Week 12 - Sustainable marketing Flashcards
Define sustainable marketing
environmental and socially responsible marketing that meets the present needs of consumers and businesses while preserving or enhanding the ability of future generations to meet consumer needs
Name some sustainable marketing practices
- Consumer oriented marketing – consumer centric
- Customer value marketing – value centric
- Innovative marketing – innovation centric
- Sense of mission marketing – match profit with a defined broad social mission
- Society marketing – focus on long term consumer, org, society good.
- Social marketing – market ideas & behaviours for common good (eg anti smoking)
- Green marketing – market ideas & behavours to preserve the invironment (eg anti plastic bag)
Introduce major criticisms / dark side of marketing
Marketing criticised as negatively affecting individuals, society & other businesses. 3 specific points.
Discuss a negative aspect of marketing affecting INDIVIDUALS
Deceptive practices in field of pricing, promotion, packaging.
• Manipulating consumers into thinking they get more value than they actually do.
• Marketers might respond by saying the mechanism of competition will regulate. Also gov regulates.
• Eg – chip packet full of air.
Discuss a negative aspect of marketing affecting SOCIETY
Rampant consumerism – caused by endless new products and innovation.
• Encouraging people to update with little in value provided. False needs.
• Marketers my claim this overestimates their influence.
• Eg – new iphone
Discuss a negative aspect of marketing affecting OTHER BUSINESSES
Acquisition of brands & competitors, harms society by reducing competition.
• Results in less pressure to reduce price and increase innovation.
• Marketers my claim economies of scale and the rescue of poor performers.
• Eg: Coles & Woolworths duopoly in petrol industry, squeezing independants out of the market.
List the 3 levels of ethical decision making
Societal, professional, personal.
What’s the nature of societal ethics
- Laws & regulation
- Follows societies views
- Lags behind society.
What’s the nature of professional ethics
- Where law is not clear, prof associations may set industry standards.
- Codes of conduct
- Best practice – benchmarking.
What’s the nature of personal ethics
In uncharted territory? Consider these when making a decision: • Do most good • Respect all parties • Best serves the community • Respect yourself after • Could you justify to the public?
Explain the role of new product development in sustainable marketing
Sustainable marketing focuses on meeting the needs of consumers today and also, through socially and environmentally responsible practices preserving the ability to meet consumer needs in the future.
Product development in this context allows companies to change their offerings over time to meet these social and environmental goals.
What are the 5 stages of the PRODUCT LIFE CYCLE (PLC)
- Product development – finds new ideas
- Introduction – taken to market
- Growth – rapid market acceptance
- Maturity – slowdown in sales and growth
- Decline – sales & profits fall
Nature and limitations of the PLC?
- The product life cycle charts the course of sales and profits of a company, brand or product class over time.
- Profile will vary over time.
- Limitation – can often only determine the current position in the lifecycle in hindsight.
5 types of consumers in the NEW PRODUCT ADOPTION PROCESS
- Innovators – venturesome
- Early adopters – opinion leaders, not representative of majority
- Early majority – deliberate, adopting before average consumers
- Late majority – sceptical
- Laggards – suspicious of change
