How can companies be responsible social marketers
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How can companies be responsible social marketers
- 1. Managing a Holistic Marketing Organization for the Long Run Part 3
- 2. How can companies be responsible social marketers?
- 3. Businesses have not always believed in the value of social responsibility I have never known much good done by those who profess to trade for the public good – Adam Smith
- 4. Forces driving CSR Rising customer expectations Evolving employee goals and ambitions Tighter Government legislations and pressure Investor interest in Social Criteria Media scrutiny Changing Business Procurement practices
- 5. Socially responsible marketing calls for a 3 pronged attack
- 6. Legal Behaviour Firm must ensure every employee knows and observes relevant laws
- 7. Hard to differentiate between what is ethical and unethical. Firms must adopt and disseminate a written code of ethics Bribery, theft of trade secrets, price fixing etc are unethical.
- 8. Social responsibility behaviour Communicating CSR is quite a challenge. Many a time, firms become a target of criticism when adopting sustainability and environmental initiatives.
- 9. How to blend CSR initiatives with marketing activities?
- 10. Cause related marketing Cause marketing refers to “marketing efforts that have at least one non economic objective related to social welfare and use the resources of the company and/or of its partners” – Minette Drumright and Patrick Murphy Costs and Benefits
- 11. Could backfire if consumers question the link between the product and the cause or see the firm as exploitative and inconsistent. Increase firm’s market value Drive salesEnhance firm’s public image Differentiated brand positioning Build strong consumer bonds Improve social welfare
- 12. Social marketing: Carried out by non profit and government organizations to further a cause. They are quite complex and usually take time to take effect.
- 13. Recap: Socially responsible Marketing: 3 pronged attack Legal behaviour Ethical behaviour Social responsibility behaviour Combining CSR initiatives with marketing practices.
- 14. Thank you