Ethics in business include adopting ethical ways to price, package, and communicate. Companies that are responsible and ethical know that product safety is also a priority. They do whatever they can to make sure that their products and services meet safety standards when they are launched in the market. They also react promptly if a product is found to be unsafe after it has been used. There are product recalls and customers are asked to return products.
Promoting products and services ethically
There should be guidelines to promote products in such a way that it does not draw criticism from consumers. It is important for companies to identify what ethical issues are important for their customers. Customers can be asked to give inputs on ethical marketing practices. Companies should focus on how products can be useful for customers and the environment. For instance, Lucy and Yak, a British clothing brand, have all their clothing items created in India and they only do business with companies that treat their workers fairly.
Social responsibility is a process in which companies engage in activities that have a positive impact on society and promote the greater good. Companies that adopt social responsibility consider the short and long term effects of decisions on the company, its customers, employees, the community and also the world at large. For instance, The Body Shop, Canada, adopts sustainable strategies. Their product development uses resources sparingly so that those resources can be used by future generations. Some companies resort to green marketing, which means that they choose packaging and product designs that are earth friendly and profitable. Shell Canada has started an environmental fund that provides grants to community-driven environmental projects.
Cause marketing is a strategy that is adopted by companies when they collaborate with non-profits to tackle a social problem. Customers will treat this strategy as gimmicky and insincere if there is no apparent connection between the company and the cause. To avoid this, companies have to make long-term commitments to tackle a social problem. This strategy works best if the partnership is not random and the cause is related in some way to the company. Donating money is not enough—social good should be integrated directly into the business of a brand.
Promoting cultural diversity
All companies should provide opportunities to people to work for it and promoting cultural diversity is also beneficial for the long-term financial health of the company. For instance, Hertz offers cars that differently-abled people can drive to their rental locations and has also equipped shuttle buses and vans with lifts so that these customers have access to convenient transportation. Different cultural backgrounds should also be represented in marketing and there should be more diverse images in marketing campaigns. This would lead to positive change which would continue to grow.