Business ethics; Principles & Benefits

Seven principles of splendid business ethics

There are seven principles through which a brand can have long term success. They are

·         Be trustful

It is a natural thing that the big and recognized customers like to do the business with the trusted company. So if anyone wants to achieve their goals they must develop a trust among their customers. In this way their business will be increased a lot.

·         Keep an open mind

The owner of the company must be open minded if he wanted to grow his company. He should seek new ideas and should take feedbacks from his customers and his employees so that he may develop new and better things in future.

·         Meet obligations

If any company wants to develop trust among their customers then it should meet their obligations and should meet their complains. Even if the company is right and the customer is wrong, it should listen to the customer’s complaint and try their best to resolve it.

·         Have clear documents

The company should make it sure that all his advertisements are concise and helpful for the customers. They should not be misprint or misinterpret. They should be easily read by the customers so customers will be attracted to their products. Clear cut information should be given to the customers.

·         Become community involved

It should remain involved in the community activities. To display their company as a responsible contributor, it should bring the products which are suitable for their activities.

·         Maintain accounting control

It should take complete control of accounts and other financial things. Not a single question should be raised against them. This is the best way to increase their reputation.

·         Be respectful

The company should meet others with extreme respect. It should know how to give respect to others and especially their customers. It should meet everyone in a professional manner. (Machan, 1999)

Advertising and Ethics

            Advertising is the best way of doing business and it is a form of promotion. Advertising is like an application. The company asks their customers to take an interest in their products. They hope that their product meets the people’s demands completely. In advertisements the complete truth is not revealed. They did not tell whole things about their products. Most of the companies just tell the attracting things about their products and their effects are not mentioned. In these cases to gain knowledge about the product is only the buyer’s responsibility.

            Advertising is not mainly for transmitting the whole story about the product but it is only for calling the attention of the customers to that particular thing. As there are many misconceptions shown in the advertisement so the person’s common sense is tested here. It is now very common that the goal of advertisements is not to convey the complete and total information about the manufactured goods. Only the good qualities are mentioned in the ads while it  is left  up to the person  to search  for  its  faults. Some ads like make-up and cosmetics does not tell the whole truth they neither lie but the complete truth is also missing in the ad. This makes the ad give a positive effect on the consumers and highlight the advantages of the product.

            If companies will tell complete information about their goods to the customers then it will have the positive impact of the advertisements. This will create more desire among their customers and they will know that this company is trusted, this will not give us any wrong product. If this trend will be adopted then definitely the advertisements will create desire among the consumers. Although this will decrease their sale at once but ultimately they will be benefited in the future. In this way the trust is developed and the consumers then take only that product which is reliable and of which they know everything.

Benefits of Advertising

            Advertisements are proving to be very beneficial for both customers and the company. It creates desire among the customers through which they buy that good. In this way, the benefit goes to the company as their product is sold. In other manner, the customers are acknowledged with the new goods and promotional offers through advertisements.

            There are many other benefits of advertisement too. Due to an advertisement we enjoy the cable TV in low cost. We don’t have to pay much for it as the cable operators or the channel operators get their operational cost from these advertisements and we benefit from lower cost network TV.