In this unit you will evaluate your SBU’s social responsibility strategy and your SBU’s consumer value strategy. Each of these marketing elements can be evaluated in-depth, but in this exercise, you will out outline your strategies as related to your SBU and the market segments you have identified in Unit 3.
It is important for you to justify your strategic decisions based on relevant research from credible sources. Ultimately, you will need to convince others of your strategy. These others could be marketing managers, investors, bankers, etc. Be sure you use the supplemental text Marketing: An Introduction by: M. C. Cant and the supporting unit material in developing your strategy.
Social Responsibility
The focus for your marketing social responsivity analysis is to identify issues related to your SBU and the markets you service. Your initial analysis should lead to a Code of Conduct for your SBU.
- Marketing Social Responsibility
- Identify any economic and/or legal responsibilities for your SBU:
- Specify ethical responsibilities your SBU has to its customers:
- Identify any sustainability issues related to your SBU: (Research sustainability concerns for your primary and secondary target markets.)
Full Answer Section
2. Economic and Legal Responsibilities:
- Fair Labor Practices: We are committed to upholding fair labor practices throughout our supply chain. This includes ensuring fair wages, safe working conditions, and no discrimination against employees. We will comply with all labor laws and regulations in the countries where we operate. (Source: The Fair Labor Standards Act (FLSA) - https://www.dol.gov/agencies/whd/flsa)
- Consumer Protection: We are committed to providing accurate and transparent information about our products and services. We will avoid deceptive marketing practices and ensure our products are safe for consumers. We will comply with all relevant consumer protection laws and regulations. (Source: Federal Trade Commission Act (FTC Act) - https://www.ftc.gov/)
- Taxation: We will comply with all tax laws and regulations in the countries where we operate. (Source: Internal Revenue Code (IRC) - https://www.irs.gov/pub/irs-drop/rr-04-34.pdf)
3. Ethical Responsibilities to Customers:
- Product Quality and Safety: We are committed to providing high-quality, safe products and services. We will implement rigorous quality control measures and conduct thorough safety testing to ensure our products meet all relevant safety standards.
- Data Privacy: We will respect our customers' privacy by collecting, using, and disclosing their personal data responsibly. We will be transparent about our data practices and obtain customer consent for data collection. (Source: The General Data Protection Regulation (GDPR) - https://gdpr.eu/)
- Honest Marketing: We will conduct our marketing activities ethically and honestly. We will avoid misleading or deceptive advertising practices and ensure our marketing materials accurately represent our products and services.
4. Sustainability Issues:
Primary Target Market: [Identify your primary target market]
- Depending on your SBU, sustainability concerns for your primary market could include:
- Environmental impact of product manufacturing or materials used (e.g., energy consumption, pollution) (Source: Environmental Protection Agency (EPA) - https://www.epa.gov/)
- Ethical sourcing of raw materials (e.g., avoiding conflict minerals) (Source: The Dodd-Frank Wall Street Reform and Consumer Protection Act - https://www.congress.gov/bill/111th-congress/house-bill/4173)
- Sustainable product lifecycles (e.g., recyclability, repairability)
Secondary Target Market: [Identify your secondary target market]
- Consider any sustainability concerns specific to your secondary target market as well.
Code of Conduct:
Based on the identified responsibilities, [Your SBU Name] will uphold the following Code of Conduct:
- We will operate our business with integrity and respect for all stakeholders.
- We will comply with all applicable laws and regulations.
- We will conduct our business in an environmentally responsible manner.
- We will be committed to fair labor practices and respect human rights.
- We will market our products and services honestly and ethically.
- We will respect the privacy of our customers and data security.
By adhering to this Code of Conduct, we aim to be a responsible corporate citizen and contribute to a sustainable future.
Remember to replace the bracketed information with details specific to your SBU.
This outline provides a framework for your social responsibility strategy. Further research on specific regulations and best practices relevant to your industry will be necessary to develop a comprehensive strategy.
Social Responsibility Strategy for [Your SBU Name]
1. Marketing Social Responsibility:
[Your SBU Name] recognizes the importance of integrating social responsibility into our marketing strategy. This means considering the impact of our business practices on society, the environment, and our customers. We believe that a socially responsible approach not only benefits society but also strengthens our brand reputation, builds customer trust, and ultimately contributes to our long-term success.