The Golden Rule is a marvelous rule and can be found in any religious text. We are to care for our fellow human being as much as we care for ourselves. If only life was as simple as that.  Ethical norms and values have to be stated in any business setting and companies should always write their own standards as a part of the training package for a new employee.

In marketing there are several issues we have to consider.  The first rule of any business setting is never to do harm. An obvious example of this are the rules set for the toy industry and safety of children.

The American Marketing Association (AMA) has additionally suggested a list of ethical values that any industry should consider within their own specific codes of conduct. This type of effort is made to foster trust and faith in the promise of businesses that they have the interest of their customers and stake holders (stake holders are among others, employees, shareholders, and suppliers) at heart in their operations.

Businesses must communicate and practice ethical values that will generate confidence in the integrity of our system from our consumers. Businesses must aspire to these values because they foster a long-term relationship with customers and stake holders.

The list the AMA suggests starts with honesty.  It would seem that this is obvious, but how many times have we been upset because someone we conduct business with does not honor commitments or fails to deliver claimed benefits? Companies who fail to do so are not thinking in long-term relationships.  To be truthful and forthright in all relationships is critical for success.

We also need to take responsibility for our actions.  Our strategies have consequences we should accept and deal with in terms of social responsibility, and safety and security of our customers and other stake holders.

We also should make sure we are committed to serving the lower economic markets in our community as a part of our strategic plans.  Additionally, the company code of conduct should include language that speaks against any type of coercion toward employees, shareholders, suppliers and other stakeholders.

Fairness is an important element of business.  Businesses have to be true in their representations of products and services and making sure that they not knowingly participate in material conflicts of interest.

It is not uncommon that manipulative and harmful sales tactics are used by salespeople who have not been trained properly.  Good training avoids such problems that potentially can harm the business.

Also, any type of price fixing and taking advantage of limited choices by increasing prices is something that companies should never engage in.

Respect for our consumers and stakeholders needs to be acknowledged. In our global economy we have to value and respect differences among us, whether it is about religion, gender, ethnic background, sexual orientation, or any other group.

Stereotyping certain groups or dehumanizing them in any way is unfortunately common still and will always harm our overall operations (think of the many companies who have been found to have racially prejudiced practices or rules within their operation).  We also need to respect the different needs consumers might have.

A point to make for the Cayman Islands is how little effort has been made to consider handicapped people in the design of buildings and other property.

While laws have been set and are being enforced well today there is still some way to go.  Imagine a fragile older person walking in some areas of downtown Georgetown if it is very humid,or shortly after rain.

Access to certain buildings for people in wheel chairs or on crutches is often times difficult if not impossible (this is true for some government buildings here). Although new buildings have requirements to be handicap accessible, many older buildings and areas pose problems for handicapped people.

Our communication should always be open and honest. We have to communicate clearly and strive to listen to our consumers and stakeholders.

Any changes of products and services should be clearly stated and any terms or deals should also be clearly communicated. Any risks and potential problems with products and services should be explained to potential consumers as well.

There should be an expectation of strategic efforts that fulfill economic, legal, philanthropic, and societal responsibilities.

This is true for efforts to contribute to society through volunteerism or monetary donations as well as for protecting the environment around us.

In countries that are less developed any business that enters that market should develop understanding of the needs special to that region and make every effort to adjust strategies to help meet those needs.

Every company and organization should develop a code of conduct that speaks directly to the services and products offered and how the marketing strategies developed include an understanding of ethical norms and values (see an example from the Price Waterhouse Coopers website).

While the generic values and norms offered here are a good starting point every company needs to adjust them to the culture of their country, industry, and corporation.