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Why are ethical behaviour and government regulation important in marketing? - HSC - SSCE Business Studies - Question 26 - 2012 - Paper 1
Question 26
Why are ethical behaviour and government regulation important in marketing?
Worked Solution & Example Answer:Why are ethical behaviour and government regulation important in marketing? - HSC - SSCE Business Studies - Question 26 - 2012 - Paper 1
Step 1
Explain the importance of ethical behaviour in marketing
Answer
Ethical behaviour in marketing is crucial as it fosters trust between companies and consumers. When businesses adhere to ethical standards, they not only comply with legal requirements but also enhance their reputation, leading to customer loyalty. Ethical behaviour ensures that marketing practices are fair, transparent, and respectful, preventing deceptive advertising and building long-term relationships with stakeholders.
Step 2
Discuss the significance of government regulation in marketing
Answer
Government regulation serves to protect consumers from unethical marketing practices. Regulations are established to ensure that marketing strategies do not exploit vulnerable populations or misrepresent products. These regulations promote fair competition and contribute to a level playing field, enabling consumers to make informed choices. Additionally, government oversight helps maintain public confidence in the marketplace.
Step 3
Analyze the relationship between ethical behaviour, government regulation, and marketing
Answer
The relationship is interdependent; ethical behaviour often prompts the need for regulation, as companies that prioritize ethics are less likely to engage in harmful practices. Conversely, government regulation sets the standard of ethical behaviour expected from businesses. Together, they contribute to a market that values integrity, ensuring that marketing serves both the interests of the business and the welfare of consumers.