Principles of Management Ethics in CRM Principles of Management

Definitions Informed Consent Integrity Consent given after being provided with fair and full disclosure of all the facts necessary to make an intelligent decision after weighing the relative pros and cons of the situation and the possibility of realistic alternatives. Integrity Steadfast adherence to a strict moral or ethical code; the state of being unimpaired; soundness.

Trust Unethical behavior by businesses erodes customer loyalty Building trust helps avoid unethical behaviors Trust is earned over a period of time but can be lost a lot quicker Source: http://ezinearticles.com/?Presenting-ETHICS---Elevating-Trust-Has-Inspired-Customer-Satisfaction&id=2307463

Source: http://www.businessassyst.com/Papers.html Loyalty Gaining knowledge of and understanding customers = building brand loyalty Increase in customer loyalty programs Cost justification Source: http://www.businessassyst.com/Papers.html

Ethical Issues & Information Information is precious property Companies take great measures to ensure their customers’ privacy Trust is lost if privacy is breached

Let’s Just Share Information gained by one department takes on a proprietary nature – we found it, we own it Customers releasing their information to one department may not have given permission for that information to be shared Trust

Information Selling Personal information one company gains is oftentimes sold to another company Check to see before you give out your personal info if the company does so Sometimes companies use your own information to heavily market new products to you without your consent

Impact Poor or unethical privacy practices spell disaster for business It takes longer and costs more money to recover lost customers