Point of View Slideshare for Sinclair MRK 2100

Point of View Slideshare assignment for MRK 2100.

1. Conscious Marketing Noah Ragan MRK 2100

2. Definition Sense of purpose for a firm above making profit Four overriding principles Recognition of greater purpose of marketing Consideration of stakeholders Presence of conscious leadership Making ethically based decisions

3. Recognition of Greater Purpose of Marketing Purpose of business should be more than profit Business goals to benefit the greater good More environment responsibility Ensure employment opportunities for local community Provide goods for the poor Improves inputs and outcomes of marketing actions Adds value to advertising and spreads good sentiment in the community

4. Consideration of Stakeholders Conscious marketing considers how actions could affect all people Not just customers, but also employees, partners, environment, and member of the community Considers implications of actions and avoid causing significant harm These ideas also should flow downstream to vendors and suppliers to make them change their behaviors

5. Conscious Leadership Company leaders must be willing to commit to being conscious Must create a company culture of consciousness in all actions Causes every member of a company to follow the ideas of conscious marketing and doing things for the better good If the company has conscious behavior at the forefront of their processes, any new hires will adopt this as well and continue the culture

6. Ethically Based Decisions Not only in marketing, but all in a company must abide by a code of ethics and make decisions with ethics in mind Company leadership must develop a code of ethics for employees to follow and create a culture of ethical behavior Unethical behavior must be able to be reported without fear of retaliation Having ethics in mind can also help catch problems before they negatively impact the company

7. Company Benefits to Ethical Marketing The goal of ethical marketing is not to generate more profit Some consumers may prefer companies who practice ethical marketing and other ethical design and production practices Consumers see ethical behavior as an added value They may be willing to pay more than a competitor’s less ethically sourced product

8. Corporate Social Responsibility Firms acknowledge they have a responsibility to society Not mandated by any law or regulation It is the demand of stockholders and customers Oftentimes companies who do not show some level of corporate social responsibility are negatively impacted Customers may refuse to work with them or purchase their products Important element of conscious marketing, but is not the same thing

9. Corporate Social Responsibility as Damage Control Showing corporate social responsibility can help people forget about less favorable actions Making donations to a community to shift the press previous scandals Doing better for the environment Sponsor health campaigns These practices help shift bad media coverage away from the company and can change the consumers’ opinion Are not always good intentioned

10. Fake Corporate Social Responsibility Companies use the optics behind corporate social responsibility and ethical behavior to cover up bad behavior Can redirect public sentiment after a scandal Behaviors are disingenuous and can backfire if the public realizes perceived corporate social responsibility and ethical behavior was to cover up past issues Would create worse optics than the original scandal

11. Corporate Culture The best way to ensure conscious marketing and other ethical practices are followed is to ensure the company has an ethical culture This starts at the CEO level and trickles down throughout all employees Values and rules must be created and enforced requiring ethical consideration for actions Proper training and funding must be implemented