18.104.22.168.22.214.171.124 CHAPTER OVERVIEW (“SUMMING UP”)
LO1 Identify the ethical values marketers should embrace.
Being a part of an ethically responsible firm should be important to every employee, but it is
particularly important to marketers, because they interact most directly with customers and
suppliers, which offers a multitude of ethical questions and opportunities. AMA’s Code of Ethics
indicates that the basic ethical values marketers should aspire to are honesty, responsibility,
fairness, respect, openness, and citizenship.
LO2 Distinguish between ethics and social responsibility.
Individuals and firms can (and should) act ethically, but the outcome of their acts may not affect
society in general. An ethical act may only affect the firm’s immediate stakeholders, such as its
employees, customers, and suppliers. To be socially responsible, a firm also must take actions
that benefit the community in a larger sense, such as helping people who have been affected by a
natural disaster like a hurricane.
LO3 Identify the four steps in ethical decision making.
First, firms can include ethics and social responsibility in their corporate mission. Second, they
should institute policies and procedures to ¬ensure that everyone working for the firm is acting
in an ethically responsible manner. Third, firms can model their ethical policies after a
well-established code of ethics like the one provided by the American Marketing Association.
Fourth, when making ethically sensitive decisions, firms can utilize a metric such as the ethical
decision-making metric shown in Exhibit 4.4.
LO4 Describe how ethics can be integrated into a firm’s marketing strategy.
Ethical and socially responsible considerations should be integrated into the firm’s mission
statement, as long as top management follows through and commits to supporting a strong
ethical climate within the organization. When considering their marketing strategy, firms should
ask not only “can we implement a ¬certain policy?” but also “should we do it?” ¬Finally, in the
control phase, marketers must determine whether they truly have acted in an ethical and socially
responsible manner. If not, they should make changes to the marketing strategy.
LO5 Describe the ways in which corporate social responsibility programs help various
To answer this question, we first have to identify the various stakeholders of a company, namely,
customers, employees, the marketplace, and ¬society. CSR benefits these stakeholders as