Mar-3023 Lecture Notes - Lecture 4: Consumerism, Corporate Social Responsibility, Root Mean Square

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12 Sep 2017
Basic Marketing Concepts
Corporate Social Responsibility
So which is it? Save the planet or make money?
Social Responsibility
-Is an organization’s obligation to maximize its positive impact and minimize its negative
impact on society
-Can generate positive publicity
-Promotes goodwill
-Attracts potential customers and employees
-Generates indirect long term benefits such as greater employee commitment and improved
business performance.
Dimensions of Social Responsibility
-Socially responsible firms strive for marketing citizenship
-Marketing citizenship is accomplished when a firm fulfills the economic, legal, ethical and
philanthropic social responsibilities expected by stakeholders.
Economic Responsibility
-At the most basic level, all companies have an economic responsibility to be profitable so
they can
-Provide a return on investment to their owners and investors
-Create jobs for the community
-Contribute goods and services to the economy
Legal Responsibility
-Marketers are expected to follow all laws and regulations designed to keep US companies’
actions within the range of acceptable conduct and fair competition
-Economic and legal responsibilities
Ethical Responsibility
-Marketing Ethics are principles and standards defining acceptable conduct in marketing as
determined by various stakeholders including
-The public
-Government regulators
-Private-interest groups
-The organization itself
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