Customer Loyalty Any company wants to stay longer in the business and one way

Customer loyalty any company wants to stay longer in

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Customer Loyalty : Any company wants to stay longer in the business and one way of achieving this is by building customer loyalty. Ethical marketing provides one of the best strategies to help build customer loyalty (Ferrell & Fraedrich, 2015). An ethical reputation helps a company to nurture a more positive image and this improves customer retention and grows WOM referrals. Disadvantages Management Support Practicing ethical marketing and other compliance programs generally need management support in order to be effective. In case the management team have different versions of prefer different corporate ethics strategies, then the marketing ethics initiatives would fail. This clash of ethical principles can be a source of misunderstanding and confusion. Company Costs Indeed, initiatives in marketing ethics can be time-consuming and costly due to expenses in developing, implementing, and maintaining compliance programs. Marketing ethics
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UNIT 2 MARKETING PLAN REPORT 8 programs must be updated on a regular basis to reflect changes in organization culture and workplace laws. Hiring an ethics consultant and resource provisions in the budget are some of the examples of costs. In addition, there are higher overheads associated with employee training on ethical policies and practices. Conclusion From the above analysis, it is evident that there are several benefits associated with ethical marketing. Equally, there are some few disadvantages to the practice and this means that companies have to weight and balance decisions pertaining to marketing ethics. For example, the cost element is an important consideration that no company can ignore when making decisions on ethical strategies. Despite the few disadvantages, the large proportion of benefits that can accrue from ethical marketing means that the practice is worth embracing because it will be the more beneficial in the long run. Increasingly, customers, suppliers, employees, and the surrounding community would prefer doing business with an ethical firm and this provides a hint to what directions companies should take.
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UNIT 2 MARKETING PLAN REPORT 9 References Crane, A., Matten, D., Glozer, S., & Spence, L. (2015). Business ethics: Managing corporate citizenship and sustainability in the age of globalization . Oxford University Press. Creyer, E. H. (2007). The influence of firm behavior on purchase intention: do consumers really care about business ethics?. Journal of consumer Marketing, 14 (6), 421-432. Ferrell, O. C., & Fraedrich, J. (2015). Business ethics: Ethical decision making & cases . Nelson Education. Hunt, S. D., & Vitell, S. (2006). A general theory of marketing ethics. Journal of macromarketing, 6 (1), 5-16. Ibe.org.uk (2017). National Business Ethics Survey of Social Networkers: Risks . Accessed from: › surveys Singhapakdi, A. (2009). Perceived importance of ethics and ethical decisions in marketing. Journal of Business Research, 45 (1), 89-99. Velasquez, M. G., & Velazquez, M. (2012). Business ethics: Concepts and cases (Vol. 111). Upper Saddle River, NJ: Prentice Hall. Yüksel, Ü. (2012). Fraud in Marketing and Consumption Practices. I n Emerging Fraud (pp. 163- 175) . Springer, Berlin, Heidelberg.
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