Contemporary Retail Marketing

Ethics is the principle of right morals or conduct in a given field of production. They are the main pillar to successful business operations in the modern society. Ethical strategies such as social responsibility, product safety, green issues, and sourcing of products are among the factors of consideration in business management in association with ethical practices. Ethics in marketing of any product are the foundation for the growth of all businesses. In the modern field of business, it is almost mandatory that every business have to embrace a certain marketing concept, which involves the adherence to socially responsible practices as well as the ethical practices. These practices help to build up a good reputation of the company to its customers and the entire society.

Ethics determines the manner in which the executives of the business interrelate among themselves, their employees, stakeholders, and the customers. It includes the treatment of the employees and customers within business operations, the value of their customers and the responses to their grievances. Embracing ethical marketing involves deliberate application of given standards of fairness or moral rights or wrongs to critical decision-making concerning marketing behaviours and practices within the organization. As a matter of fact, the main purpose of marketing in retailing is to create a competitive advantage, which is achieved through the provision of better services and quality products compared to their competitors.

Organizations that embrace competitive advantage are capable of satisfying the needs of both the shareholders and the customers. Therefore, in as much as the current economic system is becoming very efficient the provision of the various demands of the market, there exists a greater focus on organizations that consider ethical values as opposed to those that simply provides products to the customers. Organization that practices moral code of conduct tends to attract more customers as they often develop a positive attitude towards the firm, its products and services. However, when marketing practices go against the code of conduct, it becomes less efficient and is bound to interruption from the society. Failure to employ ethical marketing practices leads to dissatisfaction of customers, bad reputation, incidents of distrust, or, even legal action against the firm. Basically, this makes it a primary responsibility for most organizations to value the needs and opinions of their customers in order to protect their long-term interests (Schlegelmilch, 1998, p.45).

Some of the major ethical practices embraced by many organizations are the corporate social responsibility, which includes voluntary service to the society, sponsoring of charitable organizations or financing given activities in the society such as sporting activities and tree planting. Product safety is also an ethical marketing practice that includes the production of healthy products, and those, which are acceptable and meet the standards of production. Another ethical marketing strategy is the sourcing of products. This involves purchasing of raw materials from the relevant suppliers whose products are competent. Grey import of products is a non-ethical practice, which trades unauthorised commodities between the suppliers and the companies. These practices are unacceptable and punishable by law. Therefore, all companies should desist from them on the verge to maintain their reputation among their customers.

Retail marketing is an important arm of any business success. Marketing helps to create and maintain customer base of various products and services offered by enterprises. It takes a competent team that has proper marketing techniques to entice more clients into working with their firm, and maintaining their partnership. However, ethical practices are significant important in the entire marketing process. It concerns how polite and respectful the servants of the organization would handle their clients. Employees who embrace loyalty to the organization, and treat the customers with diligence tend to attract as many clients as possible. Usually, everybody prefers to work with people who respect them and their views, and appreciate them; it considers as a factor of ethical practices.

Overview of the Growth of Ethical Consideration in Contemporary Retail Marketing

Many companies in the world are employing various strategies on the verge to ensure relevance in the market, as well as maintaining growth in contemporary retail marketing. These strategies are the basic outlines that form the structure of the procedures to be taken to propagate the organization towards attaining their long-term goals. The very first strategy commonly employed by organizations to enhance growth in contemporary retail marketing is education. Most organizations arrange for workshops where their marketing teams are taught in the relevant ways how to maintain competency in the markets. These trainers, specialists in marketing, give perfect information on what to do and how to do in order to outdo their competitors. Wide knowledge in the field of the market, and the strategies used by their competitors gives the organization and the management an opportunity to carefully analyse the situation and come up with the correct method that would take over the market.

Branding of products is another strategy that would lead to growth in the contemporary retail market. Attractive ways of product branding helps to attract a given group of markets. For instance, a company-producing beverage would brand their products ‘A drink for a lifetime’. This would encourage more customers to use the drink in order to feel relevant in their lifetime. Advertisement is a marketing strategy that facilitates growth in retail marketing. There are various methods of advertisement, among them is the use of celebrity branding where prominent people in the society encourage more persons to use their brands (Perrey, 2013, p.15)

The mastering of external factors influencing marketing practices such as weather changes, the interest rates, and government policies can have a positive impact on the business. Actually, knowledge on the impacts of these factors have on the customers or consumers can give a business the best platform from which to design an effective program, which would enable them to take advantage of these situations, and also plan for what to do next in case these factors influence the marketing process. This would help to mitigate the likelihood of occurrence of massive losses when these inconveniences take place.

Improvement of the marketing infrastructure, also referred to as marketing management, is another vital strategy that can result in extraordinary gains for the firm. It entails the management of marketing agencies, employee motivation through giving tokens and promotions to high performers in the firm, budgeting for marketing processes of the organization, and general coordination of the marketing procedures. These practices collectively enhance efficiency in marketing, and, consequently, lead to improvement in the output. The executive of any firm should make a follow up to the marketing team, and ensure competency in order to win over their competitors.

Application of Ethical Concepts in Retail Market

Ethical practices are vital in the success in any business enterprise. It involves employee treatment and their management. Treatment of employees with all the respect and appreciation is an ethical practice that works for the gain of the company. Appreciated team in the firm works as though they are working for their personal business. This important factor enhances maximum utilization of the ability of the employee within a production firm. Moreover, it helps to build trust among the employees and their bosses. As a result, there exists free interaction among them, which facilitates effective solutions to challenges that arises within the business environment.

Moreover, etiquette is also an important ethical practice in retail marketing. Therefore, the employee and the executive of all organizations must handle one another and their customers with high standards of etiquette. This is evident on how they respond to the complaints and suggestions from the customers and the junior members of staff. Irresponsible handling of opinions from other people leads to distrust and loss of self-esteem. It makes a part of the staff and some customers feel unappreciated, hence, lacking the audacity to share their opinions with the relevant persons in the organization. The way the reception and customer service desk respond to the concerns of the stakeholders also matters on the perception of the firm among their clients. Picking of calls within the shortest time possible, and attending to the concerns of the customers as they require determines the willingness to work with the firm in the future.

All companies are as well required to engage in practices that are in line with the code of morality within the society. Moreover, they should employ practices that are supportive to upholding morality in the community. Such activities encourage the youths to abscond sexual immorality, drug abuse, and other illegal practices like robbery. In addition, they should embrace product brandings that enable their customers to be cautious of their actions, especially when extreme use of these products may lead to severe consequences. For example, companies producing alcoholic substances and cigarettes should use advisory terms such as ‘excessive consumption of alcohol is harmful to your health’. This shows a sense of concern, and ethical responsibility on the part of the firm.

Findings of the Research on Retail Marketing

Basing on the above research, it is evident beyond doubts that many customers prefer to work with companies that adhere to ethical codes of conduct. Therefore, every company should recognize ethics in the society, and proceed to maintain morality on the verge to keep relevant in the market. Ethics involves etiquette and mutual respect among all stakeholders of the company. It helps to develop trust and commitment amongst members of staff regardless of their positions in the firm. Furthermore, upholding of acceptable morals within the society helps to build a good reputation of the company, which is a pillar to attraction of new customers, and maintaining their market base (Hallbauer, 2008, p. 146).

Several ethical procedures can be taken by various organizations in order to ensure growth in contemporary retail marketing. Some of these are practices involve corporate social responsibility, product safety, green issues, grey imports and sourcing of products. Corporate social responsibility includes a voluntary service to the community such as sponsorship of charitable firms. Product safety includes the production of less harmful products that are healthy to the bodies, green issues include the use of Eco-friendly raw materials that are renewable and less hazardous to the environment and deceit from involving in illegal business practices. All these activities have a common objective, which is to entice as many customers as possible to prefer their services and products to those of their competitors.

Concisely, successful businesses must embrace good customer relations, and adhere to all ethical procedures that are relevant in the markets. They should encourage teamwork among the staff members and develop a good relationship between administration and the surrounding environment. This helps to make good environment that is favourable for business activities. It is the responsibility of all the stakeholders of the company including the executive, the stakeholders, and the entire staff to embrace ethical practices in the firm. This subsequently leads to understanding between them, which eventually enhance long-term success in business operations.

Conclusion

The fact that retailing marketing decisions often need specialized knowledge, ethical issues are usually tougher than those encountered in day-to-day life are, and an effective decision making in a business always requires some consistency. Moreover, each business situation often differs, and not all decisions made are simple, various corporates have embraced ethical codes and have laid out elaborate rules that govern managers and employees in the manner they execute work in the organization.

Nevertheless, usually self-regulation is always insufficient to protect the personal interest of customers, society, or organization. At this juncture, there will be enactment of laws that will equally protect the parties involved from any malicious intent, that may be practised by a given business organization. Ethical consideration ought to be followed to the latter as it has various benefits, and enhances business relations with the society. When an organization conducts its usual operations ethically, consequently it creates acceptance by the society, as a whole and provides a good working environment that will be of advantage to the organization. Additionally, when the company engages in social responsibility, it shows that they appreciate the fact that the society has allowed its existence hence, there is a mutual benefit.

Ethics is a major factor in the social responsibilities of the business. The aim of professional or business ethics is protection of human rights, professionalism, integrity of character and good service. Therefore, code of ethics such as honesty, fairness, confidentiality, and trust must be put into consideration in order to have a successful and reputable business enterprise.

Ethics is a matter of great consideration in all businesses in the world. It is pivotal in retail marketing, especially in the modern world of business. As a result, I would recommend that every firm should practice ethical operations in their day-to-day activities in order to facilitate, and maintain competency in the market. They should conduct workshops and facilitate special lessons to their employee on the verge to ensure moral uprightness in marketing operations. They should hire specialists, who are veterans in retail marketing and ethnic importance in businesses, to occasionally train and advise the executive, and the entire marketing fraternity on the relevance of ethnic approaches to retail marketing, as well as the right steps to take in order to achieve that target.

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