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Analyzing the market environment :mag:, always something extra :!:,…
Analyzing the market environment :mag:
Market ethnics
a philosophy that focuses on
responsiblity
Fairness
Honesty
Examples
Endorsements should be clear and transparent
Maintain consumer privacy
Clear distinction between advertising and sensationalism
Rules and regulations to be followed
Marketing environment
Components
Micro environment
Company
focus on satisfying customer needs to match core competencies
Corporate partners
supply parts to create am efficient manufacturing system
Competition
understand strength and weakness
Figure out likely reaction to marketing activities
Closely associated with operation of
Influences its functioning
operation of business
Customers
Company revolves around customers'
wants
needs
Macro environment
Culture
Regional
dietary taste and preferences
Country
Behavior, dress, symbols, language differences
Shared meanings, beliefs, moral, values, and customs of a group of people
Technological Advances
Newer
Forms of communication
Retail channels
Products
Social trends
Health and wellness Concerns
People more health conscious
Increase gym facilities
Healthy eating
Greener consumers
Using sustainable products
Biodegradable products
Privacy Concern
Acknowledgement of cookie usage when surfing the web
Password safety
Economic Situation
Consumer confidence
Optimism of the performance of the economy
Inflation/depression
Demographics
Ethniciity
Ethnic and racial groups
Gender
Male/Female
Education
Income
Upper,middle, lower class
Purchasing power
Generational cohort
Gen Z , Baby boomers, Gen Y
Characteristics of human population
Gives rough
Political/Regulatory Environment
Regulations by political parties, government
Different in countries
Cannot be controlled by company
Internal environment
within company
inventory
company policy
Labor
logistics
affects
relation with customers
Marketing decisions
internal & external factors
surround the business
Influence marketing operations
Conscious Marketing
Principles
Stakeholder orientation
Customers
Potential
Current
Focus on increasing awareness of trends to better brand equity and sales
Society
Environment
Community
As company expands to improve community and environment they begin to bear more responsibility for their actions as it can negatively impact their surroundings
With great power comes great responsibility :spider: RIP uncle Ben
Employees
Family
Employees
Ensure safe working environment
Free from physical and mental well being
Marketplace
Competitors
Partners
Conscious marketing can force competitors/partners to follow to stay relevant
Healthy stakeholder = Healthy business system
conscious leadership,
inspire
foster transformation
bring out best in people
cultivate conscious culture
greater purpose
More than just profits
Employment opportunities
Achieve greener production methods
conscious culture
principles
Values
practices
Thru
TACTILE
Transparency
Integrity
Caring
Learning
Authenticity
Enviroment
Trust
Differences
Corporate Social Responsibility
Independent of corporate purpose
Often grafted onto traditional business model, usually as a separate department
Sees limited overlap between business and society
Adds ethical burden to business
Conscious Marketing
Incorporates higher purpose and a caring culture
Takes view of business as a complex adaptive system
viewing the community and the environment as stakeholders
Focus on impact management
Corporate Social Responsibility
Seek to be aware its impact on the world in different areas
environmental
Social
always something extra :!:
More business taking digital plunge
https://www.straitstimes.com/business/companies-markets/more-businesses-taking-digital-plunge
What is corporate Social Responsibility
https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html
The future of responsible marketing
https://www.marketingprofs.com/podcasts/2018/34190/conscious-marketing-nichole-kelly-marketing-smarts
Upcoming ad guideline to recommend that marketers pay special attention to race, ethnicity
https://www.straitstimes.com/politics/upcoming-ad-guideline-to-recommend-that-marketers-pay-special-attention-to-race-ethnicity
Reading materials :books:
https://businessjargons.com/marketing-environment.html
https://pagecentertraining.psu.edu/public-relations-ethics/corporate-social-responsibility/lesson-2-introduction-to-conscious-capitalism/conscious-capitalism-vs.-corporate-social-responsibility/
https://www.cleverism.com/social-responsibility-ethics-marketing/#:~:text=While%20ethics%20and%20social%20responsibility,of%20marketing%20practices%20on%20society
.
https://pagecentertraining.psu.edu/public-relations-ethics/corporate-social-responsibility/lesson-2-introduction-to-conscious-capitalism/conscious-capitalism-a-definition/