Published on : Sep 11, 2017
Albany, New York, September 11, 2017: In today’s business world, a company’s reputation is extremely important as it influences buyer’s decision of purchase. It involves many efforts and years to build a good reputation. Recently a report named “The Ethical Brand - UK - August 2017” has been added to Market Research Hub (MRH)’s repository that offers insights and analysis on the ethical brand in UK.
One of the many efforts is for internal and external stakeholders to be ethical. Ethics are critical to consumers and market history is replete with examples of consumers shunning a brand owing to perception that the brand may be ‘unethical’.
According to the report, Ecover -- a Belgium based manufacturer of ecologically sound cleaning products -- has been the standard bearer in terms of following ethics. The company opened the world’s first ecological factory and committed to the planet and caring for the environment.
The report provides a list of top ranked brands in terms of ethics, brand that is socially responsible, and a brand that cares for the environment. The report offers opinion and insights on brands that are ethical across brands by sector, gender, age, and household income for the period 2015 and 2017.
The report offers examples of specific brands in terms of how they are performing on the ethical front. As per the report, Dove continues to focus on its real beauty campaign, and has maintaining their reputation as a social responsible company, unlike other companies that are focusing on being environment-friendly and morally sound. The company’s real beauty campaign is boosting its CSR credentials.
As per report research findings, FMCG sectors are ahead of the rest and media brands are most likely to be considered unethical. The report also offers insights on consumer dichotomy over brands that are considered ethical. Companies assume that consumers will pay hefty amount for products made with super ethical standards. However, price-sensitive consumers may not care much about a brand’s commitment to ethics.
The report also states how improving ethics can be a challenge for some brands. An ethical behavior has to stop for a while and think, should clarify on goals, determine on facts, develop some options, consider consequences, make a choice, monitor and then modify. It prevents rash decisions, achieve important life goals and makes one stay informed.
The report also mentions Coca-Colas plastic initiative that captures attention wherein it is to increase the amount of recycled bottles to 50% amid pressure from environmentalists.
The report also offers insights on what makes brand ethical. The definition of ethics is moral principles that govern a person's behavior or the conducting of an activity. However there are no guidelines and very little information when it comes to one’s profession. As there is no governing body, a company cannot refer to rules when things are not in place. One can distinguish between an ethical brand versus another one is by transparency and traceability.
Overall, the report offers sector review on the importance of ethics and sector overview across a wide range, including automotive, beauty & personal care, drink, fashion, financial services, foodservice, household care, media, technology products, and technology service providers.
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