Marketing research and targeted advertising are widely used techniques to establish a connection between products and consumers. Information obtained through marketing research can offer a competitive advantage for a company by implementing practices discovered to be important to existing and potential customers. When consumer expectations are defined, a targeted advertising campaign can be directed toward individuals who are likely to buy the product or service being offered. Because the research and advertising processes involve personal investigation and communication, ethical issues often become a factor. This paper will identify areas of ethical concerns throughout the research and advertising processes. In addition, this paper will describe advertising campaigns that raise ethical concerns and explain the responsibilities of those involved. Marketing research and targeted advertising are successful components of the business world, as long as the established ethical boundaries are not compromised. Conducting ethical research and implementing ethical advertising campaigns can contribute to building and sustaining successful customer relationships.