
  • Drug Stores
  • Computer Hardware/Software
  • Health and Beauty

The survey also asked Americans "What are the most critical actions that companies you don't trust should do to earn your trust?" The recommendations Americans list to win trust for business include:

  • Open and honest business practices
  • Clear, effective, and straightforward communications
  • Visibly demonstrate concern and consideration for employees
  • Provide outstanding products and services regardless of price
  • Do a better job understanding and addressing needs
  • Demonstrate industry leadership
  • Make the CEO a spokesperson beyond reproach
  • Be involved with the community

It is interesting to note that these objectives boosting public trust are often achieved through marketing, advertising and PR – the very industries not held in very high regard according to the survey results.