From time to time some business students proudly announce their decision of following more “important”, “impactful” or “rewarding” areas, such as non-profit. Sometimes, the word “business” sounds as an inferior career choice, undignified in front of more “noble” causes, such as working for PETA or WWF. However, business is without a doubt a good guy in the fight against the evil forces. Businesses are key players in an economy and deal with the allocation of resources around the world, in a world where we suffer from scarcity. They also create jobs and incomes, promote economic development and, due to the global economy, contribute to increasing the standard of living for everyone. Last, but not least, businesses donate money and support numerous social causes, from global warming to microloans in underdeveloped countries. Just look at the example of the Gates Foundation created by Bill Gates.
The second “dirty” word that can be heard in business classes is advertising. Besides the sometimes hilarious ads that entertain everybody, most consumers, including business students, consider advertising the manipulatory member of the business family. It is true that consumers, regulators and academics have called in time for better efforts to improve the image and practices of advertising. However, less known are its benefits. Advertising feeds us information on a daily basis, it provides us necessary pieces of knowledge that help us make decisions. It also helps keep businesses in check and, many times, it acts as the market regulator, as comparative ads will surely underline the errors and weaknesses of competitors. Advertising stimulates competition, innovation and new product development, and many times it promotes freedom of communication. Nevertheless, it creates jobs and keeps the economy developing. After all, a well-developed economy is desirable for governments and non-profits.
Could we benefit from the presence of more ethical individuals in business? Absolutely, nothing could be truer. However, we cannot dismiss business as bad for society just because of a few “wolves from Wall Street”, just as we cannot belittle all non-profits just because some of them have been proven scams. Honest business and advertising are some of the best causes where you can be involved. Giving someone a job is a great cause.
Maria Petrescu, Ph.D., is Assistant Professor of Marketing in the H. Wayne Huizenga College of Business and Entrepreneurship, Nova Southeastern University. She can be reached at mpetresc@nova.edu
#1 by Natalka Nguyen on 10/18/16 - 10:15 AM
Business-for-profit and non-profit organizations along with diversity of foundations and charities are very important for our society. Small business owners are working hard to achieve their goals. I think that ethical aspects and high standard morals is a must when it comes to business of any type. For successful business entrepreneurs and corporate managers should understand how marketing and advertising work. I truly believe that advertising ought to be honest. Dishonest companies will not succeed because modern technology allows us to do a better research about products and services.
#2 by Maria Petrescu on 10/18/16 - 3:17 PM
#3 by Jonatan Salazar on 10/18/16 - 3:20 PM
#4 by Gabriella McCue on 10/18/16 - 9:03 PM
I enjoyed this article, and found it to be interesting.
As a business major I feel I can speak not only for myself but for my peers as well when I say that it is a cut throat major, and a competitive work place.
The younger generation should pay attention to articles such as this to improve society and to make an impact in our workforce in the field of business.
I do feel however these percentages are somewhat low and more people should focus on making a difference in this field.
#5 by Maria Petrescu on 10/19/16 - 10:55 AM
#6 by Maria Petrescu on 10/19/16 - 10:57 AM
#7 by Stacey Nicol on 10/19/16 - 6:27 PM
#8 by Richard Hudnett on 10/20/16 - 11:26 AM
Sincerely,
Rick Hudnett
#9 by Sarah Personelli on 10/21/16 - 12:18 PM
#10 by Terrence M Scott on 10/22/16 - 12:03 PM
One thing I can say that advertising is genius being that it's not just the sale of items but the mental thought process that is behind the advertising as to what a person my need or use an item which is impressive to me, but it makes others feel uncomfortable being that someone is talking to you through your TV or radio getting you to spend your hard earned money! LOL
#11 by James D'Annunzio on 10/23/16 - 12:23 PM
#12 by Natalka Nguyen on 10/27/16 - 2:24 PM
#13 by Paul Mojica on 11/4/16 - 7:50 PM
What I am alluding to is that business practices and human interaction cannot be separated. If anything, business practices are ran by human interaction. So, to make an observation in saying that business and advertising is "dirty" or can be deceitful, is short of the realization that it is only as "dirty" and deceitful as those who are operating it.
Essentially, if change to the practice of business become the sole outcome without changing the ethical and moral principals of the operator, than effective, long-lasting change may never occur.
#14 by Nick Thompson on 9/29/17 - 1:53 AM
I greatly enjoyed reading your post and believe you have a strong and valid argument for the credibility of the business world. I too believe that a few "wolves" who chose to make poor decisions have created a negative stigma on behalf of all business people although it is one that is inaccurate. I believe one of the business worlds largest and undeniably positive contributions to society is the wide array of jobs and employment that support millions of americans. I feel as though you highlight an extremely important aspect of marketing, its influential roll as a "market regulator", acting as one of multiple parts in the business worlds own unique natural selection process.