3. SOCIAL RESPONSIBILITY
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What is social responsibility?
A company's commitment to improve societal welfare through discretionary business practices and contributions of corporate resources.
4 components of corp. social responsibility?
- 1. economic (be profitable)
- 2. legal (obey the law)
- 3. ethical (do what is right)
- 4. philantropic (be a good corporate citizen)
- 1. employees
- 2. management
- 3. customers
- 4. local community
- 5. stockholders
- 6. suppliers/distributors
What is sustainability?
Socially responsible companies will outperform their peers by viewing world's social problems as an opportunity to build profits and help the world at the same time.
Examples of SR marketing are:
- 1. cause-related marketing
- 2. corporate philantropy
- 3. community volunteering
Cause-related marketing is...
...make a contribution or donate a % of revenue to a social cause based on the sales of product.
Company-favoring outcomes of SR consists of:
- 1. consumer-company identification
- 2. higher purchase intent
- 3. positive word-of-mouth
- 4. higher willingness to pay
- 5. increase company's attractiveness to potential employees & investors
- 6. may improve company's financial performance
Factors influencing SR outcomes are:
- 1. brand positioning
- 2. product quality
- 3. consumer's support for SR intiative
- 4. company reputation
- 5. consumer's disposable income
- 6. competitor's SR engagement
What would you like to do?
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