Business Ethics: Business & Marketing Essay

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Business Ethics
Introduction
The term ethic refers to a common agreeable way of doing things with strict adherence to moral principles. On the other hand, business ethics can be defined as the strict principles and guidelines ensuring that businesses are operated or managed morally. Therefore, business ethics serves as a catalyst that enhances and promotes trust between various stakeholders within any business setting. Through business ethics, multiple members in various positions of business can trust each other. Above all, consumers of products and services provided by an organization can trust the company more if it exemplifies a high business ethics level. However, it is arguable that in the imperfect world that human beings live in, individuals and organizations put financial interest over everything, hence ignoring business ethics. Therefore, business ethics advocates for suitable business policies and practices regarding controversial issues surrounding organizations' public acceptability.
Product safety
Manufactures key responsibility s to ensure that products are safe for human consumption at all times. Should any defect be noticed about a product, is it the manufacturer's duty to rectify the defect? Manufacturers also have the responsibility to provide instructions on how safely a product can be used by the consumer and indicate the potential risks that the product poses to consumers if the product does pose a threat.
Limitations to the use of exaggeration, aggressive marketing, and advertising
Any business trying to market its product and services in a manner that appeals to the public can apply either exaggeration, aggressive marketing, or advertising strategy. However, the big question that usually arises is whether the designs are a form of manipulation. Some marketing experts perceive manipulation as a form of changing behavior and or perception of an individual either in a clever way or through unscrupulous way (Fisher, p.1). Going by Fisher's perception about manipulation, it is, therefore, convincible to argue that exaggeration, advertising, and aggressive marketing are manipulation and that they can only be used ethically to the extent that they do not involve false information. For instance, the marketer must first understand what the consumer needs most and incorporate it in the product or service before using the need as the main point of sale or marketing.
Pricing
From a marketing perspective, prices are unfair or exploitative when they exploit demand and supply differences. Fo...