AMC2

Reading material on consumer behavior outcomes and issues: Innovation and ethics/social
responsibly in today's consumer society

Of course, one of the major reasons of success of a company or association is innovation and ethics.
Who does not want an improved or never seen quality of products? Many companies use innovation
to create interests on their targeted consumer market to frame the brand and make their product
superior to the existing products of their competitor. They invest and prioritize in long-term interests
especially if the outcome will be positive and will both benefit the company and its consumers. One
great example of this is the iPod that could store thousands of songs and are very portable compared
to the existing portable cd player which is a lot larger and needs cd's to be used. It is highly compatible
to the needs and behavior of music lovers that it changed how they listen to their favorite songs.

Social responsibility holds that businesses should balance their self-interest and consumer interest
operations with projects that will benefit the society. Moreover, it needs assistance of consumers for
it to flourish that is why it should involve acquiring and attracting consumers who are willing to buy
the good for a positive change. It can be in a way that it spreads awareness to environmental issues or
directing a portion of the profit to a charitable group. As a result, the company will be branded as
socially responsible and most importantly, will attract more consumers who wants to support the
promotion. It may not automatically increase the profit of the company, but it will create a
relationship with its consumers.

Ethical marketing focuses on the honesty, fairness, and of course responsibility. There are sets of
guidelines that can be applied to ensure company's intent is attained. One of the principles of it is
avoiding false advertisements. This is one of the major cause of consumers dissatisfaction as it will
create a negative impact on consumer experience and review. It can also be an opportunity to
establish marketing at no cost if consumer is satisfied and use the "word of mouth". Advertisements
or endorsements should be clear and transparent. Another important principle is maintaining
consumer privacy. It is obviously related to the trustworthiness of the company. Moreover, will
increase company's value in consumers perspective. Last but not the least principle is adhering to the
government's standards and regulations. This is very important to protect the rights of the employees'
and by protecting employees’, it also protects the company from fines and lawsuits.

References:

https://www.investopedia.com/ask/answers/042215/why-social-responsibility-important-
marketing.asp

https://www.cleverism.com/social-responsibility-ethics-marketing/

file:///C:/Users/User/Downloads/Consumer%20Behavior%20by%20Wayne%20D.%20Hoyer,
%20Deborah%20J.%20MacInnis,%20Rik%20Pieters%20(z-lib.org).pdf