Ethics is the set of moral principles or values that guides behavior. There is a general recognition that many, if not most, business decisions involve some ethical judgment.
Each party in a marketing transaction brings a set of expectations regarding how the business relationship will exist and how transactions should be conducted. For example, when you as a consumer wish to purchase something from a retailer, you bring the following expectations about the transaction: (a) you want to be treated fairly by the salesperson, (b) you want to pay a reasonable price, (c) you want the product to be available as advertised and in the indicated condition, and (d) you want it to perform as promised. Unfortunately, your expectations might not be in agreement with those of the retailer. The retail salesperson may not “have time for you,” or the retailer’s notion of a “reasonable” price may be higher than yours, or the advertising for the product may be misleading. These differences in expectations can lead to ethical questions that are sometimes difficult to analyze.
American Marketing Association Code of Condct
To provide greater clarity for marketing professionals, the American Marketing Association (AMA) has created the: AMA Code of Conduct. There are sections that address ethics, conduct and behavior of marketers, and procedures for reporting behavior that does not meet the standards of the AMA Code of Conduct..
It’s helpful to review the document in order to understand the scope of issues that marketing professionals face. It is important to understand what ethics are based upon. Norms are established standards of conduct that are expected and maintained by society and/or professional organizations. Norms may be fluid and change and values are more stable. Values represent the collective conception of what communities find desirable, important, and morally proper. Values also serve as the criteria for evaluating our own personal actions and the actions of others. They are often called beliefs.  
The exchange process between an organization and a customer is based on a relationship of trust. The Code of Conduct and Statement of Ethics aim to protect that trust.
- Social Norms (2011, March 01). Stanford Encyclopedia of Philosophy. https://plato.stanford.edu/entries/social-norms/ ↵
- What are social values? (n.d.). Environics Research. https://environicsresearch.com/what-are-social-values/ ↵