Ethical and Unethical Practices in FINANCE AND MARKETING

Ethical and Unethical Practices in FINANCE AND MARKETING

Ethics in finance:

1. Significantly, the research found more people view company chairs, CEOs and senior executives as being unethical rather than ethical
2. Accountants fared pretty well, being considered the most ethical professionals in the banking, finance and insurance sector.
3.  If your culture genuinely reflects ‘doing the right thing’, this will be rewarded with longevity, customer loyalty and a sustainable business.

Unethical in Finance:

Some of the unethical practices in financing and accounting are as under

1. Deliberate abnormal delays in payments to (a) Vendors, (b) Dealers commissions and promotion costs.
2. Delays in paying wages, interest to financiers, incentive, bonus to employees.
3. Holding up bills of vendors on silly reasons and ultimately buying from others to avoid payment to earlier vendors.
4.  Not prompt in statutory payments of ESI, PF, Sales Tax and Excise Duties.

Ethical & Unethical in Marketing:

• For me, an ethical marketer is a responsible marketer. A responsible marketer takes responsibility for the effects of the marketing. These include the effects of the things or ideas marketed, as well as the side effects of the marketing itself.

• For me, an ethical marketer cannot market cigarettes, for example. Such a marketer would bear responsibility for unnecessary illnesses, deaths, widows, widowers and orphans. Such a marketer would also bear a share of responsibility for coarsening of society in which such marketing activity would begin to seem normal.

• Does this mean that a marketer of automobiles could share in responsibility for someone who responds to the marketing and then dies in a car accident? I say yes. But then, the marketer would also share responsibility for the many who lived more enjoyable, mobile lives as well as for any lives that may have been saved by driving the particular automobile.

• Is it merely a matter of utilitarian calculation then? (i.e. Does this marketing do more harm than good or does it do more good than harm?) While I think utilitarian calculation is part of the marketer’s ethics, I do not believe it is the whole of it.

• Intent, as well as effect, should be considered. Intentions can be known, whereas effects can only be hypothesized and partially measured.

• Marketing, at its best is a helping profession. You help your users - the audience of prospects and customers - while you help your company. If either of these intentions is sacrificed, then the marketing is unethical.