Defining Marketing & Marketing Process Ch.

1
What is Marketing?
Marketing is engaging customers and managing profitable customer relationships. The goal
of marketing is to attract new customers by promising superior value and grow and keep
current customers my delivering value and satisfaction.
Marketing Process
Easily explained in a five-step model:
MARKETING IN A NUTSHELL

Understand Marketplace and Customer Needs

Marketing is based on the human needs. If these needs aren’t satisfied People will
concentrate on their wants.
Customer Wants
• Will very from country and culture (Example preferences for dinner)
Customer Demands
• When wants are backed with buying power they become demands
• Wants and resources people demand products with benefits
• All for most value and satisfaction
Market Offerings – Products, Services and Experience
Consumers want to needs and wants fulfilled through market offerings. But you can never
forget that market offerings are not limited to physical products.
Sellers often pay more attention to specific products than to the benefits and experiences
produced by these products. (They suffer from marketing myopia.) Only focus on existing
wants and lose sight of underlying needs.
Smart marketers look beyond the attributes.

Customer Value & Satisfaction

Broad array of products and services make it hard for customers to decide. Therefore,
customers have expectations about value and satisfaction. Satisfied customers buy again and
talk about it.
The right level of expectations is important so customers will be satisfied but also attract new
customers. Too high → customers unhappy! Too low → won´t attract new customers!
Exchanges and Relationships
Marketing occurs when people decide to satisfy their needs and wants. So the marketer tries
to bring about a response to some market offerings. It consist of actions taken to create,
maintain, and grow desirable exchange relationships (involves product, service, idea, other
object).
Companies want a strong relationship with consistent customer value.
Market
Exchange + Relationship = Market
Market is a set of actual buyers and potential buyers of a product or service. Buyers share a
need or want that gets satisfied through exchange relationships.
Marketing is the managing of a market to get profitable customer relationships (takes work).
That mean Sellers must:
• Search, engage buyers
• Identify needs
• Design good offerings
• Set prices
• Promote
• Store and deliver
Activities such as:
• Customer research
• Product development
• Communication
• Distribution
• Pricing
• Service
Are core marketing activities.
Marketing is done by:
• Sellers
• Buyers
• Consumers when they search for produts and
interact with companies
Customer Value- Driven Market Strategy & Plan (Design)
When understand Consumers, Marketplace the marketing management can design a strategy.
A winning strategy answers two key questions:
• What customers do you serve?
• How can you serve them the best?
Selecting Customers to serve
To simplify this problem, we:
• Decide whom we will serve
• Divide the market into segments of customers
(market segmentation)
• Choose the segment (target marketing)
You cannot serve all customers in every way!
Therefore, the company:
• Wants only customers they can serve well and profitable
Ultimately marketing managers must decide:
• Which customers they want to target
• The level
• Timing
• Nature of demands
Marketing Management Orientation
They want to design strategies that will engage target customers and build profitable
relationships with them. There are five alternative concepts for marketing strategies:
The Production Concept (One of the oldest orientations)
Consumers want available and highly affordable products. It´s still a useful philosophy in some situations
but it can lead to marketing myopia. So, companies run a risk of focusing too narrowly on their own
operations and losing sight of the real objectives.
The Product Concept
Consumers want product with the highest quality, performance, and innovative features. The strategy lays
the focus on product improvement. It´s a part of the basically every marketing strategy but only your product
being the focus can lead to market myopia. Especially when customers look for a different solution and not a
better product.
The Selling Concept
Consumers won´t buy enough products as long as there is no large-scale selling/ promotion effort. Typically
practiced with unsought goods. This concept can be seen as aggressive selling which carries high risks. It’s a
short term strategy with no focus on long term relationships with customers.
The Marketing Concept
Achieving your goals depends of knowing/understanding your target and market and satisfying better than
the competitors do. Customers focus and value the path of sales and profits.
Customer centred marketing > product centred marketing
The Social marketing Concept
This concept questions whether the concepts overlooks possible conflicts between customer short- and long
run welfare.
• Did the firm satisfy the immediate needs?
• Does the target market does what´s best for consumers?
Often known as the concept of shared value. Cause it recognizes social and economic needs.

Preparing an Integrated Marketing Plan and Program

Strategy outlines:
1. Which customers it will serve
2. How it creates value for customers
Next:
1. Marketer develops an integrated program that delivers the intended value
2. Marketing program builds customer relationships, brings strategy into action
3. Consists of firm´s marketing mix, marketing tools implement the marketing strategy
The Four P´s

Managing Customer Relationships & Capturing Customer Value

Engaging Customers and Managing Customer Relationships
Steps:
1. Understand the market place
2. Customer needs
3. Design a customer value-driven strategy/ construct a marketing program
4. Engaging customers and managing profitable customers relationships

Customer Relationship Management

It´s the overall process of building and maintaining profitable customer relationships by delivering superior
customer value and satisfaction. All aspects of acquiring, engaging, and growing customers.

Relationship Building Blocks

Key is to building lasting customer relationships is to create superior customer value and satisfaction.
Satisfied customers tend to be loyal customers.
Customers buy from the firm that offers the highest customer-perceived value. Overall customers often do
not judge values and costs “Accurately” or “objectively”. They act on perceived value.

Customer Satisfaction
Depends on the product perceived performance relative to a buyer´s expectations. When
performance matches expectations the customers are satisfied. Should a product exceed the
expectations customers are highly satisfied or delighted. Must companies try to delight
customers by promising less than they deliver.
Personal Selling
Personal selling is the evolution of the sales function towards focus on the needs of the
customer. A company´s sales force creates and communicates customer value by personally
engaging customers and building customer relationships.
Different company orientations are reflected in their organigrams
Marketing Process
Marketing Strategy & Marketing Mix

Societal Marketing
The company´s marketing decisions should consider consumers ‘wants, the company´s
requirement, consumers´ long-run interests, and society´s long run interests.
How to get Customer Insides
Consumer Insides
Understanding of customers and marketplace based on information. Which is the base of
creating customer value, engagement, and relationship. These are deep insights about their
needs and wants which companies can use to develop a competitive advantage. These
information can be difficult to obtain; cause marketers must manage alle information from a
wide range of sources.
Marketing Information
• Internal data
o Collections of consumer and market information from data sources within the company
net work.
• Marketing intelligence
o Systematic collection and analysis of publicly available information. Consumer, competitors,
developments and marketing environment. Can be used for early insights into competitors´
strategies.
• Marketing research
o Systematic design, collection, analysis and reporting of relevant data for a specific
marketing situation

Marketing Research
Traditional mainstays (in person research surveys and focus groups) are still prevalent and
powerful are being complemented by more agile, immediate and less costly digital
gathering methods.
Process
Primary Data Collection Approches
Research Approach Brief description
Observational Research Deep insights by observing customers actions and
activities
Surveys and Questionnaires Information about consumer knowledge, attitudes,
preferences, and buying behaviour, by asking a
target set of respondents a with specific questions
Interviews Insights from targeted participants by engaging
them in one-on one
Focus Group Small, carefully selected groups of people to meet
with a trained moderator. Focus discussions about a
product, service, or organization to gain
subtle/interesting insights.
Customer insight Communities Panel of customers (online). Provides the company
with insights and feedback on ongoing basis.

Analysing and using Marketing Information

Involves analysis tools, technologies and processes by which marketers dig out meaningful
patterns in big data to gain customer insights and marketing performance. Some employ AI
and technology, so machines think and learn a way that looks and feels human.
Other Marketing Information
• Research in small businesses and nonprofit organisations
• International marketing research
• Public Policy and Ethics
o Customer privacy
o Misuse of research findings
Consumer Markets and Buyer Behaviour
Consumer Buyer Behaviour
Is the buying behaviour of final consumers- individuals and households that buy goods and
services for personal consumption.
Consumer markets
Made up of all the individuals and households that buy of acquire goods and services for
personal consumption.

Factors Influencing Consumer Decisions

Situational Factors
• Buying task: refers to the consumer´s approach to solving a particular problem and how much effort
it requires.
• Market offering: available market offering are another relevant set of situational influences on
consumer problem solving.
Personal Factors
• Demographics: include variables such as age, gender, income, education, martial status
• Life stage: Life events and circumstances people are experiencing at any given moment
• Lifestyle: Pattern or being or living in the world combined with his or her psychographics (attitudes,
opinions, aspiration and interest)
• Personality: Characteristics linked to the ways people view themselves and calibrate their behaviour
in the world
Psychological Factors
• Motivation: Inner drive or pressure to take action to satisfy a need
• Learning: is an experience and practice that actually brings about changes in behaviour
• Attitudes and believes: describes a person´s relatively consistent evaluation, feelings, and
tendencies towards and object or idea
Social Factors
• Culture: basic values, perceptions, wants and behaviours learned by society
• Social class: similar values, interests and behaviours
• Reference group: friendship, face to face interaction, indirect contact

Consumer Decision-Making Process

The Consumer Journey
More comprehensive way to refer to the “Buyer Decision Process”. By understanding the
journey, marketers can create a brand experiences that results intro positive purchase
behaviour, engagement, and brand advocacy over time.
Consumer Behaviour/ Business 2 Business Behaviour
Business buyer Behaviour
Refers to the buying behaviour of the organizations that buy goods and services for use in the
production of the products and services that are sold, rented, or supplied to others.
Business buying Process
Where business buyers determine which products and services are needed to purchase, and
then find, evaluate, and choose among alternative brands.
Difference to Consumer Market
• Fewer but larger buyers
• Derived demand
• Inelastic demand
• Fluctuation demand
Nature of Buying Unit
• More decision participants
• More professional purchasing effort
• More buyer and seller interaction

Business buyers usually face more complex buying decisions than consumer buyers!
Model of Buyer Behaviour
Participants in the Business Buying Behaviours
Consist of all individuals and units that play a role in the business purchase decision-amking
process.
• Users: those that will use the product or service
• Influencers: help define specifications and provide information for evaluating
alternatives
• Buyers: have formal authority to select the supplier and arrange terms of purchase
• Deciders: have formal or informal power to select and approve final suppliers
• Gatekeeper: controls the flow of information

Major Influences

Stages of Decision Process

Marketing Strategy – Segmentation and Targeting
Customer -Driven Strategy
Goal: Capture value from customers to create profits and customer equity
Company´s have to ask themselves two questions:
➔ Which customer do we serve?
➔ How will we serve them?

Marketing Strategy and Marketing Mix

A company designs its marketing program from the 4 P´s which delivers the intended value
to targeted consumers. The core is about creating value and profitable customer
relationships.
Market Segmentation and Targeting
Segmentation Targeting
Requires dividing a market into smaller Target market is a set of buyers who share
segments with distinct needs, common needs or characteristics that the
characteristics, or behaviour that might company decides to serve.
require separate marketing strategies or
separate marketing mixes.
Segmenting Consumer Markets
• Geographic → Country, culture, city
• Demographic → age-and life-cycle stage, gender, income
• Psychographic → social class, lifestyle or personality, characteristics
• Behavioural → consumer knowledge, attitudes, use and respond of product
• Multiple → smaller, better defined target groups
• Intermarket → segments of consumers → similar needs buying behaviour

Segmenting Business Markets

• Business demographics (Industry, Company size)
• Operating characteristics
• Purchasing approaches

Similarities
Market and consumer segmentation often use the same
variables.
• Customer operating characteristics
• Purchasing approaches
• Situational factors
• Personal characteristics

Requirements for Effective Segmentation

Measurable: Size, Purchasing Power, Profiles of Segments can be measured
Accessible: Segments can be effectively reached and served
Substantial: Segments are large or profitable enough to serve
Differentiable: Conceptually distinguishable respond different marketing mixes etc.

Marketing Targeting
Marketing Strategy – Differentiation and Positioning
Differentiation and Positioning
Positioning Maps → show consumer perceptions of marketer´s brands versus competing
products on important buying dimensions.

Choosing a differentiation and positioning:

• Identifying a set of possible competitive advantages to build a position
• Choosing the right competitive advantages
• Selecting an overall positioning strategy
• Communicating and delivering the chosen position to the market

Competitive advantage
Advantage over competitors gained by offering consumers greater value, either through
lower prices or by providing ore benefits that justify higher prices.

Value Proposition
is the full mix of benefits upon which a brand is positioned.
Positioning Statement
Summarizes company or brand positioning. “To (target segment and need) our (brand) is
(concept) that (point of difference)”

Communicating and Delivering the Chosen Position

• Choosing the positioning is often easier than implementing the position
• Positioning cannot be changed from day to night:
• Established a position or chancing one usually takes a long time
• Maintaining the position requires consistent performance and communication
Construct and Integrated Marketing Program -P for Product
Expanded Model of the Marketing Process

What is a Product?
Product is anything that can be offered in a market for attention, acquisition, used, or
consumption that might satisfy a need or want.
Services are a form of product that consists of activities, benefits, or satisfaction and that
is essentially intangible and does not result in the ownership of anything.
Both are becoming more commoditized. Companies are now creating and managing
customer experiences with their brands or company.

Customer experience is the main goal by selling a

product or a service since the experience keeps them
buying your product.
Further a product contains three levels. The augmented, actual product and core customer
value.

Service Marketing
A service has four specific characteristics:

Product and Service Decisions

Individual Product Decisions
The focus of all these decisions is to create customer value
Brand
The name, term, sign, or design or a combination of these, that
identifies the maker or seller of a product or service
Brand Positioning
Marketers can position brands at any of three levels.
1. Attributes
2. Benefits
3. Beliefs and values
The strongest brands are positioned on strong beliefs and values,
engaging customers on a deep, emotional level.
Packaging
Involves designing and producing the container or wrapper for a product.
Labels identify the product or brand, describe attributes, and provide promotion.

Product Line Decision

Is a group of products that are closely related because they function in a similar manner, are marketed
through the same types of outlets, fall within given price ranges.

Product line length is the number of items in the

product line:
• Line stretching
• Line filling

Through skilful line stretching and filing BMW now has brands and lines that successfully appeal
• To the rich
• Super rich
• As well es the hope-to-be-rich

Product Life-Cycle
Sales and Profits over the Product Life cycle from
Inception to Decline.
Construct an Integrated Marketing Program- P for Price
What is Price?
Price is the amount of money charged for a product or service, or the sum of all values that
customers exchange for the benefits of having or using the product or service.

In Marketing Mix and Strategy

Price is the only element in the marketing ix that produces revenue, all other P´s represent
costs.

Three Major Pricing Strategies

• Customer value-based pricing
• Cost-based pricing
• Competition- based pricing
Cost-based pricing
Sets prices based on the costs for producing, distributing, and selling the product, plus a fair
rate of return (markup) for effort and risk.

Example: You´ve designed a product with the following costs:

• Material costs: $20
• Labour costs= $10
• Overhead = $8
• Total Costs=$ 38
You then add your markup percentage, let´s say 50% to the total cost = $57

Value-based pricing
Uses the buyers´ perceptions of value rather than the seller´s cost.
• Customer driven
• Price is set to match perceived value.
Example: Louis Vuitton customers see the value of the product based on:
• Almost default image of style and exclusivity
• Social versatility of their accessories
• Gender-neutral product design, despite a segregated
catalogue
• Price that´s somewhat more affordable that some
other high-end brands, despite the stylish image

• Good-value-pricing is offering just the right combination of quality and good service
at a fair price.
• Everyday low pricing (EDLP) involves charging a constant everyday low price with
few or no temporary price discounts
• High-low pricing involves charging higher prices on an everyday basis but running
frequent promotions to lower prices temporarily on selected items.
• Value-based pricing attaches value-added features and services to differentiate a
company´s offers and thus their higher prices.

Competition-based pricing
Is setting prices based on competitors ‘strategies, costs, prices, and market offerings.
Market-skimming pricing strategy sets high initial prices
to “skim” revenue layers from the market.
• Product quality and image must support the price
• Buyers must want the product at the price

Market- penetration pricing involves setting a low price for

a new product in order to:
• Attract a large number of buyers
• And a large market share
Construct an Integrated Marketing Program – P for Place
Supply Chains and Value Deilvery Networks
Upstream Partners Downstream Partners
Are firms that supply raw materials, Include the marketing channels or
components, parts, information, finances, distribution channels that look toward the
and expertise needed to create a product or customer, including retailers and
service. wholesalers.

Nature and Importance of Marketing Channels

Marketing channel (distribution channel) is a set of interdependent organizations that help
make a product or service available for use or consumption by the consumer (or business
user.
Channel members add value through:
• Information
• Promotion
• Contact
• Matching
• Negotiation
• Physical distribution
• Financing
• Risk taking
Channal Behaviour and Organization
Marketing channels consist of firms that have partnered for their common good which each
member playing a specialized role.
Vertical marketing system.

Multichannel Distribution System

Changing Channel Organization
Disintermediation
Is the cutting out of marketing channel intermediaries by producers or the displacement of
traditional resellers by new intermediaries.

Channel Design Decisions

Three Marketing Intermediaries:
• Intensive
• Exclusive
• Selective
Retailing
Includes all the activities in selling products or services directly to final consumers for their
personal, non-business use.

Retailers are businesses whose sales come primarily from retailing. Retailers are “the last
mile” – the final stop in the consumer´s path to purchase. It´s the “distance a consumer
travels between an attitude and an action”.

Omni-channel retailing: creates a seamless cross-channel buying experience that integrates

in-store, online, and mobile shopping, creating a single shopping experience.
Types of Retailers
Product Line Classification
• Speciality stores
• Department stores
• Supermarkets
• Convenience Stores
• Superstores
• Category killers.
Construct and Integrated Marketing Program – Promotion
Integrated Marketing Communications
IMC is coordinating and integrating all communication channels of a company. In the end
that leads to a clear, consistent and compelling brand/ message.
Shaping the Overall Promotional Mix

Steps in Developing Effective Marketing Communications

1. Identify the target audience
2. Determine the communication objectives
o Five As
▪ Awareness
▪ Appeal
▪ Aks
▪ Act
▪ Advocate
3. Design the message
o What to say
▪ Rational appeal relates to the audience´s self – interest
4. Chose the media to send the message
o Face-toFace
o Phone
o Mail
o Texting or Chats
o Word-of-mouth influence
▪ Independent experts
▪ Bloggers
▪ Consumer advocates
▪ Family/Friends
5. Choose the media to send the message
o How does the target view the communicator
▪ Athletes
▪ Entertainers
▪ Professionals
6. Select message source and collect feedback
o Communicator understands effect on audience by measuring behaviour
Advertising
Is any paid form of non-personal presentation and promotion of ideas, goods, or services by
an identified sponsor. So basically this:

Buy This Can

Advertising Strategy
Create an Advertising Message and Brand Content
It can be hard to create a good ad since in todays world we have ad blockers or can skip
them. Therefore, we decide to watch ads or not. Short: Life is hard when you do Ads.

Like I want to watch a 15sec video.

Setting Objectives
1. Informative advertising
o Used when introducing a new product category to build primary demand
2. Persuasive Advertising
o Is important with increased competition to build selective demand
3. Reminder Advertising
o Is important with mature products to help maintain customer relationships and
keep customers thinking about the product

Possible Advertising Objectives

Choose appropriate Media

1. Broadcast
2. Print
3. Online
4. Outdoor

Digital Marketing Benefits

Public Relations
Means these bitches will help out in crisis or donate money our goods to people in need and
hope the news will talk about it. Most of the time they just do it for publicity but hey at least
they help.
The Role and Impact of PR
1. Lower costs than advertising
2. Stronger impact on public awareness than advertising
3. Has power to engage consumers and make them part of the story

We are not done yet there is more!

Personal Selling
In Organisation

Personal Selling is the interpersonal part of the promotion ix and can include:
o Face-to- Face Communication
o Telephone Communication
o Video or web conferencing
The Nature of Personal Selling
Salespeople are an effective link between the company and its customers to produce
customer value and company profit by:
o Representing the company to customers
o Representing customers
o Working closely with marketing
Social Sellin (online, mobile, social media tools)
Social selling is the use of online, mobile and social media to engage customers
relationships, and argument sales performance.
Digital technologies can make salespeople more productive and effective.

Personal Selling Process

Companies try to gain new customers with the process that contains several steps salesperson
have to master. Instead of building long term customer relationships, the salesperson has to
get new customers.
Steps in Personal Selling
Salesperson deal with:
o Customers
o Suppliers
o Dealers
o Internet
Steps are:
1. Pre-approach → learning as much as possible about a prospect
a. Objectives
i. Qualify the prospect
ii. Gather information
iii. Make an immediate sale
b. Approaches
i. Personal visit
ii. Phone call
iii. Letter/email
It´s giving
stalker
2. Approach → meet and greet buyers
a. Appearance It´s giving
b. Opening lines stalker
c. Follow-up remarks

3. Presentation →product story

a. Benefits
b. Shows what it does
c. Solves problems

4. Handling objections
a. Process where salesperson resolve problems
b. Logical, psychological, unspoken

5. Closing → recognize signals

a. Including physical actions, comments, questions
b. Finalize the sale

6. Follow-up → final step

a. Ensure customers satisfaction
b. Repeat business

Managing Customer Relationships

Personal selling is transaction-oriented to close a specific sale with a specific customer.
Long-term goal is to develop a mutually profitable relationship. In successful companies
they want their salesperson to practice value-selling – demonstrating and delivering
superior customer value and capturing a return on that is fair for both the customer and the
company.
Sales Promotion
Definition
Refers to the short-term incentives to encourage purchases or sales of a product or service
now.

Rapid Growth of Sales Promotion

• Product managers under pressure to increase the sales
• Companies face more competition
• Less differentiation between competitors
• Advertising efficiency declines because of high costs, clutter, and legal constraints
• Deal-oriented customers
Further
In our current economy customers are attracted by low prices and good deals. Sales
promotion can attract these types of consumers. But companies should also remember that
growing use of sales promotion leads to “promotion clutter | advertising clutter”.
Promotions can be like lost ships in a sea of promotions. In that case the planned trigger isn’t
happening and companies have to find a new way.
Such as:
• Large coupons
• Dramatic point-of-purchase
• Digital Promotion
Setting Sales Promotion Objectives
Sales promotions are usually used together with advertising, personal selling, direct
marketing, or other promotion mix tools. Consumer promotions must usually be advertised
and can add excitement and pulling power to ads. Trade and business sales promotions
support the firm’s personal selling process.
Consumer Promotion– urge short term customer buying and enhance customer
Relationships

Trade promotions – encourage retailers to carry more product, buy in advance, stimulate
purchases

Business promotions – used to general leads and stimulate purchases towards businesses

Sales force promotions – motivate salespeople to

support new product, garner new accounts

Sampling - is the most effective—but most

expensive—way to introduce a new product or create
new excitement for an existing one. Some samples are
free; for others, the company charges a small amount to
offset its cost. The sample might be sent by mail,
handed out in a store or at a kiosk, attached to another
product, or featured in an ad or an email. Samples are
sometimes combined into sample packs, which can then be used to promote other products
and services. Sampling can be a powerful promotional tool.

Coupons- can promote early trial of a new

brand or stimulate sales of a mature brand.

Rebates (or cash refunds)- are like coupons

except that the price reduction occurs after the
purchase rather than at the retail outlet.

Price packs (also called cents-off deals)- reduce prices directly on the label or package.
Price packs can be single packages sold at a reduced price (such as two for the price of one)
or two related products banded together (such as a toothbrush and toothpaste). Price packs
are very effective—even more so than coupons—in stimulating short-term sales.
Premiums - are goods offered either for free or at a low price.
Advertising specialties - are useful articles imprinted with the advertiser’s name, logo, or
message that are given as gifts to consumers.

Point-of-purchase promotions - include displays and demonstrations that take place at the
point of sale.

Contests, sweepstakes, and games - give consumers the chance to win something—such as
cash, trips, or goods—by luck or through extra effort.
• Contests require an entry by a consumer.
• Sweepstakes require consumers to submit their names for a drawing.
• Games present consumers with something that may or may not help them win a prize.

Event marketing or event sponsorship - is creating a brand-marketing event or serving as a

sole or participating sponsor of events created by others.

Major Tools for Trade Promotions

• Discount
• Allowance
• Free goods
• Specialty advertising

Conventions and trade shows – are

effective to reach many customers not
reached with the regular sales force.
Sales contests - are effective in motivating
salespeople or dealers to increase
performance over a given periode.
• Size of the incentive
• Conditions for participation
• Promotion and distribution of the program
• Length of the program
• Evaluation of the program
Sustainable Marketing
Goals

Definition
Socially and environmentally responsible marketing that meets the present needs of
consumers and businesses while also preserving or enhancing the ability of future
generations to meet their needs.

Social Criticism of Marketing

• High prices
• Deceptive practices
• High-pressure selling
• Shoddy, harmful, or unsafe products
• Planned obsolescence
• Poor service to disadvantaged consumers

Building a Sustainable Marketing Organisation

• Marketing with ethics
• Be consumer-centric, and consider also the impact in other stakeholders (e.g.
employees, future generations)
• Build long-term customer value
• Embrace a sense of mission
The Sustainable Company = “Social Enterprise”
A company that creates value for customers through socially, environmentally, and ethically
responsible actions.