Question

What is social ,ethical and legal aspect of marketing?

Answer 1

Marketing is the study of communication between the buyer and the seller. It is how the seller keeps the buyer happy and motivates it to buy their product. 

(i)Social Aspect of Marketing:  Social aspect of marketing is referred as the welfare of the overall society with the marketing. It must not only focus on personal profit and consumer need but also the welfare of the society. It must focus on the values and norms of the society as well. 

(ii)Ethical Aspect of Marketing: Ethical aspect of marketing is keeping in view the ethical values of the consumer and the society. The seller, must know what ethical values his market has and their product must not violate their ethical needs. For example, cow meat should not be marketed in Hindu dominating areas etc. 

(iii)Legal Aspect of Marketing: Legal aspect of marketing is the obligation to follow the rules and regulations of the market in question. The seller must know the legal requirements of their market. For example, narcotics should not be sold in India. 

Answer 2

Answer:

Marketing is considered an economic activity as marketing is an economic process by means of which goods and services are exchanged and their values are determined in terms of money prices.

Explanation:

Marketing is considered an economic activity as marketing is an economic process by means of which goods and services are exchanged and their values are determined in terms of money prices.

1. Social Marketing: Though marketing aims at satisfying human needs its stress is always on sale of product. In social marketing the needs of the customer are satisfied taking into considering the needs and conditions in society.

2. Ethical marketing -Profit maximization must not lead to consumer exploitation.Advertising sometimes has a corrupting influence on young minds and encourages immorality. This adversely affects the social values.

3. Legal marketing - it examines the role of the law on all aspects of business ownership and management. Throughout the course, students focus on legal ethics, court procedures, torts, contracts, consumer law, property law, employment law, environmental law, and international law.

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