Question.341 - Topic 4 DQ 1 Review the topic Resources associated with conscious capitalism. Discuss how consumer attitudes could be changed if principles of conscious capitalism were practiced by a brand, particularly in the way it communicates to its target market. Provide an example to support your opinion. In replies to peers, discuss whether you agree or disagree and explain why.
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Hello Everyone! In the given video, Randy Gibb explains conscious capitalism is just in two words that is a good business (GCU Academics-Business, 2018). Well, a good business is nothing but marketing a brand responsibly so that it doesnt have any harmful impact in terms of economically or politically. Even Schiffman & Wisenblit (2019) agrees that marketing ethics and socially responsible practices make the business looks good. This good business is favorable to create a better image for the brand which results in increased sales. Creating an ethical culture in an organization is critical because it improves the relationship and built trust between the employees as well as customers and this is the topmost requirement for any business. One best example that follows conscious capitalism is Starbucks that incorporates the conscious capitalism that fits its corporate vision by donating 100% of unused food for the local food stores. In addition, its yearly turnover increases by 6%. Coca-Cola is also committed to implementing conscious capitalism by announcing that it wont market its product for 12 years old children but it doesnt have explained how it is going to do it exactly. Hence being ethical and environmentally friendly is good for business. Reference GCU Academics-Business, (2018).?V28 Social Responsibility and Conscious Capitalism?[Video]. YouTube.?https://www.youtube.com/watch?v=ygZvdp_aw00&list=PLg_v7K-G8mehU_cGOa9HFTzPV5cyS09ef&t=1sSchiffman, L. G., & Wisenblit, J. (2019).?Consumer Behavior (12th ed.). Pearson Education India.More Articles From Marketing
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