Marketing lecture week 3.2 (sustainable marketing)

sustainable marketing

Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

6 marketing practices that hurt customers

High prices, deceptive practices(: promotion, packaging, pricing), high pressure selling, shoddy or unsafe products, planned or perceived obsolescence, and poor service.

high prices (4 complaints, 1 main complaint)

Prices are too high due to high costs of: Distribution, advertising and promotion, and excessive mark-ups.

high prices (3 responses)

1. Distribution: Intermediaries (channel members) are important and offer value

2. Advertising and promotion: Advertising informs buyers of availability and merits (reputation/standard) of a brand.

3. Excessive mark-ups: Consumers don’t understand the cost of marketing and doing business. (example: pharmaceutical markups help cover the high costs of research and development, sophisticated manufacturing facilities, and distribution and retailing.)

3x marketing’s impact on society as a whole

False wants and excessive materialism, increased pressure on public goods, and cultural pollution.

3x marketing’s impact on other businesses

Acquisition of competitors, market entry barriers, and unfair competitive practice.

consumerism (consumers actions towards sustainable marketing)

An organized movement of citizens and government agencies designed to improve the right and power of buyers in relation to sellers.

environmentalism (consumers actions towards sustainable marketing)

An organized movement concerned citizens businesses, and government agencies designed to protect and improve people’s current and future living environment.

environmental sustainability (businesses actions towards sustainable marketing)

A management approach that involves developing strategies that both sustain the environment and produce profits for the company. e

environmental sustainability and sustainable value (table page 619)

Internal: pollution prevention and clean technology

External: product stewardship, sustainability vision

Today: greening: Pollution prevention, product stewardship

Tomorrow: beyond greening: New clean technology, sustainability vision

5 sustainable marketing practices

1. Consumer-oriented marketing

2. Customer value marketing

3. Innovative marketing

4. Sense-of-mission marketing

5. Societal marketing

deficient products

products that have neither immediate appeal nor long-run benefits (medication with dangerous side effects, dangerous toys)

pleasing products

Product that give high immediate satisfaction but may hurt consumers in the long run. (Tiktok, energy drink, Alcohol etc.)

salutary products

Have low immediate appeal but may benefit consumers in the long run. (solar panels, treadmill)

desirable products

Product that give both high immediate satisfaction and high long-run benefits.