The American Marketing Association Statement of Ethics shown in Figure 4 –3 details the rights and duties of parties in the marketing exchange process. How do these rights and duties compare with the Consumer Bill of Rights?

Fig 4-3

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AMERICAN MARKETING ASSOCIATION STATEMENT OF ETHICS Preamble The American Marketing Association commits itself to promoting the highest standard of professional ethical norms and values for its members. Norms are established standards of conduct that are expected and maintained by society and/or professional organizations. Values represent the collective conception of what people find desirable, important, and morally proper. Values serve as the criteria for evaluating the actions of others. Marketing practitioners must recognize that they not only serve their enterprises but also act as stewards of society in creating, facilitating, and executing the efficient and effective transactions that are part of the greater economy. In this role, marketers should embrace the highest ethical norms of practicing professionals and the ethical values implied by their responsibility toward stakeholders (e.g., customers, employees, investors, channel members, regulators, and the host community). General Norms 1. Marketers must do no harm. This means doing work for which they are appropriately trained or experienced so that they can actively add value to their organizations and customers. It also means adhering to all applicable laws and regulations and embodying high ethical standards in the choices they make. 2. Marketers must foster trust in the marketing system. This means that products are appropriate for their intended and promoted uses. It requires that marketing communications about goods and services are not intentionally deceptive or misleading It suggests building relationships that provide for the equitable adjustment and/or redress of customer grievances. It implies striving for good faith and fair dealing so as to contribute toward the efficacy of the exchange process. 3. Marketers must embrace, communicate, and practice the fundamental ethical values that will improve consumer confidence in the integrity of the marketing exchange system. These basic values are intentionally aspirational and include honesty, responsibility, fairness, respect, openness, and citizenship. Ethical Values Honesty to be truthful and forthright in our dealings with customers and stakeholders. We will tell the truth in all situations and at all times. We will offer products of value that do what we claim in our communications. . We will stand behind our products if they fail to deliver their claimed benefits. . We will honor our explicit and implicit commitments and promises. Responsibility to accept the consequences of our marketing decisions and strategies. We will make strenuous efforts to serve the needs of our customers. We will avoid using coercion with all stakeholders. . We will acknowledge the social obligations to stakeholders that come with increased marketing and economic power. FIGURE 4-3 (Continued) We will recognize our special commitments to economically vulnerable segments of the market such as children, the elderly, and others who may be substantially disadvantaged. Fairness-to try to balance justly the needs of the buyer with the interests of the seller. . We will represent our products in a clear way in sell- ing, advertising, and other forms of communication; this includes the avoidance of false, misleading, and deceptive promotion. We will reject manipulations and sales tactics that harm customer trust. We will not engage in price fixing, predatory pricing. price gouging, or "bait-and-switch" tactics. . We will not knowingly participate in material conflicts of interest. Respect to acknowledge the basic human dignity of all stakeholders. . We will value individual differences even as we avoid stereotyping customers or depicting demo- graphic groups (e.g., gender, race, sexual orientation) in a negative or dehumanizing way in our promotions. . We will listen to the needs of our customers and make all reasonable efforts to monitor and improve their satisfaction on an ongoing basis. . We will make a special effort to understand suppliers, intermediaries, and distributors from other cultures. . We will appropriately acknowledge the contributions of others, such as consultants, employees, and co- workers, to our marketing endeavors. Openness to create transparency in our marketing operations. . We will strive to communicate clearly with all our constituencies. We will accept constructive criticism from our customers and other stakeholders. We will explain significant product or service risks, component substitutions, or other foreseeable eventualities that could affect customers or their perception of the purchase decision. . We will fully disclose list prices and terms of financ- ing as well as available price deals and adjustments. Citizenship to fulfill the economic, legal, philanthropic, and societal responsibilities that serve stakeholders in a strategic manner. We will strive to protect the natural environment in the execution of marketing campaigns. We will give back to the community through volun- teerism and charitable donations. . We will work to contribute to the overall betterment of marketing and its reputation. We will encourage supply chain members to ensure that trade is fair for all participants, including produc- ers in developing countries. Implementation Finally, we recognize that every industry sector and marketing subdiscipline (e.g., marketing research, e-commerce, direct selling, direct marketing, advertis- ing) has its own specific ethical issues that require policies and commentary. An array of such codes can be accessed through links on the AMA website. We encourage all such groups to develop and/or refine their industry and discipline-specific codes of ethics to supplement these general norms and values.