Chapter 4 Textbook Summary.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Kevin Thompson
Semester
Winter

Description
Chapter 4  Sustainable marketing: marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs o Calls for socially and environmentally responsible actions that meet both the immediate and future needs of customers and the company o Requires a smoothly functioning marketing system in which consumers, companies, public policymakers, and others work together to ensure socially responsible and ethical marketing actions  Marketing concept recognizes that organizations thrive from day to day by determining the current needs and wants of target group customers and fulfilling those needs and wants more effectively and efficiently than the competition New Marketing concept Strategic planning concept Needs of Future Societal marketing concept Sustainable consumers marketing concept Now Future Needs of business  Marketing system causes prices to be higher which points to 3 factors o High costs of distribution  They say too many intermediaries, or that they provide unnecessary or duplicate services o High advertising and promotion costs  Modern marketing is also accused of pushing up prices to finance heavy advertising and sales promotion  Marketers respond hat advertising does add to product costs  But it adds values – brands o Excessive markups  Some companies mark up goods too much  Marketers can be accused of deceptive practices: o Deceptive pricing: practices such as falsely advertising factory or wholesale prices or a large price reduction from a phony high retail list price o Deceptive promotion: includes practices such as misrepresenting the product’s features or performance or luring the customers to the store for a bargain that is out of stock o Deceptive packaging: exaggerating package contents through subtly design, using misleading labeling, or describing size in misleading terms o Problems defining what is deceptive  High pressure selling – persuade people to buy goods they had no intention of buying e.g. insurance, real estate, used cars  Poor product quality or function – products not made well or services not performed well  Planned obsolescence – products to become obsolete before they actually should need to be replaced  Continually changing consumer concepts of acceptable style to encourage more and earlier buying  Marketing system has been accused of serving disadvantaged consumers poorly  Been accused of adding several evils in society at large – advertising has been a special target  “Greed is good” “shop till you drop”  Marketing is seen as creating false wants that benefit industry more than they benefit consumers  Business has been accused of overselling private goods at the expense of public goods o E.g. increase in car ownership (private good) requires more highways, traffic control, parking spaces, etc. (public good) o Solution: make producers bear the full social cost of their operations of make consumers pay the social cos
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