Ch.20 MKTG

Societal Classification of Products

1. Deficient products- products that have neither immediate appeal nor long term benefits. Ex: bas tasting and ineffective medicine have neither immediate appeal nor long term benefits. 2. Pleasing products-products that give high immediate satisfaction but may hurt consumers in the long run. Ex: cigarettes and junk food give high immediate satisfaction but hurt consumers' health in the long run. 3. Salutary products-products that have low immediate appeal but may benefit consumers in the long run. Ex: bicycle helmets or some insurance products. 4. Desirable products-products that give both high immediate satisfaction and high long-term benefits. Ex: tasty and nutritious breakfast food

Five sustainable marketing principles

1. consumer-oriented marketing- means that a company should view and organize its marketing activities from the consumer's point of view. - it should work hard to sense, serve and satisfy the needs of a defines group of customers- both now and in the future. 2. customer value marketing- a company should put most of its resources into customer valie- building marketing investments - enlightened marketing calls for building long term consumer engagement, loyalty, and relationships by continually improving the value consumer receive from the firm's market offering. 3. innovative marketing- requires that the company continuously seek real product and marketing improvements. - the company that overlooks new and better ways to do things will eventually lose customers to another company that has found a better way. - innovative marketers never stop looking for new and better ways to create customer value. 4. sense-of-mission marketing- means that a company should define its mission in broad social terms rather than narrow product terms. - when a company defines a social mission, employees feel better about their work and have a clearer sense of direction. Ex: IKEA has a deeply ingrained sense of mission called the IKEA way- to create better everyday life for people by offering functional home furnishing products at low prices. 5. societal marketing- means that a company makes marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and societys long-run interests. - companies should be aware that neglecting consumer and societal long term interests is a disservice to consumers and society.

Social Criticisms of Marketing

1. impact on individual consumers- high prices, deceptive prices, shoddy, harmful or unsafe products, poor service to disadvantaged customers. 2. impact on society as a whole- false wants and too much materialism, too few social goods, cultural pollution. 3. impact on other businesses- acquisitions of competitors, marketing practices that create barriers to entry, and unfair competitive marketing practices.

sustainable marketing

socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs