Conscious Marketing, Corporate Social Responsibility, and Ethics
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Conscious marketing aims to create purpose and trust through ethical practices that benefit society and the environment. It considers stakeholders and makes decisions based on four components: greater purpose, interdependence, conscious leadership, and ethics. Relatedly, corporate social responsibility addresses ethical, social, and environmental impacts through initiatives like charitable donations and responsible practices. When implementing marketing plans, firms should balance stakeholder needs at each stage: planning, implementation, and control, ensuring all potential issues are addressed and employees act ethically.
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Ethics and CSR
1. Business ethics and corporate social responsibility (CSR) can be competitive strategies that create shared value for businesses and society.
2. CSR involves economic, legal, ethical, and philanthropic responsibilities of businesses to various stakeholders.
3. Strategic CSR moves beyond good citizenship by integrating social and ethical considerations into core operations and strategy, which can lower costs and better serve customer needs.
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4. Business ethics & social responsibility
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Corporate social responsibility (CSR) refers to how businesses address social issues, while business ethics examines morally appropriate behaviors. Although related, CSR does not guarantee ethical behavior. Reasons for CSR include meeting public and stakeholder expectations, and contributing to business performance through hiring and reputation. However, CSR activities exist on a continuum from maximizing profits to leading on social issues. While a global business ethic is emerging, developing global ethics codes faces challenges around negotiation power dynamics, rules stifling innovation, and keeping pace with changing globalization.
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This document provides an overview of social responsibility, ethics, and corporate social responsibility in business. It discusses key concepts such as:
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This document discusses business ethics and provides an overview of its importance and development over time. It covers several key points:
1) Business ethics is crucial for decision making at all levels of an organization and deals with determining what practices are acceptable. However, there is no single approach for resolving ethical issues.
2) Studying business ethics is important because scrutiny of business decisions has increased, trust in businesses has diminished after financial crises, and stakeholders influence what is considered ethical.
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1) Social responsibility means considering human rights and quality of life beyond just profits. Ethics refers to principles of right and wrong.
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2) Studying business ethics is important because scrutiny of business decisions has increased, trust in businesses has diminished after financial crises, and stakeholders influence what is considered ethical.
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This document provides an overview of social and societal marketing. It defines social marketing as applying commercial marketing techniques to promote social goals and influence behaviors that benefit society. The key differences between social and commercial marketing are that social marketing aims to benefit consumers and society rather than the marketer. Societal marketing considers consumers' wants, the company's needs, and long-term societal interests. It emphasizes marketing products and campaigns that support consumer health, environmental sustainability, and local communities. Both social and societal marketing apply the "4 Ps" of marketing - product, price, place, promotion - to achieve behavioral changes or social goals. However, social marketing's primary goal is social gain while societal marketing balances social and profit motives.
Basics of Marketing.pptx
This document provides an overview of basic marketing concepts and terms. It begins by defining marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, or services. It then discusses key concepts like what a market and customer are, different definitions of marketing, and the 7 main functions of marketing: promotion, selling, product management, marketing information management, pricing, financing, and distribution. The document also covers the scope and nature of marketing, the evolution of marketing concepts from a production to social orientation, and 10 core concepts including needs, wants, demand, customer value, exchange, and customer satisfaction.
Chapter 1 DEFINING MARKETING FOR THE 21st CENTURY
DEFINING MARKETING FOR THE 21st CENTURY
WHAT IS MARKETED?
DEMAND STATES
Core MARKETING CONCEPTS
MARKETING CONCEPTS
Company orientation
Towards marketplace
COMPANY ORIENTATION
Holistic Marketing Concept
Understand four Ps (Marketing Mix)
MARKETING TASKS
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This is notes of the chapter 3 of marketing management semester 2. it helps you to study batter and give you an experience of advanced learning. marketing is the evolving subject in this world which helps student batter understanding and real world experience. in this noteses it is easy to thought and remain it in your mind for long time period. thanks for you and keep learning . best of luck.
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Conscious Marketing, Corporate Social Responsibility, and Ethics
- 1. Conscious Marketing Corporate Social Responsibility & Ethics By Jenna N. Denson
- 2. What is “Conscious Marketing”? • “… Entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.” (Grewel & Levy, 2022, pg. 123) • Marketing firms must address four main components while building and maintaining customer trust by conducting ethical, transparent, clear transactions that have a positive impact on society and the environment.
- 3. Four Main Components of Conscious Marketing: • 1 – Recognition of marketing’s greater purpose • 2 – Consideration of stakeholders and their interdependence • 3 – The presence of conscious leadership, creating a corporate culture • 4 – The understanding that decisions are ethically based
- 4. In addition to Conscious Marketing… • Many corporations are held to higher standards such as Corporate Social Responsibility (CSR) • CSR – “Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of it’s business operations and the concerns of it’s stakeholders”. (Grewel & Levy, 2022)
- 5. CSR can be achieved by… • Meeting “Triple bottom line” objectives (Economic, social, and environmental performance). • Initiatives include establishing charitable foundations, supporting & associating w/ existing nonprofit groups, supporting the rights of minority groups, and adopting responsible marketing, sales, & production practices.
- 6. The Key Conscious Marketing Stakeholders & the corresponding responsibilities to them… • 1 – Employees: Ensuring a safe working environment free of threats to their physical safety, health, or well-being. • 2 – Customers: Respecting & protecting privacy in an electronic world and ensuring the healthiness of products, especially those aimed at children. • 3 – Marketplace: Promoting their social & ethical consciousness in their marketing campaigns. • Cont. -
- 7. The Key Conscious Marketing Stakeholders & the corresponding responsibilities to them… • 4 – Society: Corporations must act responsibly and remain honest about it’s products and services. • 5 – Environment – A corporation is encourage to be “sustainable”. Sustainability is based on one simple principle: “Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment.”
- 8. Conscious Marketing should be integrated into each stage of the marketing plan… Stage One… • The Planning stage: The firm will decide what level of commitment to its ethical policies and standards it’s willing to declare publicly and how it plans to balance the needs of various stakeholders.
- 9. Conscious Marketing should be integrated into each stage of the marketing plan… Stage Two… •The implementation Phase: The tone of questions switch from “can we?” to “should we?” be engaging in particular marketing practices.
- 10. Conscious Marketing should be integrated into each stage of the marketing plan… Stage Three: • The control phase: Ensuring that all potential conscious marketing issues raised during the planning process have been addressed and that all employees of the firm have acted ethically.
- 11. References • Grewel, PhD, D., & Levy, PhD, M. (2022). Marketing (Eighth Edition). McGraw Hill LLC. (Original work published 2016)