The last few years have witnessed significant growth in what might be regarded as the business ethics 'industry' i.e. ESG, ethical investment trusts, ethical products. One annual survey estimates the total ethical market value in U.K. at £141 billion. The Ethical Markets Report ( See link https://www.ethicalconsumer.org/research-hub/uk-ethical-consumer-markets-report ) has reported two big growth areas where spending increased significantly:
Spending on electric cars increased by 80%
Spending on green electricity tariffs increased by 40%
With the increase in demand for ethical banking, ethical clothes, ethical foods, eco tourism, and eco homes, the role that ethics plays in businesses of all sizes is increasing. Whatever else we may think of it, business ethics clearly matters. It matters not just for the huge multinational corporations, it matters to small to medium size organisations (SME's), public sector and civil society.
In customers, we don't just mean end consumers, we mean suppliers and contractors, the whole supply and demand chain. The main corporate functions responsible for dealing with consumers are sales and marketing, and these departments have historically been subjected to much criticism - advertising, public relations and sales have all been under this spotlight.
There has been a surge of interest in ethical marketing, and ethical consumption. Businesses are, one argues, better served by treating their consumers well, however, this does question whether customer satisfaction is consistent with best interests of the firm. In the market for consumer goods in recent times, much has been written about the claims made on food and drink packaging. Claims made by manufacturers may not be factually incorrect, but potentially can mislead consumers. HFSS (high fat sugar and salt) legislation in UK (2021) has sought to redress this.
There are ethical issues in marketing management, marketing strategy and marketing research.
Phoenix Ventures has been helping businesses with how they consider ethics within their culture, processes and strategy as relates to product development.
https://www.edelman.com/trust/2024/trust-barometer/special-report-trust-at-work
