Question

Research various codes of ethics in marketing research. Explain how the codes of ethics support conscious capitalism. Why might someone prioritize ethics in services marketing?

Answer 1

After researching various codes of ethics in marketing research I can say that codes of ethics support conscious capitalism. In other words I have come to the conclusion that the various codes of ethics in marketing research supports the premise that a business should serve all primary stakeholders of the business. The primary elements of the various codes of ethics in marketing research are – duty of care, respecting the rights and well-being of data subjects, using transparency, notice and choice with regards to primary data collection, use of consent with regards to primary data collection, data protection and privacy, conducting research with children and other vulnerable individuals only after obtaining consent from parents or legal guardians etc.

The above elements support conscious capitalism as it seeks to balance profit making objective with assimilation of all common interests in the business plan of the corporate entity. While the focus is on core foundations of capitalism the code of ethics in marketing research also ensures that equal focus is paid to factors like trust, compassion, collaboration and value creation. Thus interest of all stakeholders are identified and assimilated and profit maximization is achieved while ensuring that stakeholders’ interests are paid full and proper attention to.

Ethics in services marketing is prioritized mainly for ensuring that the recipient of the services benefits from it and is able to add value by using those services. The reason that someone might prioritize ethics in service marketing is that it will enable them to rightfully entice the public and hence attract them to patronize their business and services provided. Doing so will increase the trust factor and will drive the brand equity of the service provider as well.