Briefly discuss the five principles of sustainable marketing

Question

What will be an ideal response?

Answer 1

Under the sustainable marketing concept, a company's marketing should support the best long-run performance of the marketing system. It should be guided by five sustainable marketing principles: consumer-oriented marketing, customer value marketing, innovative marketing, sense-of-mission marketing, and societal marketing.
1. Consumer-oriented marketing acts from the consumer's point of view. It should work hard to sense, serve, and satisfy the needs of a defined group of customers — both now and in the future.
2. Customer value marketing exists when a firm puts most of its resources into customer value-building marketing investments. By creating value for consumers, the company can capture value from consumers in return.
3. Innovative marketing seeks real product and marketing improvements. The company that overlooks new and better ways to do things will eventually lose customers to another company that has found a better way.
4. When a company defines its mission in broad social terms rather than narrow product terms, it is practicing sense-of-mission marketing. Brands linked with broader missions can serve the best long-run interests of both the brand and consumers.
5. Finally, societal marketing is in use when the company makes marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. Companies should be aware that neglecting consumer and societal long-run interests is a disservice to consumers and society. Alert companies view societal problems as opportunities.