In marketing as in other aspects of business, it is critical that professionals make sure to act in an ethical manner both legally and socially. In this age of interconnectedness, one unethical move can become an Internet video or comment that spreads rapidly, not just locally but potentially throughout the world. From a marketing standpoint, it is critical to take into account the impact of an organization’s decisions on other people and the environment.
However, how you communicate the expected conduct required in a business is as important as the ethical expectations themselves. Most companies have a written Code of Conduct as well as other corporate statements that communicate the expected behavior and values of the firm.
In this Assignment, you will engage in the development of the following professional competencies:
Make ethical decisions and solve problems
In this Assignment you will read the Cengage® Case Study: “Barclays Bank: Banking on Ethics” and then respond to the checklist items in a critical essay based on a scenario.
Assignment Scenario: As a new marketing associate with Barclays Bank, you are tasked with writing a critical essay summarizing what transpired during the investigation conducted by the United States Department of Justice into the abuse of the London Interbank Offered Rate (LIBOR) interest rate regulated by the British Banker’s Administration. This essay, if chosen by your new employer, will be the report presented to the Board of Directors.
Write a 2–3 page, (not including a title and references page), double-spaced, critical essay responding to the checklist items. For assistance with your Assignment, please use your textbook and library research resources. The instructions for you to execute this task are as follows:
Directions for completing this Assignment:
1. Read the “Barclays Bank: Banking on Ethics” case study: file attached
2. Use APA format and citation style, provide a title page and references, and do not forget to use in-text citations with their accompanying references so as to avoid plagiarism.
3. In your critical essay that includes your thesis, arguments, support, and conclusion, respond to the following:
● Describe the level of ethical development the executives at Barclays demonstrated when manipulating the LIBOR interest rates.
● Did Barclays Bank neglect social responsibility? What could they have done to be more socially responsible?
● What actions regarding Corporate Social Responsibility (CSR) could Barclays have engaged in after the scandal broke to set things right and ensure that such an event would not happen again?
● Describe what level of morality would have been demonstrated if executives at Barclays asked themselves, “Even though manipulating the LIBOR will increase company profits, is it the right thing to do in the long run?”
● Explain the importance of ethics and social responsibility in marketing as a result of your case study analysis.