A new world of social responsibility in business…
Social responsibility is shaping demand in the new 21st-century economy.
Consumers today decided what products will be produced. With such advances in technology and as large organizations emerge, consumers expectations are rising. Big firms such as Apple and Nike for example now have to provide more than just a good price effective product. Consumers are now more socially aware. Nike has stepped back and had to look at there production process. Apple has had to step back and look at how materials are recycled and the waste they produce.
What ethics are consumers looking for?
Consumers, as we know, are looking towards socially responsible businesses, but what does that actually mean?
Social responsibility (or, corporate social responsibility) is a theory that asserts that businesses, in addition to maximizing shareholder value, have an obligation to act in a manner that benefits society. — Investopedia
Consumers what to know they are not hurting the planet, they want to know that they are hurting other humans and that no one is being exploited due to there purchase. In the world of retail goods, this is causing a huge change and shift. Products are more than the product. People ask “What does this product stand for?” and “What values am I upholding purchasing this?”. The question is not simply “Who has the best product?”, anymore.
This changes the world of Marketing.
Marketings big question has been “How do we sell this?”. Yet marketing has become so much more than just selling a product or service. Marketing is much more than just advertising and selling. Google defines marketing as “The action or business of promoting and selling products or services, including market research and advertising.”. In marketing, we need to know statistics, demographics, and more. Marketing has shifted from selling to controlling image.
The world of business has changed.
Even though the world of business has changed, it has been for the better. Consumers expect all stakeholders to be impacted positively. It may drive prices up, but in the end, the benefits seem to outway the cons.
