SLIM Research Bureau, the research arm of the Sri Lanka Institute of Marketing (SLIM), launched the first volume of “Ethical Marketing Guideline” at the recently concluded Effie Awards 2021.
A collaborative effort of SLIM, the Association of Accredited Advertising Agencies (4As), and the International Advertising Association (IAA) – Sri Lanka Chapter, the key objective of “Ethical Marketing Guideline – Volume 1” is to provide timely, underlying insights into how brands and organizations can incorporate ethical marketing practices into day-to-day business operations.
Commenting on the guideline and the collaboration, SLIM President Ms. Thilanka Abeywardena noted: “‘Ethical Marketing Guideline – Volume 1’ is an effective intervention to promote honesty, fairness, and responsibility in all marketing and advertising efforts in Sri Lanka, together with the Accredited Advertising Agencies Association and the International Advertising Association. This will be the first step of the journey to establishing ethics and regulations for the industry in Sri Lanka in future.”
“SLIM launched its national initiative ‘Future-Ready Sri Lanka’ to provide much-needed optimism and motivation to Sri Lankans to reinvigorate the economy through resilience, innovation, and entrepreneurship. We believe this initiative will help the industry to support the country’s business growth whilst respecting locally and internationally accepted ethical guidelines that will shape our society and its future generations. I urge all marketers to unite together in creating an ethical marketing culture in Sri Lanka,” she added.
Ethical marketing refers to the application of marketing ethics to promote brands as a means to fulfil social responsibility. As a result of incorporating marketing ethics, organizations are able to broaden their scope for attracting more consumers through transparency and accurate, truthful information, while simultaneously avoiding deceptive marketing or advertising practices.
4As President Mr. Sugibun Sathiamoorthy remarked: “As an industry, we thank the SLIM President and her team for taking this crucial first step. It is a worthy attempt to fulfil a long-felt need. I invite all members of 4As as well as the marketing communications industry to take this initiative forward and build on the foundation provided by this volume. Let’s keep our minds open to healthy debate and diverse points of view, and contribute constructively as we usher the industry into the future.”
As the first step of the initiative, SLIM Research Bureau conducted a desk research to gather penetrative information that helps understand the current guidelines, laws, and regulations related to ethical marketing in Sri Lanka as well as other countries such as the US, the UK, Australia, Singapore, Indonesia, and India. Following this, SLIM collaborated with 4As and IAA – Sri Lanka Chapter to come up with the best guidelines applicable to the local marketing and advertising sectors.
Lastly, the SLIM Research Bureau launched “Ethical Marketing Guideline – Volume 1”, comprising recommendations to the Government and corporates to take necessary steps to encourage ethical marketing practices in Sri Lanka.
Sharing his thoughts on this initiative, IAA – Sri Lanka Chapter President Mr. Tharaka Ranwala stated: “When a company is adhering to the particulars and the nuances of the marketing ethics on a consistent and continuous basis in all its marketing and promotional activities, it helps to build a genuine and authentic brand that assures trust, faith, and integrity. All brands should understand the gravity of the issues that come up with unethical practices and how it affects the brands and the community in the long term. Thus, this gives us a very good ground to look back and rectify our own actions.”
SLIM Research Bureau welcomes all suggestions and remarks pertaining to the improvement of “Ethical Marketing Guideline – Volume 1” to srb@slim.lk, which will be reviewed and subsumed into the final guideline presented to the Government for legalization.