Podcast
Questions and Answers
What are the 5 stages of consumer adoption?
What are the 5 stages of consumer adoption?
- Awareness, Evaluation, Feedback, Trial, Adoption
- Awareness, Interest, Evaluation, Trial, Adoption/Rejection (correct)
- Adoption, Trial, Interest, Awareness, Evaluation
- Interest, Evaluation, Trial, Adoption, Feedback
Which factors affect consumer adoption?
Which factors affect consumer adoption?
- Readiness of consumer and organization (correct)
- Advertising budget
- Expert recommendations
- New products, rates, and personal choices (correct)
What are the risks associated with consumer behavior?
What are the risks associated with consumer behavior?
Economic, Environmental, Social
List the categories of consumers.
List the categories of consumers.
What term describes individuals who are risk-takers in the adoption process?
What term describes individuals who are risk-takers in the adoption process?
Who are considered gatekeepers in the consumer adoption process?
Who are considered gatekeepers in the consumer adoption process?
Who are risk avoiders in the consumer adoption process?
Who are risk avoiders in the consumer adoption process?
What characterizes the late majority in consumer behavior?
What characterizes the late majority in consumer behavior?
What is a laggard in the context of consumer adoption?
What is a laggard in the context of consumer adoption?
Define Corporate Social Responsibility (CSR).
Define Corporate Social Responsibility (CSR).
What are the components of CSR?
What are the components of CSR?
What are the types of CSR?
What are the types of CSR?
What does responsibility towards society entail?
What does responsibility towards society entail?
What does responsibility towards government include?
What does responsibility towards government include?
Explain responsibility towards shareholders.
Explain responsibility towards shareholders.
What does responsibility towards employees involve?
What does responsibility towards employees involve?
What is the responsibility towards consumers?
What is the responsibility towards consumers?
What is meant by the triple bottom line?
What is meant by the triple bottom line?
Define cause-related marketing.
Define cause-related marketing.
What is green marketing?
What is green marketing?
What is greenwashing?
What is greenwashing?
Which of the following are tactics used in greenwashing?
Which of the following are tactics used in greenwashing?
Define knockoffs.
Define knockoffs.
What is counterfeiting?
What is counterfeiting?
How do food companies market food to children?
How do food companies market food to children?
What are the issues/side effects related to the obesity crisis associated with food companies marketing to children?
What are the issues/side effects related to the obesity crisis associated with food companies marketing to children?
What are online privacy issues?
What are online privacy issues?
Define social media.
Define social media.
What are mobile ads?
What are mobile ads?
What does sustainability mean?
What does sustainability mean?
What is the history of sustainability?
What is the history of sustainability?
List the framework of sustainability.
List the framework of sustainability.
Define environmental quality.
Define environmental quality.
What is economic productivity?
What is economic productivity?
What does social equity encompass?
What does social equity encompass?
Define sustainable product design.
Define sustainable product design.
What are fundamental design problems?
What are fundamental design problems?
What does eco-efficiency mean?
What does eco-efficiency mean?
What are the four R's?
What are the four R's?
What is an ecological footprint?
What is an ecological footprint?
Who are freegans?
Who are freegans?
Study Notes
Consumer Adoption Process
- Five stages of consumer adoption: awareness, interest, evaluation, trial, and adoption/rejection.
- Factors influencing consumer adoption include consumer readiness, organizational readiness, product novelty, adoption rates, and personal choices.
Consumer Categories
- Innovators: characterized as risk-takers who embrace new ideas and products first.
- Early adopters: serve as gatekeepers for trends, influential in the adoption process within their communities.
- Early majority: typically more cautious, avoid risks and prefer to see proven benefits before adoption.
- Late majority: skeptical and require convincing before embracing new products; typically adopt once they see widespread acceptance.
- Laggards: the last group to adopt, usually resistant to change and slow in trying new products.
Corporate Social Responsibility (CSR)
- CSR reflects a company’s commitment to sustainability and social development, showing concern beyond profit margins.
- Components of CSR focus on contributing positively to society, enacting social changes, and improving the social environment.
- Types of responsibilities include obligations to society, government, shareholders, employees, and consumers.
- Responsibility towards society aims at improving social health and education.
- Responsibility towards government generally encompasses fulfilling tax obligations.
- Responsibilities toward shareholders involve building company reputation and goodwill.
- Employee responsibilities prioritize offering a healthy working environment.
- Responsibilities toward consumers entail fair pricing practices.
Sustainability Concepts
- Triple bottom line framework examines social, environmental, and financial impacts.
- Cause-related marketing involves donating a portion of product sales to charitable causes.
- Green marketing promotes eco-friendly, reusable products.
- Greenwashing refers to misleading claims companies make to appear environmentally responsible.
- Greenwashing tactics include unsubstantiated claims, lesser of two evils comparisons, and use of misleading imagery or names.
Market Challenges and Trends
- Knockoffs are cheaper copies of existing products; counterfeiting involves creating lookalike goods with another company’s branding.
- Marketing channels on television target children, raising concerns about the obesity crisis linked to food marketing practices.
- Online privacy issues highlight tracking consumer behavior both online and in-store through technological means.
- Social media acts as a platform for users to create and share content within virtual communities.
- Mobile ads serve as interactive software for access to games and social networking.
Sustainability History and Framework
- 1970s concerns about an impending ice age transitioned to awareness of the ozone layer by 1985.
- The 1997 Montreal Protocol aimed to phase out CFC usage; recovery of the ozone layer was reported in 2010 with warnings about potential global warming impacts.
- The framework of sustainability encompasses three pillars: environmental quality, economic productivity, and social equity.
- Environmental quality is promoted through practices like not littering and utilizing renewable energy.
- Economic productivity advocates living within financial means and self-support.
- Social equity addresses ethical issues and focuses on human well-being.
Ecological and Sustainable Practices
- Sustainable product design evaluates a product's lifecycle, from creation to potential end-of-life disposal.
- Eco-efficiency emphasizes maximizing outputs while reducing resource inputs.
- The four R's of sustainability focus on reducing waste, reusing materials, recycling products, and regulating resource use.
- The ecological footprint measures human consumption against Earth's ecological capacity for regeneration.
- Freegans challenge traditional economic systems by seeking free alternatives and minimizing reliance on monetary transactions.
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