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Lecture fundamentals of marketing - Lecture 31: Sustainable marketing social responsibility and ethics

After studying this chapter you will be able to understand: Sustainable marketing, social criticisms of marketing, consumer actions to promote sustainable marketing, business actions toward sustainable marketing, marketing ethics, the sustainable company. | Sustainable Marketing Social Responsibility and Ethics LECTURE-31 1 Sustainable Marketing Social Criticisms of Marketing Consumer Actions to Promote Sustainable Marketing Business Actions Toward Sustainable Marketing Marketing Ethics The Sustainable Company Topic Outline 2 Meeting needs of consumers while preserving the ability of future generations to meet their needs Sustainable Marketing Responsible marketers discover what consumers want and respond with market offerings that create value for buyers and capture value in return. The marketing concept is a philosophy of customer value and mutual gain. Its practice leads the economy by an invisible hand to satisfy the many and changing needs of millions of consumers. Not all marketers follow the marketing concept, however. In fact, some companies use questionable marketing practices that serve their own rather than consumers’ interests. Moreover, even well-intentioned marketing actions that meet the current needs of some consumers may cause immediate or future harm to other consumers or the larger society. Responsible marketers must consider whether their actions are sustainable in the longer run. This chapter examines sustainable marketing and the social and environmental effects of private marketing practices. First, we address the question: What is sustainable marketing and why is it important? Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Figure 20.1 compares the sustainable marketing concept with marketing concepts we studied in earlier chapters. The marketing concept recognizes that organizations thrive from day to day by determining the current needs and wants of target customers and fulfilling those needs and wants more effectively and efficiently than competitors do. It focuses on meeting the company’s . | Sustainable Marketing Social Responsibility and Ethics LECTURE-31 1 Sustainable Marketing Social Criticisms of Marketing Consumer Actions to Promote Sustainable Marketing Business Actions Toward Sustainable Marketing Marketing Ethics The Sustainable Company Topic Outline 2 Meeting needs of consumers while preserving the ability of future generations to meet their needs Sustainable Marketing Responsible marketers discover what consumers want and respond with market offerings that create value for buyers and capture value in return. The marketing concept is a philosophy of customer value and mutual gain. Its practice leads the economy by an invisible hand to satisfy the many and changing needs of millions of consumers. Not all marketers follow the marketing concept, however. In fact, some companies use questionable marketing practices that serve their own rather than consumers’ interests. Moreover, even well-intentioned marketing actions that meet the current needs of