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Analysing the Marketing Environment, Conscious Marketing, Corporate Social…
Analysing the Marketing Environment, Conscious Marketing, Corporate Social Responsibility and Marketing Ethics
Marketing Environment
Consumers
The Immediate Environment
Competitors
Understanding their firm’s competitors, including their strengths, weaknesses, and likely reactions to the marketing activities that their own firm undertakes
Corporate Partners
Partners who supply components and parts that these partners work with the company to create an efficient manufacturing system
Company
Focus on satisfying customer needs and wants that match their core competencies
Macroenvironmental Factors
Political/Legal
political parties, government organizations, legislation and laws that may limit marketing actions
Economic
factors that affects buying power and patterns
Consumer Confidence
a measure of the level of optimism consumers have about the performance of the economy
Inflation
When inflation increases, consumers buy less luxury goods but continue to buy normal goods
Economic factors affected by Inflation (Maverick, 2020)
Demographics
the characteristics of human populations and segments, especially those used to identify consumer markets
Income
Purchasing power is tied to income
Education
income, which determines spending power
Gender
gender neutrality in positioning their products
Ethnicity
Marketers must be sensitive to such cultural issues to be successful, and they must also consider customer demographics—age, income, market size, education, gender, and ethnicity—to identify specific customer target groups
Generation
a group of people of the same generation
have similar purchase behaviours because they have shared experiences and are in the same stage of life
Technology
keeping up with technological trends to stay relevant and prevent being replaced
Technology Advancements that will replace current products/services (Long, 2018)
Culture
the shared meanings, beliefs, morals, values, and customs of a group of people
Regional
The region in which people live in affects many aspects of people’s life
Country
Behaviour, dress, symbols, physical settings, ceremonies, languages differences, colors, tastes, food preferences
Social Trends
Marketers should strive to keep up with social trends to stay relevant
Privacy
importance of assuring consumers that their privacy is kept safe
Green
Implementing sustainability initiatives will appeal to consumers (Smith, 2020)
Health & Wellness
Healthy eating and fitness trends spurring business (2019)
Conscious Marketing
Principles
Recognition of marketing's greater purpose
Engagement improves the inputs and the outcomes of marketing actions
Consideration of stakeholders and their independence
Employees
Ensure a safe working environment free of threats to their physical safety, health, or well-being.
Marketplace
One firm in the industry can lead the way toward conscious marketing
Society
A firm that fails to act responsibly causes damage to all the preceding stakeholders as well as to itself
Customers
Conscious marketing programs must take trends into account and react to them quickly.
When conscious marketing takes on such issues, it increases consumer awareness of the firm, which can lead to better brand equity and sales in the long run
The presence of conscious leadership, creating a corporate culture
The firm’s leaders are dedicated to the proposition of being conscious at all levels of the business, throughout its entire culture
The understanding that decisions are ethically based
Decisions must be made on sound marketing ethics
Corporate Social Responsibility
The voluntary actions taken by a company to address the ethical, social and environment impacts of its business operations and the concerns of its stakeholders.
Marketing Ethics
examines ethical situations that are specific to the domain of marketing, including societal, global or individual customer issues. They can involve societal issues such as the sale of products or services that may damage the environment, global issues such as the use of child labor, or individual consumer issues such as misrepresenting a product in advertising or marketing dangerous products.
Differences between Conscious Marketing and Corporate Social Responsibility (WPSU, 2020)
CSP is independent of corporate purpose or culture
while CM Incorporates higher purpose and a caring culture
CSP reflects a mechanistic view of business
while CM Ttakes a holistic, ecosystem view of business as a complex adaptive system
CSP is often grafted onto traditional business model, usually as a separate department or part of PR
while in CM social responsibility is at the core of the business through the higher purpose and viewing the community and the environment as stakeholders
CSP sees limited overlap between the business and society, and between business and the planet while CM Recognizes that business is a subset of society, and that society is a subset of the planet
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