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In addition to the economic implications, marketing exerts a significant impact on the values of the society. The advocates of socially responsible marketing argue that the current system creates false wants, i.e. encourage people to buy more than they actually need, injects constant desire for material possession, and leads to excessive spending.
Instead, marketing activities should strive to benefit society's overall well-being. Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups including: employees, customers, local communities, the wider public and government and consider the impact of their activities on all stakeholders.
George Moschis and Gilbert A. Churchill Jr posit that mass media, parents, school and peers are all agents of consumer socialization. According to this theory children and young adults learn the rational aspects of consumption from their parents while the mass media teaches them to give social meaning to products; schools teach the importance of economic wisdom and finally peers exercise ...
"Golden Rule Sign" that hung above the door of the employees' entrance to the Acme Sucker Rod Factory in Toledo, Ohio, 1913.. The Golden Rule is the principle of treating others as one would want to be treated by them.
By this, he means profits that result from treating customers with respect and placing their values first. By contrast, "bad profit" involves "disrespecting customers by making them subsidize our business with their tax dollars and higher prices, siphoning away the good profit other companies could have earned.”
"The customer is always right" is a motto or slogan which exhorts service staff to give a high priority to customer satisfaction. It was popularised by pioneering and successful retailers such as Harry Gordon Selfridge, John Wanamaker and Marshall Field. They advocated that customer complaints should be treated seriously so that customers do ...
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Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]