Exceptional Geek

Ethics and Product Consumption

Juli Gibson

Sunday, 26 June 2016

Henry Weber

MKT 431

Ethics and Product Consumption

Adherence to stringent business ethics and policies has been the core of Timken’s business performance. The company monitors its associates, directors’ and officers’ conformity to the standards of business ethics governing the marketing endeavours as stipulated by the American Marketing Association (American Marketing Association, 2016). Timken Company is among the global leaders in the manufacture and marketing of engineering products, bearings, belts, gear drives, chains and related commodities. Hence, the business venture's market exhibit vast diversity since it ranges from aerospace, automotive, defence, energy, industrial equipment, health equipment, machine tools and so forth. The businesses remarkable performance results from its remarkable conformity to the ethical issue governing marketing (Timken, 2016).

Timken Company accepts responsibility for any mishaps that may emanate from its marketing strategies in pursuit of addressing the divergence needs of its customer. The company has increased its marketing volume by acknowledging the social obligations to its stakeholders so as to increase its economic and marketing power. Moreover, the company recognizes its vulnerable market segment or impoverished market hence its employs significant price diversity to cater for the diverse market needs. Fairness has also been a fundamental principle of consideration in Timken’s marketing strategies. The company desists from false advertising and unfair pricing so as ensure that the needs of the enterprise are perfectly balanced with the needs of the consumers (Timken, 2016).

Furthermore, the custom’s trust is regarded as extremely vital for the firm’s success. In this regard, Timken avoids engaging in marketing strategies that will harm the customer and subsequently deteriorating the trust. Also, Timken respects and embraces its customer’s diversity by ensuring that its advertising techniques are not propagating stereotypic perceptions. The company collects consumer feedback and implement strategies that will better service delivery to its customers. Moreover, transparency is an integral aspect that will spur consumer trust and loyalty. In this regard, Timken foster transparency by ensuring that it communicate openly to its customers and accepts criticism from its clients and the stakeholders. Citizenship is upheld in the company’s marketing strategies through implementing policies that promote environmental conservation and proper waste disposal, and giving back to the community through donations. Eventually, honesty is paramount in business operations and marketing. In this accord, Timken displays remarkable honesty through dissipation of complete information to its consumer including the potential harm, durability, and quality of its products (Timken, 2016).

Regarding Timken’s marketing strategies, I recommend that the company diversifies it production base so as to manufacture products that are affordable to its markets that encompasses developing countries. Also, the company should reduce its response time to consumer queries and protocols for filing a complaint. Reduction of the longevity of this period will propagate better service delivery to its customers.

References

American Marketing Association. (2016). Statement of ethics. Retrieved from: https://archive.ama.org/archive/AboutAMA/Pages/Statement%20of%20Ethics.aspx.