For those who are new business owners or aspiring business owners there are a few pieces of advice I would give when it comes to running the business. Mainly my advice would be geared towards the efforts to remain ethical in your business endeavors. Following the American Marketing Associations (AMA) ethical code especially while engaging in integrated marketing practices is imperative. I say this because if your business is using unethical sales tactics, it can cause massive legal issues and either end your business or financially cripple your business. The ethical values AMA follows are, “honesty – to be forthright in dealings with customers and stakeholders, responsibility – to accept the consequences of our marketing decisions and strategies, fairness – to balance justly the needs of the buyer with the interests of the seller, Respect – to acknowledge the basic human dignity of all stakeholders, and Transparency – to create a spirit of openness in marketing operations.” (American marketing association, May 2021). The key here is to be honest with your stakeholders and customers even if that means telling them the bad news. Honesty and full transparency will help build a strong relationship with your business partners and your customers.

Companies who have operated unethically end up in legal battles, fined or completely shut down. A recent and very well-known example is Wells Fargo. The bank had intense sales goals set for their employees and pressured the employees to meet them or lose their jobs. This resulted in the bank employees opening accounts under customers names that the customers didn’t know about or ask for. All to meet their sales goals and making the bank look more profitable than it was. Wells Fargo had to go through a large and public legal battle and in the end had to change their whole business plan. Even though they have changed many customers did leave Wells Fargo and there are still people that refuse to use the bank because of the scandal. However, if companies act ethically and stay honest and transparent with their customers and stakeholders they succeed.

American Marketing Association. (October 11th, 2021). AMA Statement of Ethics. https://myama.my.site.com/s/article/AMA-Statement-of-Ethics