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PRINCIPLES OF MARKETING essay
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Summary
On this occasion to celebrate the 75th anniversary of Journal of Marketing, it is important to recognize its many contributions to the theory and practice of marketing. Marketing is the activity, set of institution, and processes for creating, communicating, delivering and exchanging offerings that have value for consumers, clients, partners, and society. We see the emergence of a whole new marketing environment that will affect the science and practice of marketing in the coming years.
Companies must address the issue of sustainability that whether this generation can leave future generations with the same or a larger basket of resources than we have now. It would be easy for this generation to use up more of our resource endowments and leave future generations with less conscionable. Moreover, we face not one but several environmental challenges. Companies need to make drastic changes in their research-and-development, production, financial, and marketing practices if sustainability is to be achieved. Once we begin to acknowledge resource limitations and externality costs, marketing will have to reinvent its practices to be environmentally responsible.
Nevertheless, Companies that embrace sustainability need to make some changes in their production and marketing practices to reduce environmental impact and footprint and it has to be done via more responsible consumption. This poses a difficult challenge, however, Sustainability-driven companies need to explain how they would pursue sustainability. They need to introduce new and broader criteria to direct their new product development programs, invest more in reuse and recycling, and convince people to accept difficulties of the change. Companies would have to change t...
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...t can take over or challenge Coca-Cola Company is Pepsi. The two companies are selling similar beverage to the markets. Even their strategies, target customer and promotion are almost same. However, there are many successful brand is catching up coke too because consumer always change taste when they are sick of the company beverage.
Besides that, health concern is also one of the biggest threats too. Everyday people are trying to change the habits of eating and drinking and coke is not considered as a “Healthy” beverage. Certain ingredients making in the coke will give out health issues to the consumer. Today modern technology world make every company is trying to improve the technical problem in the company so the gross margin will increase and expense will increase too. If Coca-Cola wants to investigate new machine to produce products need spend a lot of money
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
This paper critically analyzes Nike company sustainability strategy. Every investor or a group of investors wishes to see the business profitable at the current time as well as having good prospects for future (Werbach, 2009). For this reason, business sustainability strategy is very important. A strategy is a plan that guides the company or a business firm towards a certain direction or set goals. Thus, sustainability strategy is an action plan that a company set in order to maintain the plan toward the achievement of company’s goals in future. Sustainability strategy puts into consideration aspects such as the source of raw materials, competition, human resource development, and sustainability, and the general business environment. Thus, in evaluating a business’ sustainability, it is important to consider the business planning in this direction (Heslin and Ochoa 2008)
Analysis of the Coca-Cola Company The Coca-Cola Company is the world's leading manufacturer, marketer and distributor of soft-drink concentrates and syrups. The Coca-Cola Company is the world's leading manufacturer, marketer and distributor of soft-drink concentrates and syrups. The Company markets many of the world's top soft drink brands, including Coca-Cola, Diet Coke, Sprite and Fanta. Through the world's largest and most pervasive distribution system, consumers in nearly 200 countries enjoy the Company's products at a rate of more than one billion serving a day.
Organizations of today are experiencing increased pressure from government, employees, and competitors to take an active role in environmental, social, and government issues on topics from climate change and many more, in their supply chain. To address these concerns organizations have developed corporate social responsibility and sustainability initiatives. These efforts are necessary to sustain a long-term ability to create shareholder value, while providing critical benefits to society (Bonini, Koller, & Mirvis, 2009).
Belz, F., & Peattie, K 2012, Sustainability marketing: a global perspective (2nd ed.). Hoboken, N.J.: Wiley.
Many companies are able to accept a win-win strategy towards adopting environmentally friendly practices, because of the positive correlation between environmental actions and financial returns (Frankel, 1998). A company can save costs by looking for eco-efficiencies; where companies decrease their environmentally harmful inputs and outputs. In 2009, Canadian Tire introduced the right-fit packaging program, which would reduce the amount of unnecessary packaging. While Canadian Tire was curtailing their environmental impact, 320 packaging changes between 2010-2011 saved the company $6.3 million in costs (Elm & Tyler, 2012). Eco-efficiencies clearly yields profit, while reducing the company's environmental impact. Furthermore, creating a product or service that offers unique environmental benefits for consumers is another way that environmental actions lead to financial gain. By creating an environmentally beneficial product, a company separates themselves from competition and will be able to capitalize on these environmental opportunities. Consumers are willing to pay a premium for greener goods: goods being made in an environmentally friendly way or by a company who is greener (Reinhardt, 1999). Besides capitalizing on environmentally differentiated products, companies can also achiev...
The English retailer Marks and Spencer aims to be the most sustainable major global retailer in the world. To expedite this process, they have configured sustainability as one of their core strategies. Marks and Spencer have made a clear commitment: Plan A will measure milestones, timelines and employee accountabilities. The sustainability strategy that is being integrated into every business function and strategic business unit; will involve suppliers, employees and more increasingly customers. (Richardson, Page 98, 2015)
Sustainable operation management is a management approach that involves planning, implementation and control of business operations that translate available resources into the required product or service. It is the management of business practices, traditions and operations to promote the highest level of efficiency, smooth workflow, and increased productivity in an organization. This management strategy ensures that the available labour force and materials are changed into products or services in a cost effective way to increase the company’s returns (Corbett, 2009). It also involves production waste management, food waste reduction, creating new opportunities, environment protection, and improving customer health. Sustainable operation management in the retail industry around the world has gained momentum in the recent years, in the face of customer pressure and media interest. It is particularly linked to the concepts of corporate social responsibility and global warming (Morrison, 2013).
Sustainability is a concept with a diverse array of meanings and definitions – a widely used glamorous, ambiguous, ambivalent and vague concept that is used by different stakeholder groups in various ways. Presumably to avoid noodling over a terminology or to avoid the confrontation with a definition, most widely the concept is broken down a planning process (c.f. e.g. Döring & Muraca, 2010). That is why most common sustainability is understood as sustainable development.1
This is a great model for the company because they can keep their logistic costs down by helping other companies expand their distribution networks. Experimentation with the new market for carbonated beverages on the decline, Coke has done experiments in new flavors and healthier alternatives to try to stay competitive. As well as investing in “Keurig Green Mountain is a K-Cup maker but has a new Keurig Cold that can deliver Coca-Cola through the new system.” (Cooper, 2014) Learning from experience, Coca-Cola has had some fierce competition over the years but nothing in the form of an entire health market shift like now.
In the end, from the above discussion we conclude that in the competitive business environment, it is social responsibility of the multinational companies which operate on large scale, should consider the environmental impact of their business and it should be sustainable so that the resources can be used efficiently at present and can be retain for next generation. Developing good sustainable marketing strategies will help the company to find threats, risks and opportunities. Although sustainable marketing strategies has adopted by many large firms but still there is need to improve. There is need to understand and aware the consumer. There is need to change our consumption behaviour today so that we can save our future.
Sustainability in the United States and in international business is more than simply adopting sustainable practices, but actually has the potential to help companies gain competitive advantage. Other companies prefer to describe this kind of thing as “corporate responsibility” (dropping the “social” as too narrow), or “corporate citizenship”, or “building a sustainable business”. All this is convoluted code for something simple: companies meaning (or seeming) to be good all in the name for higher profit margins. The social sustainability that companies practice spans everything from volunteering in the local community to looking after employees properly, from helping the poor to saving the planet. With such a fuzzy, wide-ranging subject, many companies find it hard to know what to focus on. So what does a company honestly practicing an environmentally sustainable business model look like, and is it
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Environmental sustainability is making decisions and taking actions in the interest of protecting the natural world, preserving the capability of the environment to support human life and ensuring that humans use the environment in a way that does not harm the environment. It also questions how economic development affects our environment vice versa.