Marketing is a powerful business function, but is it always ethical? When a company wants to sell their product, they make the consumer believe that their product is special, crucial, and worth the price. In other words, they manipulate the public, change their perception and preferences to suit their interest. A good example would be De Beers’s masterful marketing campaign on diamond. Anyone who tries to resale a diamond will find that it is difficult to bargain for a tenth of its retail price. That’s because diamonds actually don’t worth that much. There is an abundance of diamond in the world.
Then why are diamonds so expensive? Because of effective marketing. De Beers, the sole producer and distributer of diamond, designed a campaign to romanticize the stone. When a man’s love and commitment to a woman is measured by diamonds, diamonds instantly became a luxury. De Beers changed our social values to continue their lucrative business and they are only one of many businesses that achieved similar results via marketing.
We don’t need diamonds to express our affection, nor do we need boutiques, chocolate, and Louis Vuitton accessories. This materialistic viewpoint of love is created by businesses and their drive for profit. Would this manipulation of social values be considered ethical?
Policymic: How a Clear Worthless Stone with a Brilliant Marketing Campaign Conquered the World