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Reflect on the nature and extent of ethics as it applies to marketing.

This week’s Key Concept Overview addresses the importance of needing marketing practitioners to be cognisant of the need to practice their profession in an ethical manner. Moreover, the concept of social responsibility suggests that marketing professionals should go beyond what is stipulated by legislation. Keep in mind that marketing professionals often operate in pressurized conditions, having to meet commercial objectives.
To prepare for this Key Concept Exercise:
  • Reflect on the nature and extent of ethics as it applies to marketing.
  • Reflect on the nature and extent of social responsibility as it applies to marketing.
  • Consider the extent to which marketing professionals should behave in an ethical and socially responsible manner.
  • Research within the University of Liverpool Library and on the Internet for supporting resources.
To complete this Key Concept Exercise:
By Day 3, in an approximately 500-word response, address the following question:
  • To what extent do you agree with the following assertion by Friedman?’…there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud’ (Friedman, 1962, p.133).
Reference:
Friedman, M. (1962) Capitalism and freedom. Chicago: University of Chicago Press.
By Day 3, submit your Key Concept Exercise to Turnitin.
When writing your response you should synthesise the theory with real-world experience and use examples of the theories in action in a real organisation about which you have read or one in which you have worked.
Be sure to read over your Key Concept Exercise before submitting it to your Instructor. Make sure the spelling and grammar are correct and the language, citing and referencing you use when providing your opinion are appropriate for academic writing.

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