Chapter 4 - Conscious Marketing

Question 1

What is Conscious Marketing?

Answer 1

• creating a corporate culture with ethical decisions
• recognition of marketing’s greater purpose

Question 2

Corporate Social Responsibility (CSR)

Answer 2

• actions & policies that contribute to the good of society and the environment

Question 3

Triple bottom line

Answer 3

• economic (profit)
• social (people)
• environmental (planet)
  business playing a positive role in the community

Question 4

Business ethics

Answer 4

• rules of conduct in business environment
• standards of right and wrong

Question 5

What is the ethical decision-making steps?

Answer 5

1) Identify issues
2) gather info & identify stakeholders
3) choose a course of action
4) brainstorm & evaluate alternatives

Question 6

Stakeholders of Conscious Marketing

Answer 6

1) employees - making sure they are safe in a working environment
2) customers - increase in sales & brand equity
3) Marketplace - one firm in the industry leads the way, and competitors follow
4) Society - “broad umbrella including everyone”

Question 7

What are the marketing plan stages?

Answer 7

1) Planning - how to balance needs of various stakeholders (ex: coming up with ethical statement for firm’s vision)
2) Implementation - decide whether firm should engage in marketing practice & identify potential target customers
3) Control - ensure all employees of firm act ethically, react to changes made