What are the core components of the modern mainstream marketing?
• The marketing philosophy: based on the idea of meeting the needs and wants of a customer is the rule that businesses should be organized to be successful and profitable in the markets.
• The marketing environment: marketing should be function in business that is focused outward, responding to the changes in the environment.
• Marketing research: mapping customers and their wants and the marketing decisions are based on this info.
• Market segmentation and targeting: define significant differences among customer groups, based on market research. Adjust strategies and marketing ...view middle of the document...
Further more both share the outlook of serving the environment, social and financial sectors in a sustainable manner, through relationship caring.
Describe the concept and the stages of the product life cycle from cradle to grave. Compare it to the conventional life cycle commonly used in marketing.
From cradle to grave product lifecycle is consisting the steps from the beginning to the end of the product. Starting from the resource harvesting-transporting- refining- manufacturing-distribution-use-disposal. Generally the steps differ among the industries, but the idea stays the same. Thus the life cycle is seen products physical duration in time including the transformation and disposal.
The traditional marketing lifecycle describes the products demand in its existence. It starts from birth, when product is new and relatively unknown continues to growth, maturity and death when product is assumingly unwanted. This perspective is emphasizing the demand side of product existence.
Which three schools of academic thinking provide partial explanations for sustainable consumer behavior?
Rational Explanations, Perceived benefits- Perceived costs=Perceived net benefit. Attempts to identify green market segments by using demographics, relatively unsuccessful and conflicting results.
Psychological Explanations, searches consumer attitudes and beliefs. Willingness to engage with sustainability thrives from personal relevance, social responsibility and trust.
Sociological Explanations, searches reasons to how we think our consumption is perceived by society.
What are the three generic approaches to competitive advantage defined by Porter, and how can each deliver through sustainability marketing strategies?
Differentiation: Acquiring competitive advantage through superior social or environmental performance, which allows product differentiation e.g energy efficient – fair trade – organic…etc
Low cost: Competitive advantage can be gained by reducing packaging costs, energy efficiency, and clean technology. Lowering the costs from whit in the company. An approach that reduces material and energy outputs and cuts inefficient pollution and waste.
Market segmentation: Competitive advantage can be gained by identifying a market niche. Identifying most concerned consumers and satisfying their needs, might put pressure on the markets so other companies have to engage the sustainability performance.
What are the three basic types of appeal that a sustainability marketing message aimed at consumers can apply?