MKTG 301 1st Edition Lecture 6 Current Lecture Chapter 3 1 A business case can be made for something means 1 Business purpose is PROFIT 2 What is corporate social responsibility 1 Is a concern for society s welfare 2 Paying attention to every affected stakeholder and the individuals within them Stakeholder affected by every aspect of the business ex buys sells the product has a stake in the business IMPORTANT 3 Describe the social responsibility arguments 1 For 1 It s right thing to do 2 Businesses have the resources to devote to fix social problems 3 Prevents government regulation and potential fines they don t want more oversight they want LESS oversight 4 Profitable ex Reinvest in the business hire more employees 2 Against 1 Government s problem not ours 3 Sustainability 1 Socially responsible companies will outperform their peers 4 Pyramid of Corporate Social Responsibility listed from high to low 1 Philanthropic responsibilities 1 You do good by making good do good feel good 2 Ethical responsibilities 1 Not only cause the government says so but because you believe it is right own code of ethics 3 Legal responsibilities 1 Obey the law 4 Economic responsibilities 1 Be profitable 5 Green Marketing IMPORTANT 1 The development and marketing of products designed to minimize negative effects on the environment or improve the environment 1 Socially responsible ex Biodegradable Sunchips bags but customers reacted calling the bag too noisy making socially responsible tasks challenging for businesses 6 Cause Related Marketing 1 For profit and non profit organizations cooperate to generation funds Chapter 4 1 Environmental Scanning 1 Helps identify opportunities and threats 2 Designing a marketing strategy is based on six major environmental forces what s going on in the world socially globally Ex Stay updated onRussia or Middle East current events 1 Social 2 Demographic 3 Economic 4 Technological 5 Political Legal Look what s happening this country New congress came in 6 Competitive If you re in business you re in competition 3 Target Market IMPORTANT KNOW DEFINITION 4 Environmental Management 1 The firm cannot control the external environment strengths and weaknesses are looked internally What are the opportunities SWOT 5 Social Factors 1 Attitudes 2 Values 3 Lifestyles 6 Think to yourself if you were forced to identify one value that you hold dear if were pressed would you die for it Is that nonnegotiable 1 Now think about what you consume how much quantity do you buy 2 To what extent do those values affect your consumption behavior 3 Target Market the group they most want to do business with 7 Component Lifestyles 1 They will consume product or services based on how they live 2 Social networking has changed the game 8 Marketing to Hispanic Americans 1 Nearly 60 percent of Hispanics are of Mexicandescent