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Contemporary Marketing, 2013 Update 15th Edition by Louis Boone ,David Kurtz
Edition 15ISBN: 978-1111579715Contemporary Marketing, 2013 Update 15th Edition by Louis Boone ,David Kurtz
Edition 15ISBN: 978-1111579715 Exercise 2
What benefits-monetary and nonmonetary-do social responsibility programs bring to a business?
Explanation
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Social responsibility :
Social responsibility is a marketing philosophy that comprises of strategy, procedure to boost the society benefits and help to grow the company business, satisfy the consumer needs and wants, and make the consumer buy the products in future.
Monetary benefits of social responsibility :
Monetary benefits are measured from a financial instrument, which reflects the financial value of a brand to a company. Brand value can also be analyzed from behavioral perspective which focuses on customer preferences and loyalty. Monetary benefits include:
• Increases in profit
• Decreases in expenditure
• Risk reduction
• Increases in brand value
Non-monetary benefits of social responsibility :
Non-monetary benefits can be measures using qualitative and quantitative method. Non-monetary benefits include:
• Customer attraction and retention
• Builds the reputation and brings benefits in all aspects of business
• Increased employee, recruitment, motivation can improve the production and ultimately result in cost-saving
Social responsibility is a marketing philosophy that comprises of strategy, procedure to boost the society benefits and help to grow the company business, satisfy the consumer needs and wants, and make the consumer buy the products in future.
Monetary benefits of social responsibility :
Monetary benefits are measured from a financial instrument, which reflects the financial value of a brand to a company. Brand value can also be analyzed from behavioral perspective which focuses on customer preferences and loyalty. Monetary benefits include:
• Increases in profit
• Decreases in expenditure
• Risk reduction
• Increases in brand value
Non-monetary benefits of social responsibility :
Non-monetary benefits can be measures using qualitative and quantitative method. Non-monetary benefits include:
• Customer attraction and retention
• Builds the reputation and brings benefits in all aspects of business
• Increased employee, recruitment, motivation can improve the production and ultimately result in cost-saving
Contemporary Marketing, 2013 Update 15th Edition by Louis Boone ,David Kurtz
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