Ethical And Social Responsibility In Global Marketing: An Evaluation Of Corporate Commitment To Stakeholders

Abstract

Over the past few years, globalization of markets and business organizations has increased the number of entrepreneurs and corporate executives involved in international and multinational joint ventures and strategic alliances. Others are interested in direct investments in foreign markets in an attempt to extend domestic operations, increase profit margins, and expand market shares. While these strategic business initiatives and efforts are increasingly attractive because of their potential benefits, organizations competing in global markets have to face up to the realities of committing to appropriate ethical standards and social responsibility in cross-cultural and international contexts of business. This paper analyzes the importance of maintaining a high level of ethics in a global marketplace in order to compete successfully and to sustain consumer loyalty. Studies indicate that domestic or local conditions and expectations vary in global marketing environments because of cultural differences and values; therefore, it is critically important to adopt an ethical approach that is consistent with global business practice that can enhance credibility, corporate image, and give a competitive advantage.

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