What do you think are the major issuea in marketing ethics in contwmporary society. Does makreting ethics efficiently responds to technological and other challenges?
Same is happening in India......In the name of privacy breach, many groups criticizing implementation of AADHAR...(Identity number provided by government) ......AADHAR has in last 4 years unearth many corrupt practices of bureaucracy, political parties and brought transparency to some extent.....population of India is 130 crores and tax payers are hardly 2%.....Aadhar is now linked to bank accounts, Mutual fund transactions which many groups are protesting....obviously they will get exposed
Regulations: very severe regulations are not helpful unless it is monitored by technology.....In India due to severe regulation introduced in 1970 higher level of corruption was triggered as common man was forced to bribe officials...Also we observed birth of mafias and parallel economy (unaccounted money)...Technology should be used effectively.....it will bring transparency in system.....transparency will arrest corruption
Unfortunately excessive regulation is not right answer.....even after capital punishment murder happens
But it doesnt mean regulation is not required.....very thin line....Balanced approach is required......Regulation with Technology is the right model....ReTe Model
Reserve bank of India has a very balanced approach.....which saved India from 2008-09 global slowdown ......RBI never allowed Banks in India to encourage sub prime lending or to invest in such model
It's a very interesting question, thanks. I'd say the ethics can't keep up with the products in many parts of the economy. The most vile recent examples come from the causes of the financial crisis. Sellers of many financial services and products knew full well they were selling complete crap to anyone who'd buy it, and that bought the world to its knees.
Lesser examples also stand out here in the UK right now. Pension scandals, money "lost" by fund managers. Buy outs of big companies in which pension funds disappear. The private rental market for housing it appalling for far too many renters. They live in unfit homes, pay too much to agents to get a place at all. Pay too much rent. Are bullied by landlords.
Many, many other examples as well. Too many to mention. Much work needed to improve things!
Christopher NOCK
Thanks for numerous examples. I agree with you.
The question is: how do we develop ethical standards? By creating legal environment and praise those that go above them or working on education on personal ethics or something else?
Well, the morality of one person, as you know, is quite different from the morality of an entire industry! My own preference is to put potential wrongdoers into boxes. Generally, legal and regulatory boxes. But these have to be enforced strongly, by the relevant authorities. Far too I often, weak enforcement and meaningless fines have merely cause wrongdoers to sneer and carry on. Often, they actually calculate the potential costs of being caught (minimal) against potential profit.
You get very strong enforcement against corporations and individuals in the US. Sometimes I feel they over punish foreign corporations for political reasons (BP, Bayer, etc) and to break them. They tend to protect their own at home and abroad. The EU is now catching up with the US, which is good. Individual ethics are important, but it's a different matter.
NOCK
I worked in financial services for 11 years....Miss sale is something which i saw very closely.....Also observed that Organisation which are listed on stock exchanges are more number oriented and look to achieve growth by hook or crook.......just to impress markets and share holders........to achieve that they exert undue pressure on staff which results in miss selling........
Ethical standards can be created by legal actions only......law can tame this problem.....In India Regulator provided unique ID to all sales staff of Banks, Broking company, Individual financial advisor etc......series of guidelines issued which worked well and number of cases gone down drastically
Solution: Blend of technology and strong law /regulator can answer this issue. In India digital platform is promoted to arrest corruption at all level and that has till date responded well.Financial services/ Banks are using technology such as Email, APPs, SMS, OTP driven transaction etc to bring transparency.
Ratish, thanks so much for that "insider information!" I shouldn't put it that way, should I...😋
It's very nice to get confirmation of how some of it does work, and information on more of it that I, at least, had no idea about. There's really no substitute for experience in this type of matter! Thanks again.
NOCK
great inputs! Thanks to both of you. I would say that technology enables both: implementation of ethical principles and behavior and their violation.
I see Guilliani, Donald Trump's lawyer, has, in his private business capacity, severely criticized the Romanian authorities for over enforcement of corruption laws and regulations! Interesting.
NOCK
Yes, indeed... funny how prespectives on the same things can be different..
Well, I suppose it could be very useful in your research. If the reasons he gives make sense, our suggestions about forceful laws and regulations would have an upper limit. It shouldn't stray into rights violations or vendettas.
NOCK
Same is happening in India......In the name of privacy breach, many groups criticizing implementation of AADHAR...(Identity number provided by government) ......AADHAR has in last 4 years unearth many corrupt practices of bureaucracy, political parties and brought transparency to some extent.....population of India is 130 crores and tax payers are hardly 2%.....Aadhar is now linked to bank accounts, Mutual fund transactions which many groups are protesting....obviously they will get exposed
Regulations: very severe regulations are not helpful unless it is monitored by technology.....In India due to severe regulation introduced in 1970 higher level of corruption was triggered as common man was forced to bribe officials...Also we observed birth of mafias and parallel economy (unaccounted money)...Technology should be used effectively.....it will bring transparency in system.....transparency will arrest corruption
Unfortunately excessive regulation is not right answer.....even after capital punishment murder happens
But it doesnt mean regulation is not required.....very thin line....Balanced approach is required......Regulation with Technology is the right model....ReTe Model
Reserve bank of India has a very balanced approach.....which saved India from 2008-09 global slowdown ......RBI never allowed Banks in India to encourage sub prime lending or to invest in such model
Utopia.
Marketing and ethics in contemporary society - it is an oxymoron.
In this postmodern society, people are becoming more aware of their consumer rights, but it is not ethics. It is a simulation of ethics.
Ethics and consumer rights are not the same indeed. But once you are aware od your rights you can demand ethical standards. If if we do not fight for ethical standards and their implementation we really won't have them, for sure. And it should be our own fault, as individuals, consumers or society in general.
Can you provide some details Pankaj Tomar? I am interested in best practices on the topic.
I think it's true to say that there's little ethics in marketing. But there is some sometimes. Companies who sell "ethically" sourced goods, for example. Some may be lying. Some practices may not match the values. But the better examples will come close.
There's certainly ethical purchasing by individuals and companies. Not all is lost in the vile vacuum of post-modernity! Yet....
NOCK
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