Moral philosophies play into the marketing mix of business

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Reference no: EM132152609

Personal Moral Philosophies

This exercise will help you better understand how your personal moral philosophies play into the marketing mix of your business.

Ultimately, ethical choices are based on the personal moral philosophy of the decision maker. Moral philosophy is learned through the process of socialization with friends and family and by formal education. It is also influenced by the societal, business, and corporate culture in which a person finds him- or herself. Two prominent personal moral philosophies have direct bearing on marketing practice: (1) moral idealism; and (2) utilitarianism.

Read the case below and answer the questions that follow.

As the manager of your campus bookstore, you realize that you can't perfectly satisfy the needs of every student all the time. Your personal moral philosophy is utilitarianism—doing the greatest good for the greatest number of students. All of your marketing mix decisions (product, price, place, and promotion) have been based on this philosophy. A textbook publisher wants you to offer only eBooks to your students. The cost to students would be so much less that they could purchase a laptop with the savings. However, a small number of students (less than 10%) prefer traditional textbooks. Review your marketing mix decisions by answering the following questions, making sure they are consistent with your personal moral philosophy of doing the greatest good for the greatest number of students before making the final decision on the eBook issue.

1. What are your bookstore's hours of operation?

a) 24/7 so that all students will be able to visit at their convenience

b) Monday through Saturday from 11 AM to 8 PM because most students are on campus during those times

2. What methods of payment would you accept?

a) The only accepted credit card is the one most commonly used by students on campus. This reduces operating costs, which can be passed on as savings to students.

b) All major credit cards are accepted, even though this raises costs of operation that need to be passed on to students.

3. What pricing strategy will you use for books in your store?

a) Books are sold at a reasonable profit to support bookstore operations and overall university operations.

b) Textbooks will be available for use in classrooms and the library to ensure that all students have free access.

4. What promotion strategy will you use?

a) Announcements for bookstore specials are sent via e-mail to all students and posted on the campus portal.

b) Announcements for bookstore specials are posted in campus dining facilities and restrooms because the majority of students visit these daily.

5. What product strategies will you use?

a) All supplies for all classes will be stocked in the bookstore so that all students can have access to anything they need for class.

b) Only the most commonly requested supplies will be stocked in the bookstore to minimize inventory costs of less frequently bought items.

Reference no: EM132152609

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