Business ethics in strategic marketing management

Question

Business ethics in strategic marketing management

“In modern business, ethics is critical to all aspects of global business because the issues of corporate social responsibility and value maximization were fundamentally rooted in ethical business practice. In marketing ethics is a foundational instrument from initiating to implementing strategic marketing procedures. With this in mind, critically evaluate the concept of ethics in strategic marketing by identifying the issues and benefits of ethical practice using business as well as marketing examples to justify your argument.”

Answer 1

One example of strategic marketing would be when the singer Rihanna launched her cosmetic brand, Fenty Beauty for people with oily skin. Since she's a household name, she was held to a higher standard to make sure that she had from the lightest to the darkest shade to appeal to black and brown consumers with oily skin. She also made sure that it was affordable to bring more business to Sephora and Ulta.

Celebrity endorsement is another example of strategic marketing because Fashion Nova would have collections from Cardi B, Megan The Stallion, Amber Rose, etc; to get young ladies to buy their clothing. Profit maximization and brand awareness is a guarantee.