Strategic Marketing

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Johan Reyneke 25 October 2021

Strategic Marketing BCO211

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Assignment 1

Recap from last week

Assignment 2

Environmental and ethical aspects of marketing

Next week

Todays Lecture

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• Option 1: Virtual • Option 2: Another date

Lecture 1 November

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Assignment 1 feedback

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• Strategic targeting • Groups customers based on the value that the company can create (to

satisfy the segments needs) and the value they can receive from that segment.

• Tactical targeting • Groups customers according to their profile characteristics.

• Two key decisions are key: • Identify the needs that the company can fulfil better than the competition. • Identify effective and cost efficient ways to reach these customers

Segment based targeting

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Segment based targeting

All customers

Strategic segmentation (Value based)

Strategic targeting (Value based)

Tactical segmentation. (Profile based)

Tactical targeting. (Profile based)

Channel A Channel

Channel C

Chernev, 2020

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• Criteria: • Has to be relevant to the targeting strategy. • Similarity (more segments means more similarity but ads communication

job) • Comprehensiveness (need to include all potential customers)

* Final thought: segmentation can be done based on many different criteria. Keep in mind that you are looking for a similar response from each segment.

Segment based targeting

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• What is a value proposition?

• “The customer value proposition articulates the specific benefits and costs that a company’s offering aims to create for its target customers.”

Chernev, 2020.

Value proposition

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• What is a value proposition?

• “The customer value proposition articulates the specific benefits and costs that a company’s offering aims to create for its target customers.”

Chernev, 2020.

• Understand the way customers form value judgements • ID key competitors • ID points of parity and/or differentiation • Create a sustainable competitive advantage

Value proposition

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• Understand the way customers form value judgements

• “Value is in the eye of the beholder” • Value is intangible and emerges when the customer interacts with the

product/service.

• The greater the fit between the offering and the customer needs the greater the customer value created.

Value proposition

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• Understand the way customers form value judgements

• Three types of value: • Functional – defined by benefit and cost of the performance of a product

(e.g. reliability, ease of use, customisation, packaging, etc.)

• Psychological – How the benefit and cost makes a customer feel (e.g. joy, driving a new car, peace of mind with safety and security products, refreshment – Coca-Cola)

• Monetary – defined by the monetary benefit and costs. (e.g. fees, price, discounts, trade in value, maintenance costs, etc.)

Value proposition

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• ID key competitor value propositions

• Identifying competitor value propositions is crucial in being able to develop a superior value proposition.

• As discussed before we need to look further than just direct competitors. • Hilton Hotels example. • Coca – Cola example

• To identify key competitors look through the eyes of the market: What are my needs?, if Hilton did not exist what would I choose instead?

Value proposition

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• ID key competitor value propositions

• Once you know who your key competitors are you can compare your value proposition and determine point of difference and points of parity.

• Points of parity (PoP) – the offering is equal to the competitors as perceived by customers. (e.g. screen size, durability, volume, battery life)

• Points of dominance (PoD) – the offering is superior to competitors and forms part of the companys’ competitive advantage)

• Points of compromise (PoC) – the offering is inferior to the competitor offering and will form part of the competitors competitive advantage.

Value proposition

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Value proposition

Iphone 13 Galaxy S21

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• ID key competitor value propositions

• Creating PoD’s on existing or “mandatory” attributes can become more difficult.

• Easier to introduce a new attribute (e.g. Pepsi lemon lime Sierra Mist only natural ingredients, Coke recyclable plant based bottles, etc)

• Brand starts playing a very important role in differentiation and PoD.

Value proposition

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• Value proposition – define all the product benefits and costs • Positioning – focusses on the on the primary benefit.

e.g: BMW – Ultimate driving experience (Designed for driving pleasure) Volvo – Safety (For people by people.) Toyota – Reliability (Let’s go places) Ferrari – Speed Rolls Royce – Luxury (Inspiring greatness)

Value proposition vs positioning

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• Benefit laddering – benefits customer values as important and those which they value as primary.

• Single – benefit positioning • Multiple – benefit positioning • Holistic positioning

Positioning

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• Benefit laddering – benefits customer values as important and those which they value as primary.

• Single – benefit positioning

• Multiple – benefit positioning

• Holistic positioning

Positioning

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• Creating a sustainable positioning

Positioning

Monetary

Functional

Psychological

A bi

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us ta

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C om

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ad va

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Chernev, 2020.

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• Customer value judgements happen against a reference point. • Which reference points can you think of?

Positioning

Chernev, 2020.

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• Customer value judgements happen against a reference point. • Which reference points can you think of?

• Needs based – Save money. Live better. (Wallmart)

• Category based – Sheer driving pleasure (BMW)

• User based – Choice of a new generation (Pepsi)

• Competitive framing – The best a man can get (Gillette)

• Product based - differentiates amongst your own product set (Five is better

than three (mach5 vs Mach 3)

Positioning

Chernev, 2020.

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• Structuring your positioning statement you need to consider: – Target market – Frame of reference – Primary benefit

Positioning

Chernev, 2020.

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Positioning products and services

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• Aligning attributes with customer needs • Creating superior value

Key product decisions

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• Aligning attributes with customer needs • Creating superior value

Key product decisions

Attribute 1

Attribute 2

Attribute 3

Attribute 4

Attribute 5

Attribute 6

Benefit 1

Benefit 2

Benefit 3

Benefit 4

Benefit 5

Benefit 6

Product

Product attributes Customer needs

Functional benefits

Psychological benefits

Monetary benefits

Chernev, 2020

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• Key decision that needs to be made regarding product attributes: – Performance – Consistency – Reliability – Durability – Compatibility (standard and existing complementary offerings) – Ease of use – Degree of customization

Key product decisions

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• Packaging as a tool • Visibility • Differentiation • Value transparency • Consumption impact

Key product decisions

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Packaging as a tool

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Packaging as a tool

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Packaging as a tool

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• There are many obvious differences between them • Some fundamental differences are:

– Ownership – Separability – Variability

• Key service decisions are the same as products except for durability:

The differences between products and services

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• Key decision that needs to be made regarding service attributes: – Performance – Consistency – Reliability – Compatibility (standard and existing complementary offerings) – Ease of use – Degree of customization

Key service decisions

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• Product life cycle a visual aid in measuring where products are in the journey.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

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• Product life cycle point of interest.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

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• Product life cycle point of interest.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

Innovation, product diversification

Introduction

Growth Maturity

Introduction

Growth Maturity

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• Product life cycle point of interest.

Product life cycle

Betanews.com

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• BCG matrix • What info does the BCG matrix aim to provide?

Micro environment

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Micro environment

BCG Matrix, Casetudyhelp.com

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Micro environment Stars

• The hope is that stars become the next cash cows. Sustaining the business unit's market leadership may require extra cash,

• When growth slows, stars become cash cows • Market Growth Share

Question Marks • Growing rapidly and consume large amounts of cash, • Low market shares they do not generate much cash. • Potential to gain market share and become a star, and

eventually a cash cow when the market growth slows. • If not succeed in becoming the market leader, will

degenerate into a dog when the market growth declines.

Cash cows • Units with high market share in a slow-growing industry. • Generate cash • Regarded as staid and boring, in a "mature" market, • To be "milked" continuously with as little investment as

possible, in an industry with low growth.

Dogs • These units typically "break even", • A break-even unit provides the social benefit of

providing jobs and possible synergies that assist other business units, Dogs, it is thought, should be sold off

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

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Micro environment Stars Question Marks

Cash cows Dogs

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

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Micro environment Stars Question Marks

Cash cows Dogs

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

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Micro environment Stars Question Marks

Cash cows Dogs

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

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• Ansoff matrix will be used in your planning for the future strategy .

• Consider it against the BCG.

Micro environment

Ansoff growth matrix

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Micro environment

BCG ANSOFF

1 Question marks: High growth consumes capital

Product development: R&D, modifications

2 Stars: Strive for market leadership Market penetration, increase quality productivity, marketing

3 Cash cows: high market share slow growth

Market development: existing product to new markets

4 Dogs: sell or divest Diversification: Develop new products for new markets

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Micro environment

Stars Question Marks

Cash cows Dogs

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

E xi

st in

Existing

N ew

New Products

M ar

ke ts

Market penetration

or expansion

Product development

Diversification Market

development

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Assignment 2 Launch

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• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

• Continuing with the company or brand that you selected for Assignment 1, analyse their market segmentation, the value proposition offered for each segment and which products and/or services they have aligned to the relevant segments. Identify the positioning and competitive advantage they currently employ and the currently life cycle stage they are in for each product and segment. Identify ethical and sustainability issues and/or opportunities.

Assignment 2 Launch

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• Your table of contents should include: • Title, executive summary, summary from Assignment 1, body of work, summary,

references.

• The task should be completed as a professional report and submitted (uploaded) in pdf format.

• Wordcount: 2000 • Cover, Table of Contents, References and Appendix are excluded of the total

wordcount. • Font: Arial 12,5 pts. • Text alignment: Justified. • The in-text References and the Bibliography must be in Harvard’s citation style.

Assignment 2 Launch

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• Deadline: 7 November 2021 by 23h59 – Via Moodle (Turnitin).

Assignment 2 Launch

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• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

Assignment 2 Guide

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• Strategic targeting • Groups customers based on the value that the company can create (to

satisfy the segments needs) and the value they can receive from that segment.

• Tactical targeting • Groups customers according to their profile characteristics.

• Two key decisions are key: • Identify the needs that the company can fulfil better than the competition. • Identify effective and cost efficient ways to reach these customers

Segment based targeting

www.euruni.edu

Segment based targeting

All customers

Strategic segmentation (Value based)

Strategic targeting (Value based)

Tactical segmentation. (Profile based)

Tactical targeting. (Profile based)

Channel A Channel

Channel C

Chernev, 2020

www.euruni.edu

• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

Assignment 2 Guide

www.euruni.edu

• What is a value proposition?

• “The customer value proposition articulates the specific benefits and costs that a company’s offering aims to create for its target customers.”

Chernev, 2020.

• Understand the way customers form value judgements • ID key competitors • ID points of parity and/or differentiation • Create a sustainable competitive advantage

Value proposition

www.euruni.edu

• Medium • Offer • Journey

Marketing Strategy

Target Market 1

Target Market 2

Target Market 3

Value Proposition 1

Value Proposition 2

Value Proposition 3

Tactics Tactics Tactics

• Medium • Offer • Journey

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• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

Assignment 2 Guide

www.euruni.edu

• Value proposition – define all the product benefits and costs • Positioning – focusses on the on the primary benefit.

Value proposition vs positioning

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• Benefit laddering – benefits customer values as important and those which they value as primary.

• Single – benefit positioning • Multiple – benefit positioning • Holistic positioning

Positioning

www.euruni.edu

• Creating a sustainable positioning

Positioning

Monetary

Functional

Psychological

A bi

lit y

to c

re at

e S

us ta

in ab

C om

pe tit

iv e

ad va

nt ag

Chernev, 2020.

www.euruni.edu

• Customer value judgements happen against a reference point. • Which reference points can you think of?

• Needs based – Save money. Live better. (Wallmart)

• Category based – Sheer driving pleasure (BMW)

• User based – Choice of a new generation (Pepsi)

• Competitive framing – The best a man can get (Gillette)

• Product based - differentiates amongst your own product set (Five is better

than three (mach5 vs Mach 3)

Positioning

Chernev, 2020.

www.euruni.edu

• Aligning attributes with customer needs • Creating superior value

Key product decisions

Attribute 1

Attribute 2

Attribute 3

Attribute 4

Attribute 5

Attribute 6

Benefit 1

Benefit 2

Benefit 3

Benefit 4

Benefit 5

Benefit 6

Product

Product attributes Customer needs

Functional benefits

Psychological benefits

Monetary benefits

Chernev, 2020

www.euruni.edu

Key product decisions

www.euruni.edu

• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

Assignment 2 Guide

www.euruni.edu

• Product life cycle a visual aid in measuring where products are in the journey.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

www.euruni.edu

• Product life cycle point of interest.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

www.euruni.edu

• Product life cycle point of interest.

Product life cycle

Introduction Growth Maturity Decline

S al es

Time

Innovation, product diversification

Introduction

Growth Maturity

Introduction

Growth Maturity

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Micro environment Stars

• The hope is that stars become the next cash cows. Sustaining the business unit's market leadership may require extra cash,

• When growth slows, stars become cash cows • Market Growth Share

Question Marks • Growing rapidly and consume large amounts of cash, • Low market shares they do not generate much cash. • Potential to gain market share and become a star, and

eventually a cash cow when the market growth slows. • If not succeed in becoming the market leader, will

degenerate into a dog when the market growth declines.

possible, in an industry with low growth.

Dogs • These units typically "break even", • A break-even unit provides the social benefit of

providing jobs and possible synergies that assist other business units, Dogs, it is thought, should be sold off

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

www.euruni.edu

• Ansoff matrix will be used in your planning for the future strategy .

• Consider it against the BCG.

Micro environment

Ansoff growth matrix

www.euruni.edu

Micro environment

Stars Question Marks

Cash cows Dogs

M ar

ke t

G ro

w th

S ha

Relative market shareHigh

H ig

Low

Lo w

E xi

st in

Existing

N ew

New Products

M ar

ke ts

Market penetration

or expansion

Product development

Diversification Market

development

www.euruni.edu

• Individual assignment

• Identify and analyse the market segments, value proposition, positioning and competitive advantage of the company or brand.

Assignment 2 Guide

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Environmental and ethical aspects

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• CSR • Green washers, green branders and green growers • Ethics in the marketing mix • Ethics in the promotional mix

Environmental and ethical aspects of marketing

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• UN Global Compact • ESG • Triple bottom line • Corporate governance • Ethics

• When you think about this topic what comes to mind?

Corporate social responsibility

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• Human Rights • Principle 1: Businesses should support and respect the protection of internationally

proclaimed human rights; and

• Principle 2: make sure that they are not complicit in human rights abuses.

• Labour • Principle 3: Businesses should uphold the freedom of association and the effective

recognition of the right to collective bargaining;

• Principle 4: the elimination of all forms of forced and compulsory labour;

• Principle 5: the effective abolition of child labour; and

• Principle 6: the elimination of discrimination in respect of employment and occupation.

CSR – UN Global Compact 10 Principles

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• Environment • Principle 7: Businesses should support a precautionary approach to environmental

challenges;

• Principle 8: undertake initiatives to promote greater environmental responsibility; and

• Principle 9: encourage the development and diffusion of environmentally friendly technologies.

• Anti-Corruption • Principle 10: Businesses should work against corruption in all its forms, including extortion

and bribery.

CSR – UN Global Compact 10 Principles

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Corporate social responsibility

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• Firms should try to meet the triple bottom line: – Environmental Protection – Economic Development – Community Building

• In a manner that will enable the next generation to enjoy the fruits of this generation’s labour

People, Planet, Profit.

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• Fail to disaggregate the different companies to which the norms apply and impose on many companies duties that they cannot possibly discharge.

• Most companies find themselves under immense pressure to satisfy domestic and international codes (as well as voluntary rules set forth by industry organization)

• All firms, operating under the Constitution and the new Companies Act are asked to protect the environment, to ensure economic growth and to promote well-being of the communities in which companies operate,

• The vast majority cannot – by design and even with the best intent – make good on the promise and the premise of CSR I

• Few meet the high threshold set by all the codes but ALL feel they must talk the talk. They don’t necessarily walk the walk.

• Three categories Greenwashers (talk the talk), Green branders (talk the talk) Greengrowers (Walk the walk).

Corporate social responsibility

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• Companies commit themselves to following various codes and consign company funds to ventures that may or may not diminish carbon footprints, create new jobs or make the lives of some community members discernibly better

• Efforts of such entities do not form a part of core corporate strategy.

• Motivations for greenwashing range from advertising, to reduced government regulation, to enhanced community relations to esprit de corps (moral of the group) within the firm.

• Greenwashers view CSR I as an operating cost and not a source of sustainable profit

Greenwashers

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• For Greenbranders, CSR compliance constitutes an operating cost – but an operating cost that serves the bottom line.

• Does however form part of the core strategy.

• To the extent that CSR efforts form a successful part of a greenbrander’s marketing campaign, they are a source of sustainable profit. Felt by the customer in a sense where they feel they are contributing to something good when they make the purchase.

Green branders

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• CSR as part of their core business.

• Profit is to be had by making good on the often conflicting demands of sustainable development

• Generate new technologies or new business models that enable them to produce products and services that consumers want in a manner consistent with CSR best practices.

Greengrowers

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• Recommended reading:

• SAGE Publications (2012) SAGE Brief Guide to Marketing Ethics. Thousand Oaks, Calif: SAGE Publications, Inc. Available at: https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=474 610&site=ehost-live (Accessed: 25 October 2021)

• Available in the Ebscohost library

Ethics in the marketing mix

SAGE Publications, 2012

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• Marketing ethics is the systemic study of how moral standards are applied to marketing decisions, behaviour and institutions.

• Marketing ethics is a sub set of business ethics.

• Most marketing ethics complaints revolve around deceptive, unfair or exploitive advertising and communication.

“Normative marketing practices might be defined as those that emphasize transparent, trustworthy, and responsible personal and/or organizational marketing policies and actions, and exhibit integrity as well as fairness to

consumers and other stakeholders.”

Ethics in the marketing mix

SAGE Publications, 2012

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• Examples: selling cigarettes or alcohol to teenagers, promoting violence orientated video games, pricing products that exploit unsuspecting customers, bluffing with negotiations with suppliers intentionally misleading copy, making false claims etc.

• Other?

Ethics in the marketing mix

SAGE Publications, 2012

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• Marketing segmentation: ethical issue around children, elderly and impoverished. Ethical question about whether they are “equipped” to participate in the market.

• E.g. marketing to children, toys, sugared food and drinks, video games • Young children differentiating between adverts and reality. • Older children understanding the influence of lifestyle adverts.

Ethics in the marketing mix - segmentation

SAGE Publications, 2012

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• Collection of data from children younger than 13 – ethical issues in the US. • Marketing to the elderly face ethical questions around fraudulent or false

claims. • Eg. Financial products, vacation packages, insurance products,

prescription drugs. • Digital ”literacy” being exploited.

Ethics in the marketing mix

SAGE Publications, 2012

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• Collection of data of a private and sensitive nature is being used to exploit customers (not only the vulnerable.)

Ethics in the marketing mix – market research

SAGE Publications, 2012

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• Product safety (especially to children) • “Safe for their intended use” • Psychological safety?

• Product counterfeiting. • Counterfeiting costs US companies $450billion a year. • Music, movies, clothing, watches. • Captures the goodwill and brand equity that a brand has created and

transferring it to knockoff product. • Two elements: intellectual theft and dishonest presentation to customers.

Ethics in the marketing mix – product marketing

SAGE Publications, 2012

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• Physical and natural environment impact • Waste from products take many forms: packaging, disposal of liquids

(chemicals & detergents) that harm the environment, disposal of medical waste.

• The effects of the disposable lifestyle. • Marketers solving the effect on the environment ads a premium to the

price.

• Externality costs: not carried by the product or the consumer but by society. (Beer bottles in the park, dumping of waste etc)

Ethics in the marketing mix – product marketing

SAGE Publications, 2012

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• Fair pricing is difficult to manage • Price fixing – collusion (basic foods example) • Price discrimination to distributors or stockists • Pay day loan stores example (the impoverished and financially vulnerable)

Ethics in the marketing mix – price

SAGE Publications, 2012

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• Various ethical guidelines in each country • Most adverts are legal but still raise moral questions (eg handgun ad in

teenage readership magazine) • We will discuss this in more detail later.

Ethics in the marketing mix – advertising

SAGE Publications, 2012

www.euruni.edu

• Various ethical guidelines in each country • The foundations of all Ad Standards Codes are based on the principles

that: a) Advertising is legal, decent, honest and truthful; b) Ads are prepared with a due sense of social responsibility; c) Ads conform to the principles of fair competition; d) Ads don’t impair public confidence in advertising.

Ethics in the marketing mix – advertising

https://www.easa-alliance.org/ad-standards/what-are-ad-standards/codes

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• Various ethical guidelines in each country • Most adverts are legal but still raise moral questions (eg handgun ad in

teenage readership magazine) • Competitive advertising.

• We will discuss this in more detail later.

Ethics in the marketing mix – advertising

SAGE Publications, 2012

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Examples of ethical fairness

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Competitive advertising

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Competitive advertising

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Competitive advertising

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Competitive advertising

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Competitive advertising

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• Ads for Dannon's popular Activia brand yogurt landed the company with a class action settlement of $45 million in 2010, according to ABC News. The yogurts were marketed as being "clinically" and "scientifically" proven to boost your immune system and able to help to regulate digestion.

• The Activia ad campaign, fronted by actress Jamie Lee Curtis, claimed that the yogurt had special bacterial ingredients. As a result, the yogurt was sold at 30% higher prices than other similar products. However, the Cleveland judge overseeing the case said that these claims were unproven.

False claims example

Businessinsider.com, 2016

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Energy drinks company Red Bull was sued in 2014 for its slogan "Red Bull gives you wings." The company settled the class action case by agreeing to pay out a maximum of $13 million — including $10 to every US consumer who had bough the drink since 2002.

The tagline, which the company has used for nearly two decades, went alongside marketing claims that that the caffeinated drink could improve a consumer's concentration and reaction speed.

Beganin Caraethers was one of several consumers who brought the case against the Austrian drinks company. He said he was a regular consumer of Red Bull for 10 years, but that he had not developed "wings," or shown any signs of improved intellectual or physical abilities.

False claims example

Businessinsider.com, 2016

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New Balance was accused of false advertising in 2011 over a sneaker range that it claimed could help wearers burn calories, according to Reuters. Studies found that there were no health benefits from wearing the shoe.

The toning sneaker claimed to use hidden board technology and was advertised as calorie burners that activated the glutes, quads, hamstrings and calves. Plaintiffs in the lawsuit claimed to have been harmed and misled by the sneaker company.

On August 20, 2012, New Balance agreed to pay a settlement of $2.3 million, according to The Huffington Post.

False claims example

Businessinsider.com, 2016

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In 2009, an Olay ad for its Definity eye cream showed former model Twiggy looking wrinkle-free — and a whole lot younger than her then-60 years. It turned out the ads were retouched, according to The Guardian.

The British advertising regulator ASA banned the ad, after Liberal Democrat lawmaker Jo Swinson gathered more than 700 complaints against it. The digitally- altered spots were deemed to give a "misleading impression of the effect the product could achieve."

Olay's parent company Procter & Gamble responded that it was "routine practice to use post-production techniques to correct for lighting and other minor photographic deficiencies before publishing the final shots as part of an advertising campaign."

False claims example

Businessinsider.com, 2016

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Millions of people lit up when Classmates.com sent them an email saying old friends were trying to contact them, promising to rekindle old friendships and flames if subscribers upgraded to a "Gold" membership.

But with the upgrade, the expected reunions never came. It turns out the social networking site used the ploy to get users to give up extra dollars. In 2008, one miffed user filed a suit alleging the "deceptive" emails were false advertising. Classmates.com eventually agreed to pay out a $9.5 million settlement —$3 for every subscriber who fell for the dirty trick — to resolve the case, according to the Business Journal.

However, the website did not learn from its mistakes and in 2015 it was given another $11 million in fines, according to Consumer Affairs.

False claims example

Businessinsider.com, 2016

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• Consumer rights • UN principles for good business practices

1. Fair and equitable treatment. Businesses should deal fairly and honestly with consumers at all stages of their relationship, so that it is an integral part of the business culture.

2. Commercial behaviour. Businesses should not subject consumers to illegal, unethical, discriminatory or deceptive practices, such as abusive marketing tactics, abusive debt collection or other improper behaviour that may pose unnecessary risks or harm consumers.

3. Disclosure and transparency. Businesses should provide complete, accurate and not misleading information regarding the goods and services, terms, conditions, applicable fees and final costs to enable consumers to take informed decisions.

Ethics in the marketing mix

United Nations, 2016

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• Consumer rights • UN principles for good business practices

4. Education and awareness-raising. Businesses should, as appropriate, develop programmes and mechanisms to assist consumers to develop the knowledge and skills necessary to understand risks, including financial risks, to take informed decisions and to access competent and professional advice and assistance

5. Protection of privacy. Businesses should protect consumers’ privacy through a combination of appropriate control, security, transparency and consent mechanisms relating to the collection and use of their personal data.

6. Consumer complaints and disputes. Businesses should make available complaints-handling mechanisms that provide consumers with expeditious, fair, transparent, inexpensive, accessible, speedy and effective dispute resolution without unnecessary cost or burden.

Ethics in the marketing mix

United Nations, 2016

www.euruni.edu

• Consumer rights • UN principles for good business practices

Ethics in the marketing mix

United Nations, 2016

www.euruni.edu

• Advertising ethics • Formulating marketing mix strategies

– Elements of the marketing mix – Budgeting, financial and production resources

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