Ethical Marketing Practice: A Foundational and Fundamental Virtue for Corporate Reputation/Financial Performance (Published)
The social and economic justification for the existence and survival of a business corporate entity is its ability to satisfy its customers through its products and services. A company meets its basic responsibility to society through its products and ethical marketing practices. A company cannot successfully sell low quality products, coupled with other sharp and corrupt practices over the long run. The dignity of the marketer must be sustained and maintained. The minimum standard, culture and value system acceptable to the public must be projected. This study is on ethical marketing practice, as a fundamental and foundational virtue for corporate reputation and financial performance. Eight pharmaceutical companies from Edo and Delta States were sampled, using a sample size of 245 staff. The multiple regression statistical technique was used to determine the extent to which standard products and services, honesty and integrity, fair prices and truthful advert predicts financial performance in a business organisation.
The re-orientation of value system in our society is a search for national culture that would reshape national character and image. The study revealed that when national life is taken over by social sins, the citizens pursue wealth without knowledge, without character, pleasure without conscience, commerce without morality, worship without sacrifice, science without humanity and politics without principles. The study adopted historical research method. The research provided that re-orientation of value system would promote national image, respect for human life and corporate values. The youth would imbibe the culture of hard work and productivity, wealth creation, employment generation, entrepreneurship, intangible wealth and competition. The writer is optimistic that educated and uniformed youths would gain better understanding of the subject matter while leadership, education, religion and home remain the fulcrum of value re-orientation for now and the future.