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Marketing Law and Ethics Assignment One - Ethics Being ethical as a marketer has its advantages as well as its disadvantages The negative advantages are obvious all of which point to personal and business gain However to say that one must act unlawfully to be unethical would be false The provided statement is completely factual and is particularly relevant to marketing and more accurately business in the fact that ethics are not by definition counterproductive to profit but may be beneficial to profit Hypothetically a marketer would need to accept the above statement as bible in reference to the marketing mix or rather simply the four Ps price product promotion and placement The simplistic fundamentals of marketing and business the marketing mix is essential to the success of a business and their respective products so it is appropriate that it also be applied to another quintessential factor of business in ethics The first and arguably most important aspect of the marketing mix price can pose quite a few ethical dilemmas and has done so in the past One example of this is price collusion or price-fixing This is where a product or service is set at an unreasonable price with knowledge that the consumer cant afford not to purchase the product or service One such instance of this occurred in America when leading toy chain Toys R Us violated federal trade laws by colluding with manufacturers to keep prices for Barbie Mr Potato Head and other popular toys artificially high While it was unlawful it was also an unethical act as well as a form of extortion The second factor of the marketing mix product is also subjected to ethical dilemmas Planned product obsolescence is a prime example of an unethical act in relation to product This is where there is a planned life-span of a good producing a product so that it will wear out inside a period of
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