The most trending words around the globe now are Covid-19 and Coronavirus. These two words bring with them the fear and the tension of uncertainty. In the times like these are when corporates especially marketers find themselves in a dilemma of ethics. Covid-19 is not a like any other incident that can be talked into selling a product but it is also difficult to avoid mentioning it in the first place. Marketers these days are really finding it difficult to market luxury items, beauty products and many other non-essential things because when more than half of the population is getting affected by the pandemic, how can one press on such products to its consumers with traditional marketing
When some sellers forget ethics
Now is also the time when some businesses try to forget their ethics. It is hard to not mention such acts. There were many reports that some companies withdrew hand sanitizers from the market alluding some quality issue in order to create a hike in the demand, so that they can raise the prices. Consumers have also witnessed an increase in the demand of hand sanitizers and masks and also the prices to go up as high as three-folds. Authorities had to come forward to regulate the prices and ensure the supply of the essentials. Many other sectors such as in the case of private airport operators, there were reports that travelers were charged extra to compensate for the loss due to the pandemic.
Ethics always wins in the long run
Ethical business actions may not be profitable in the short term, but, in the long term it builds customer loyalty and trust. Many companies are also thinking it in that way and are rather than utilizing short term profits from unethical deeds, they use this time to bring their customers and employees closer to the organization. Darden restaurants, for example, extended sick leave to around 200,000 workers. Also the Tata group helped its temporary and daily-wage workers with full day pay for March and April months. Recently, CEOs from 20 different organisations including MakeMyTrip, Fortis Healthcare, Medanta, EY and DLF have come together to build a 150-bed hospital in Gurugram to help fight the Covid-19. It better that companies make their strategies wisely, keeping in mind their long term repercussions.