business ethics and social responsibility

• Corporate social responsibility refers to the obligation of businesses to act ethically and benefit society.
• According to the American Marketing Association (AMA), marketing is the activity, set of institutions, and processes for creating, communicating, and delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
• Marketing a combination of different activities that communicate the benefits of company's product to its customers.
• The marketing mix is composed of four elements also known as four P's.
• Products are goods or services that are offered to the market.
• Goods are items that you can touch physically; hence, they are called the tangible products.
• Services are called intangible benefits a customer enjoys that are performed by people or machines.
• Price captures the value of a product.
• Price does not always equate to monetary component - it may also refer to the time or energy that the customers give up in exchange for the product.
• Value for money refers to the total amount spent for a product or service.
• Place includes the necessary activities to make the products available to customers.
• Promotion is the component that informs, persuades, and reminds potential buyers of the value they can get from a product.
• In marketing, needs and wants are always considered in offering a product to the market. On the other hand, demand is considered when discussing sales projection.
• Abraham Maslow developed a theory called the hierarchy of needs, which proposes that people are motivated to achieve certain needs, wants, and some needs are prioritize over others.
• Maslow's hierarchy of needs is depicted in a hierarchical pyramid with five levels.
• Physiological needs are the basic needs for survival. The human body will not be able to function normally of these are not met. These include air, water, shelter, and clothing.
• Personal security refers to living i an community that is free from crime and violence.
• Financial security is characterized by job security and financial freedom.
• Health pertains to being free from sickness and having a healthy body.
• Self-actualization refers to the need that drives people to maximize their full potential as human beings and to actually work hard to realize their dreams.
• Assurance can be the form of health/life insurance that provides security should an accident or death occur.
• When needs are shaped by culture and individual personality, they become wants.
• Marketing plays a role in shaping people's wants.
• Demands are wants that are backed with buying power.
• Marketing


  (according to the American Marketing Association) the activity, set of institutions, for processes and creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing comprises different activities that aim to address the needs and wants of potential consumers in various ways
• Marketing is a combination of different activities that communicate the benefits of a company's product to its consumers
• Companies ensure that the benefits of the products that they offer are of value to the consumers thus ensuring that consumers will be willing to pay for the product's price
• Companies offer value (benefits from products) to consumers and, consequently, companies get value (profits) from consumers
• Traditional marketing


  All about answering the needs and wants of consumers
• Contemporary marketing


  Focuses on establishing and developing customer relationships, providing benefits that consumers will enjoy to the extent that they make considerable repeat transactions, eventually leading to customer loyalty
• Having loyal customers is important for businesses because they provide a steady flow of income and an assurance that consumers will continue to patronize their products
• As a consumer, you experience marketing on a daily basis
• Elements of the marketing mix

  • Product
  • Price
  • Place
  • Promotion
• Product


  Goods or services that are offered to the market
• Goods


  Tangible products that you can touch physically
• Services


  Intangible benefits a customer enjoys that are performed by people or machines
• Price


  Captures the value of a product, normally equating to the benefits the product offers to consumers
• Value for money


  The total amount spent for a product or service, and the maximum efficiency and effectiveness of the purchased product or offered service
• Place


  Includes the necessary activities to make the products available to consumers