Societal marketing – a principle of sustainable marketing that holds that a company should make marketing decisions by considering consumer wants, the company’s requirements, consumers’ long- run interests, and society’s long-run interests. Alert companies view societal problems as opportunities. Sustainable marketing calls for products that are not only pleasing but also beneficial. Products can be classified according to their degree of immediate consumer satisfaction and long-run consumer benefits. Deficient products, such as bad tasting and ineffective medicine, have neither immediate appeal nor long-run benefits. Pleasing products give high immediate satisfaction but may hurt consumers in the long run ie junk food/cigarettes. Salutary products have low immediate appeal but may benefits consumers in the long run. Desirable products give both high immediate satisfaction and long-run benefits. LO5 Good ethics are a cornerstone of sustainable marketing. In the long run, unethical marketing harms customers and society as a whole. Sustainable marketing goals of long-term consumer and business welfare can be achieved only through ethical marketing conduct. Companies need to develop corporate marketing ethics policies- broad guidelines that everyone in the organization must follow. These should include distributor relations, advertising standards, customer service, pricing, product development, and general ethical standards. But what principle should guide companies and marketing managers on issues of ethics and social responsibility? One philosophy is that such issues are decided by the free market and legal system. Under this, companies and their managers are not responsible for 12
making moral judgements. Companies in good conscience do whatever the market and legal system allows. Second philosophy puts responsibility not on the system but in the hands of individual companies and managers. This more enlightened philosophy suggests that a company should have a “social conscience” Sustainable companies are those that create value for customers through socially, environmentally, and ethically responsible actions. It means having concern for tomorrows customers in ensuring the survival and success of the business, shareholders, employees, and the broader world in which they live in. Lesson 4: The Marketing Environment Lesson Objectives: Describe the environmental forces that affect an organization’s ability to serve its customers (120-123) Explain how changes in the demographic environment affect marketing decisions (124-133) Summarize trends in economic, natural, technological, political, and cultural environments that have an impact on marketing (134-144) Discuss ways organizations can respond to the marketing environment (144-146) Outline the marketing information system (157-159) Discuss how a company can assess its information needs (159) Describe the different ways marketers can obtain marketing information (160) Explain how companies analyze, distribute, and use marketing information (177-181)
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