For marketing, business ethics is given a more importance. Being honest and reliable is the marketing ethics. Marketing ethics is important because it is what makes business good at what they do. Without ethics in marketing, people would not have morals which may hurts company’s profits and all shareholders’ benefits as a result.
“The Gulf oil spill is recognized as the worst oil spill in U.S. history. Within days of the April 20, 2010 explosion and sinking of the Deepwater Horizon oil rig in the Gulf of Mexico that killed 11 people, remote underwater cameras revealed the BP pipe was leaking oil and gas on the ocean floor about 42 miles off the coast of Louisiana. By the time the well was capped on July 15, 2010 (87 days later), an estimated 4.9 million barrels of oil had leaked into the Gulf.
The well is located 5,000 feet beneath the water’s surface in the vast frontier of the deep sea—a permanently dark environment, marked by constantly cold temperatures just above freezing and extremely high pressures,scientists divide the ocean into at least three zones and the deep ocean accounts for about three-quarters of Earth’s total ocean volume.
Immediately after the explosion, workers from BP and Transocean (owner of the Deepwater Horizon rig), and many government agencies tried to control the spread of the oil to beaches and other coastal ecosystems using floating booms to contain surface oil and chemical oil dispersants to break it down underwater. Additionally, numerous scientists and researchers descended upon the Gulf region to gather data. Researchers are still trying to understand the spill and its impact on marine life, the Gulf coast, and human communities.
3 years later, the Gulf is still not oil free.”
The news above is an example that shows that each business has the responsibility to be ethical in the market. For The energy companies like BP, the environmental hazard caused by them leads to huge loss in money and the stock price of BP fell down sharply(100 billion dollars loss in two month). In addition, BP has to pay the compensation of 20 billion dollars.
