What Is Ethical and Social Responsible Marketing? Why Should Marketers Be Concerned About Csr and Sustainability?
1. What is ethical and social responsible marketing? Why should marketers be concerned about CSR and sustainability?
Socially responsible marketing is a marketing philosophy that states that the company should take into account what is in the interest of society at the present time and in the long term . Companies should be socially responsible by looking to produce products that offer immediate satisfaction and long-term benefits . These products should aim for consumers’ satisfaction in the short term as well as benefits for the community and consumers in the long run .
CSR is a concept whereby companies integrate environmental, economic and social concerns in their operations and in their interaction with their stakeholders on a voluntary basis” . Stated more clearly and simply, it is “the business contribution to sustainable development issues”.
Despite the inability to quantify the benefits CSR, some research have shown a corelation between the environement social performance and financial performance of the firm. Social responsibility benefits the company by creating added value for shareholders. These benefits can be broken down as follow:
Anticipating constraints and risk prevention (social, environmental, legal, image)
Reducing costs associated with resource consumption or waste
Innovation by increasing the quality, service and value added
Differentiation in the market and increasing the value of the brand
Improving the reputation and public loyalty
Marketers should take into account CSR because their actions can affect the public. They must be aware of the collateral damage that the creation of their profits may have and thus may act respectfully towards the environment and the public
2. What factors contributed to the success of FIJI Water?
There are factors that contributed to the success of FIJI Water.
The first factor is the product they’re selling. Fiji has a competitive advantage due to the quality of its product. Indeed Fiji Water has natural characteristics which differentiates from all other bottled waters on the international market. The water source is located in the middle of nowhere, which gives it unmatched taste and clarity as well as therapeutic and cosmetic virtues.
Another factor that contributed to the success of the company is the changing the trend in terms of bottled water consumption. Consumption of bottled water in the world is constantly growing which gives FIJI a great potential in growth. Society today drinks tons of bottled water, and this rate increases