By Chron Contributor Updated May 18, 2021
Values-driven, morally compliant marketing programs are essential for maintaining an ethical company culture. It’s not enough for a business to assume that a strong personal moral compass is sufficient to prevent ethical misconduct in marketing.
Ethical marketing is a package deal that starts with a strong marketing policy statement. This policy then becomes a framework for creating marketing strategies that align with marketing objectives and maintain the reputation of the business.
Marketing Policy Basics
A marketing policy is similar to a business code of ethics. Although some are more specific than others, each addresses aspects of responsible marketing the business considers most important. For example, the Friendly’s Ice Cream marketing policy focuses mainly on nutrition guidelines and guidelines for marketing to children, while Coca-Cola’s marketing policy, which also focuses on children, includes guidelines for the different marketing channels it uses as well as for product placement in schools and youth organizations.
Marketing Strategy Basics
Identifying a target market and getting information about the competition is a critical first step in creating an effective marketing strategy and plan, according to Entrepreneur magazine. The core components of an overall marketing strategy – product, place, price and promotion – form the 4 Ps of the marketing mix. Although each component plays a significant role on its own, the strength of the 4 P's lies in how well they address a target market and business competition and how they function as a whole.
Setting Your Objectives
The objective of the 4 Ps is to develop a marketing plan that promotes the right product to the right customer at the right price and in the right place using methods that align with marketing policy objectives. An overall marketing plan can include multiple marketing strategies, each focusing on a different target market and each combining the 4 Ps differently. The marketing policy, however, is a constant that guides the planning process and ensures each individual strategy aligns with ethical objectives.
Positioning Your Products
A marketing strategy is an action plan that serves to accomplish two objectives – the first is to position the business, and the second is to promote its products and services. Positioning refers to how well ingrained the business is in the minds of customers and how quickly customers think of the business when making buying decisions.
People often prefer to buy from companies they know and trust, explains Inc. magazine contributor, Doug Brown. Many businesses follow this truism by making their marketing policy available to the public and by incorporating it into product labeling and promotions.
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Marketing Policy Basics
A marketing policy mirrors a business's code of ethics and outlines responsible marketing practices considered crucial. Different companies focus on varying aspects; for instance, Friendly’s Ice Cream emphasizes nutrition guidelines and marketing to children, while Coca-Cola's policy delves into marketing channels, product placement in schools, and youth organizations.
Marketing Strategy Basics
Entrepreneur magazine emphasizes identifying target markets and analyzing competition as the foundational steps in crafting a robust marketing strategy. The 4 Ps—Product, Place, Price, and Promotion—compose the marketing mix. These components, when integrated effectively, cater to the target market and address competition, emphasizing their collective impact.
Setting Your Objectives
The 4 Ps aim to construct a marketing plan that aligns the right product with the right customer at the right price and place, utilizing methods in accordance with the marketing policy. A comprehensive marketing plan might encompass multiple strategies, each tailored to distinct target markets. However, the constant guiding force is the marketing policy, ensuring ethical alignment across strategies.
Positioning Your Products
A marketing strategy serves dual purposes: positioning the business and promoting its offerings. Positioning signifies the establishment of a strong brand presence in consumers' minds, fostering trust and familiarity. Companies often make their marketing policies public, integrating them into labeling and promotions to reinforce trust and credibility among consumers.
The integration of ethics into marketing strategies underscores the importance of fostering a culture of ethical conduct within companies, emphasizing how crucial it is to not only have strong moral values but also translate them into concrete policies guiding marketing practices.
