Tonight's lecture focused mostly of the ethics of marketing. What is a business’ duty to the community and society. What is seen as okay, or not okay, etc. We viewed the marketing pyramid of corporate social responsibility. The bottom layer of the pyramid points to the economic responsibility of a business. A business must be profitable. If a business is not profitable, it has no foundation and cannot accomplish the objectives of the higher levels of the pyramid. The next layer is the legal responsibilities. This focuses on simply obeying the laws. Above that layer, we see the ethical responsibilities layer. This talks about doing the right thing. I suppose this could be called the conscience layer of the pyramid. It points to being just and fair. Finally, the philanthropic responsibilities rest as the top layer of the pyramid. This talks of being a good corporate citizen and being able to do things such as charitable giving or other things to better the world or plight of those around you.
We also discussed different aspects of an ever-changing marketplace. One must stay current in order to be competitive in this kind of environment. In many ways, the target market may be a moving target. Environmental scanning is used to monitor these kinds of changes. The changes include demographics, social change, economic conditions, political and legal factors, technology, and competition. We discussed differences between generations, ethnicities, and education in marketing of products or services. We also discussed legal factors and different types of competition.
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