When status is important, we may buy green products with inferior attributes—especially when they cost more.
Business Functions: Marketing
The right corporate social responsibility initiatives can improve your brand equity, while inappropriate or ill-timed CSR tactics can hurt you.
While some consumers are willing to pay more for environmentally friendly products, companies must consider to whom they market these products and how.
When marketing to consumers over 50, companies should focus on how, when, and where information about the product or ethical practices is communicated.
As the demand green products increases, there is an incentive for companies to offer them, and understand consumer behaviour to market them effectively.
How much is enough when it comes to CSR? This examination is based on the principles and views of Peter Drucker, and his concept of “bounded goodness.”
Managers should define the concepts and goals of marketing and sustainability, and their relation to strategy, then use the marketing team to drive change.
Social product features such as labour practices can affect a person’s buying intentions, but most people will not trade off on functionality.