Finally corporations have a responsibility to live out these beliefs no matter the situation or where or when business takes place. I firmly believe in each of the five stakeholder theories and would recommend them to all businesspeople. Research has shown that the benefits of conducting business by these theories are countless and endless, plus they impose little cost to corporations. Since the business world is the basis of society it is important that business is conducted in an ethical and responsible way to encourage all of society to live ethically and responsibly. By accepting responsibility, we move closer to creating a world that works for all.
Companies are in the business of satisfying needs and wants of consumers.
Product marketing enables the beneficial exchanges that satisfy consumer and organizational objectives. Marketing allows companies to reach their desired markets. It provides smaller, lesser known companies the necessary means to get their products out to consumers. However, in order for marketing to serve the public welfare, the advertising must not be deceptive or misleading. Prior to the 1960s, the idea of caveat emptor was pervasive in American business, however, after Kennedy's Consumer Bill of Rights in 1962, it was evident that consumers had specific rights including the right to safety and the right to complete and accurate information.