BUSINESS ETHICS MARKETING PRINCIPLES WHAT IS BUSINESS ETHICS

BUSINESS ETHICS MARKETING PRINCIPLES

WHAT IS BUSINESS ETHICS? Business Ethics • Principles and values based on honesty and fairness that guide business decisions • choosing between right and wrong code of ethics • a set of standards or rules that outlines the ethical behavior demanded by:

ETHICS Ethical focus areas within business • Work Environment • Employees, behavior at work • Business Functions and Business Practices • Way products are produced, pricing, advertising • Consumers

TAKING ETHICS FURTHER Social Responsibility • concern about the consequences of actions on others in community and globally • Causing businesses to focus on how they impact • • Consumers Investors General Public Employees

OUTCOMES OF SOCIAL RESPONSIBILITY • Self Regulations: creating your products in a way that is better for consumers and your business • Social Actions: charities, giving back to community • Respecting Environment: going GREEN! • Examples: • Starbucks—recycled plastic products • Mc. Donalds—cutting back on Styrofoam use

CASE STUDY ETHICAL OR UNETHICAL? Instructions: with your partner, decide whether or nor your topic is ethical or unethical. Defend your point using research , your notes and the article given. You must make no less than 5 valid points defending your stance.

MARKETS AND THE MARKETING MIX

WHAT ARE MARKETS? What is a market? • A market is a group of people or businesses that are CAPABLE and WILLING to buy your product • THIS CANNOT BE EVEYRONE • What makes someone capable? • MONEY • Time • What makes someone willing? • A desire to buy or a need to buy • Good marketers can make someone become willing!

HOW DO WE REACH MARKETS? Creating and maintaining satisfying exchange relationships What does this even mean? • It is a process! Made up of MANY, MANY activities • An exchange is the trading money for products (BUYING THINGS!) • The way we satisfy is to figure out the needs and wants of our market

THE MARKETING MIX The basic elements of marketing When we look to make decisions we must look a all elements THIS IS ALSO CALLED THE 4 P’s • • Product: developing products Price: giving $ amount to product that gives business profit Place: distributing products Promotions: COMMUNICATING about product

THE MARKETING MIX Price • Items must be priced so that consumers want to buy them • indicates quality and/or value to consumers. • must be set to enable businesses to make a profit, but still be able to compete with others.

THE MARKETING MIX Promoting • Promotion=Communication • helps to create and stimulate demand for products by informing people about them. • Advertising, Sales promotion, Publicity, and Personal Selling are forms of promotion.

THE MARKETING MIX. Distributing (Place) • Involves shipping, handling, and storing of items on the way from the producers to the consumer. • Ensures that items are available when and where they are needed.

THE MARKETING CONCEPT We do all this because of the marketing concept • To succeed in business, decisions must be based on the needs and desires of consumers. • BUSINESSES MUST GIVE CONSUMERS WHAT THEY WANT