The report presents a brief overview of the marketing and marketers. It tells that how marketers play a significant role to introduce new product and services in the market. Marketers are the backbone of the company as well as the market in order to attain the long-term benefits across the world. The firm cannot expand and flourish its business without potential and competent marketers. The paper explains the ethical, legal and economic issues that are existed in the market.
Marketing plays a vital and crucial role in the market in order to increase the sales and revenue of the company. Marketers focus on the needs, requirements, and expectations of the various customers in the market. They are responsible to make the various effective and excellent plan, policies, and strategies across the world. Marketing is the management and study of exchange relationships among the customers and marketers in the market. Further, it is the process and activity for creating, delivering, exchanging, communicating and offering which have value and worth for the clients, customers, partners and society around the world. It includes various activities related to customers in the market. Marketers are responsible to identify, predict and satisfy the various customer’s needs and requirements in order to gain profit and revenue across the world. They try to attract more customers in the market by maintaining good relations with them. Promotion and advertisement activities are done by the marketers to increase the demand for the products and services in different markets. The companies invest huge amount on promotion and advertisement activities to increase the sales of the products and services (Ford and Richardson, 2013).
Further, marketing activities are affected by the environmental factors that exist in the environment. Marketers are accountable to identify and analyze the key challenges and risk of the environment. Thus, various effective and unique strategies and plans are made by marketers to maintain sustainability in the market. The revenue and profit of the company depend on the various customers across the world. Therefore, various marketing strategies are adopted by the marketers to increase the revenue and sales of the company.
Let’s talk about an example. Dominos nestle and Collin food limited companies are the important example of marketing. The Domino’s pizza is the biggest American fast food company across the world which was founded on 1960 with headquarter is located in Ann Arbor, Michigan, United States. Further, Nestle is drink and Food Company which headquarters is located in Switzerland. It is one of the biggest companies across the world. In addition, the Collin food limited is the fast food company in Australia. It focuses on the fast food and beverage products across the world. The marketing, promotion and advertisement strategies are adopted by all these companies in the market to gain the long-term goals and objectives across the world. Marketing is the integral and significant attribute for every company to attain the mission and vision of the firm. None of the company can survive its business without effective marketing strategy in the world. The companies need to focus and evaluate the market to introduce the new product in the market. The marketers must check and evaluate the products which are introducing in the market to satisfy the wants, desires, and requirements of the consumers across the world. Further, environmental stewardship refers to the responsible protection and use of the natural environment through sustainable practices and conservation. Now it is assumed that marketers give favorable contribution in the market and they are serious for the environmental stewardship. The economic, legal and ethical issues have been discussed below.
There are various economic issues are faced by the companies while introducing a new product and service in the market. The inappropriate and insufficient resources that do not satisfy the requirements, needs, and expectations of the consumers in the market affect the business activities and operations. In Nestle Company; water and sustainability are the major economic issues which are faced by the company. Some people use water for domestic and agriculture production which is a harmful and serious problem for the company (Ford and Richardson, 2013). The company is not able to maintain proper water facility in the world. Further, the changes in the tastes and preferences of the consumers also affect the business activities of the Nestle Company. Input cost also affects the business operations of the company across the world. In this way, various economic issues are faced by the many companies in the market. Further, inflation rate also affects the business activities and operation of the company in the market. Freight cost, raw material cost, and promotion cost are also charged by the marketers in the market. Due to inflation, they have to face greater difficulties in the market thus; they make effective and unique marketing strategies to overcome on inflation in the prices. The companies are not able to sell its products at the reasonable prices due to inflation. Due to enhancement and increment in the prices of raw material, also increase the procedure cost of the companies. In this way, input cost affects the business activities of the Domino’s nestle and Collin food limited in the market. It should be controlled and managed by the companies to gain the various advantages in the market. These companies have made a brand position in the market. Advertisement and promotion cost affect the business of the companies in the market. Therefore, the companies should reduce the promotion cost and advertisement cost to overcome on the economic issues (Faúndez, 2016).
Price inflation has given a major impact on the marketing activities, as a result, it affects the environmental stewardship. These challenges are faced by the company in the market. Thus, companies should focus on the marketing strategies to overcome on the competitors in the market. Further, it should minimize the operation cost, raw material cost and input cost in the market (Slade and Prinsloo, 2013). The companies should use effective methods and plans to reduce these economic issues and they must focus on the advertisement and promotion cost to attract more customers in the market. If the companies do not adopt the good and effective marketing strategies then it cannot manage the brand portfolio in the market. Further, the company should focus on the marketing plans and strategies of the competitors in the market. The company should use check and analyze the market condition to increase the sale of the products. Further, it should focus on the competitors’ prices to gain long-term advantages across the world. In this way, economic issues can be managed by the companies (Richards, Lawrence, Loong and Burch, 2012).
After the various researchers, it has been analyzed that various legal issues are faced by the companies in the market. The business ethics and code of the conducts are the major legal issues which exist in the market. The legal issues are faced by the Dominos and Collin food limited companies in the market. Many companies do not follow the safety standards and code of conducts while conducting business across the world. Further, the food companies do not follow the food and safety standards which are made by the law. Various legal issues are faced by the companies due to the employees. The companies do not follow the employment law while hiring of the employees (Nazar, 2015).
Further, the companies are not able to follow the rules, regulations, and policies which are made by the government. Therefore, they have to face greater difficulties in the market. The companies misbehave with stakeholders thus; they are not able to make good relations with stakeholders. It affects the goodwill and brand portfolio of the company because stakeholders are the important part of the company (Higgins, Wolf and Wolf, 2014). The financial growth of the company depends on the stakeholder’s work and performance. Now it seems that various legal issues are faced by the companies in the market. These issues should be controlled and managed by the companies to maintain goodwill in the market. The food companies should follow the food and safety standards which have been given under food and safety act. Further, the company should follow the various law and policies which are related to the employee’s health and safety. The organization must protect the interest of the stakeholders to increase the revenue of the company. Various business ethics, norms, and regulations must be followed by the companies to determine the long-term growth and success of the company(Frewer et al, 2013).
There are various ethical issues are faced by the companies. The companies face ethical issues in supply chain management. The ethics give a right way to do work in the market. It provides a right platform to the employees of the company. Ethics guide to the employees to behave morally and ethically while conducting business activities and operations. There are various ethical issues exist in the Wesfarmers. The employees work under pressure thus it affects the image of the company in the market. Children who below the age of 14 are working in the company also affect the success and growth of the company (Kumar and Shah, 2013). All the activities are done by the company illegally which affect the trade and business of the company. Further, suppliers do not follow the policies and rules of the company. Thus various challenges are faced by the company. Ethics dilemma is the major concern for the companies because it affects the business activities and operation of the company adversely. These issues are also faced by the Nestle and Collin food limited company. The companies should focus on ethical issues to make a long position in the market. Wesfarmers must focus on the suppliers and employees activities to prevent the unethical activities within the organization. Further, these issues must be measured by the company to make a good image in supermarket industry (Hyde, 2015).
Further, the fast food companies must also focus on the ethical issues to make brand portfolio across the world. These companies should focus on the customer’s tastes and preferences to increase the revenue of the firm. The companies should provide offers and special vouchers to the customers on festivals and occasion. It helps to attract more consumers in the market (Nijboer, Clausen, Allison and Haselager, 2013). The employees should provide right and adequate information about the product to the people. In this way, the companies provide satisfaction to the public. Suppliers must follow the ethical audit and policies of the company in order to gain the long-term goals and objectives of the firm. The ethical audit and agreement will help to meet the demand of the market, therefore; the company, as well as the employees, should follow these policies. These issues must be resolved in an effective and considerable manner by the companies (Sheth and Sisodia, 2015). Now it is assumed that ethical issues, economic issues, and legal issues affect the goodwill and image of the various companies. These issues must be evaluated and analyzed by the organization in order to fulfill the needs and requirements of the consumers in the market (Gupta, 2014).
Conclusion
On the above discussion, it has been summarized that marketing plays a vital role to attract the more customers in the market. It also helps to introduce new products and services in the market across the world. Marketers are an important part of the market to increase the revenue and sales of the different countries. In this process, the various key challenges and issues are faced by the corporations. Thus, the companies should prevent these issues in order to meet the growth and success of the company. Further, marketing is mandatory to increase the demand for the products in the market. Further, they determine growth and success of the firm with analyzing the key challenges of the market. The firm cannot attain the long-term goals and success without marketers. In addition, the organizations’ must focus on the ethical, legal and economic issues of the market. Various marketing and growth strategies must be adopted by the various firms across the world.
References
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Faúndez, J. ed., 2016. Good government and law: Legal and institutional reform in developing countries. Springer.
Ford, R.C. and Richardson, W.D., 2013. Ethical decision making: A review of the empirical literature. In Citation classics from the Journal of Business Ethics (pp. 19-44). Springer Netherlands.
Ford, R.C. and Richardson, W.D., 2013. Ethical decision making: A review of the empirical literature. In Citation classics from the Journal of Business Ethics (pp. 19-44). Springer Netherlands.
Frewer, L. J., Kleter, G. A., Brennan, M., Coles, D., Fischer, A. R., Houdebine, L. M., … & Salter, B. (2013). Genetically modified animals from life-science, socio-economic and ethical perspectives: examining issues in an EU policy context. New biotechnology, 30(5), 447-460.
Gupta, A.D., 2014. Ethics in Business Practice: Marketing Management. In Business Ethics (pp. 107-113). Springer India.
Higgins, L.M., Wolf, M.M. and Wolf, M.J., 2014. Technological change in the wine market? The role of QR codes and wine apps in consumer wine purchases. Wine Economics and Policy, 3(1), pp.19-27.
Hyde, A., 2015. Working in Silicon Valley: Economic and legal analysis of a high-velocity labor market. Routledge.
Kumar, V. and Shah, D., 2013, May. Expanding the role of marketing: from customer equity to market capitalization. American Marketing Association.
Nazar, J.K., 2015. Regulatory and financial implications of sukuk’s legal challenges for sustainable sukuk development in islamic capital market. Ethics, Governance and Regulation in Islamic Finance, p.135.
Nijboer, F., Clausen, J., Allison, B.Z. and Haselager, P., 2013. The asilomar survey: Stakeholders’ opinions on ethical issues related to brain-computer interfacing. Neuroethics, 6(3), pp.541-578.
Richards, C., Lawrence, G., Loong, M. and Burch, D., 2012. A toothless chihuahua? The Australian Competition and Consumer Commission, neoliberalism and supermarket power in Australia. Rural Society, 21(3), pp.250-263.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Slade, S. and Prinsloo, P., 2013. Learning analytics: Ethical issues and dilemmas. American Behavioral Scientist, 57(10), pp.1510-1529.
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