To prepare for this Key Concept Exercise:

• Reflect on the nature and extent of ethics as it applies to marketing.
• Reflect on the nature and extent of social responsibility as it applies to marketing.
• Consider the extent to which marketing professionals should behave in an ethical and socially responsible manner.
• Research within the University of Liverpool Library and on the Internet for supporting resources.

To complete this Key Concept Exercise:

In an approximately 500-word response, address the following question:

• To what extent do you agree with the following assertion by Friedman?

'...there is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud' (Friedman, 1962, p.133).

Reference: Friedman, M. (1962) Capitalism and freedom. Chicago: University of Chicago Press.