Importance of Ethical Business and Target Market of Ethical Consumers
Verified
Added on 2023/04/05
|12
|2267
|163
AI Summary
This literature review explores the importance of ethical business and the target market of ethical consumers. It discusses the strategies and measures needed to accentuate the target market and increase revenue from ethical marketing.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Running head: LITERATURE REVIEW Literature Review Name of the student- Name of the University- Author Note-
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
1 LITERATURE REVIEW Summary Table Abid, Muhammad Farrukh, and Amir Gulzar. "Impact of Strategic Orientation on New Product Success with Mediating Role of New Product Development Knowledge Management Capabilities."Review of Integrative Business and Economics Research7 (2018): 1-31. Summary- Business organizations should focus on strategic orientation. Arshad, Muhammad, Omer Farooq, and Mariam Farooq. 2019. "The Effect of Intrinsic and Extrinsic FactorsonEntrepreneurialIntentions."ManagementDecision57(3):649-668. doi:http://dx.doi.org.libproxy.murdoch.edu.au/10.1108/MD-04-2016-0248. Summary- Integration of external and internal business environment. Audenaert, Mieke, Beatrice Van der Heijden, Neil Conway, Saskia Crucke, and Adelien Decramer. "Vulnerable Workers’ Employability Competences: The Role of Establishing Clear Expectations, Developmental Inducements, and Social Organizational Goals."Journal of Business Ethics(2019): 1- 15. Summary- To improve business organizations must focus on maintenance of ethics in the workplace. Büyüközkan, Gülçin, and Öykü Ilıcak. "Integrated SWOT analysis with multiple preference relations: Selection of strategic factors for social media."Kybernetes48, no. 3 (2019): 451-470. Summary- Adoption of comprehensive SWOT Analysis. Chiang, Wen-Yu. "Establishing high value markets for data-driven customer relationship management
2 LITERATURE REVIEW systems: An empirical case study."Kybernetes48, no. 3 (2019): 650-662. Summary- High Value through customer service relationship Haber, Nicolas, and Mario Fargnoli. "Prioritizing customer requirements in a product-service system (PSS) context."The TQM Journal(2019). Summary- Prioritization of customer needs. Huang, Danyan. "Research into the Application of Linguistic Adaptation Theory in Personal Selling Communication."Theory and Practice in Language Studies9, no. 3 (2019): 261-270. Summary- Ethics in market competition Lee, Po-Yen. "Taking a prospector local-market focus and foreign subsidiary performance: evidence from China."Management Decision57, no. 3 (2019): 569-582. Summary- Maintenance of Ethical Competitive Advantage Lueg, Rainer, Christian Schmaltz, and Modestas Tomkus. "BUSINESS MODELS IN BANKING: A CLUSTER ANALYSIS USING ARCHIVAL DATA."TRAMES: A Journal of the Humanities & Social Sciences23, no. 1 (2019). Summary- Focus on the choice of the customers. Salvioni,Daniela,andFrancescaGennari."CSR,sustainablevaluecreationandshareholder relations."Salvioni, DM & Gennari, F.(2017). CSR, Sustainable Value Creation and Shareholder Relations, Symphonya. Emerging Issues in Management (symphonya. unimib. it)1 (2017): 36-49. Summary- Perpetration of Ethical Investments.
3 LITERATURE REVIEW Introduction Aimingtounderstandandgaugetheaspectof‘ethicalcustomers’and‘ethical businesses’, the following literature review will undertake to establish the need to focus on ‘ethical business’ and enterprises. The following paragraphs will endeavor to investigate into the various measures that are required for accentuating the target market. By conjuring instances from various relevant literature, the following review will shed light on the important aspects of ‘ethicalcustomers’inrelationtothetargetcustomers.Thereviewwillalsotakeinto consideration the example of ShopHere and their business strategy directed towards the target market of ‘ethical buying’. Methods The aspect of ‘Literature Review’ is one of the most important exploratory research techniques that are available for the purpose of determining the existing and prevalent views related to a research topic.After using the log in and password, the relevant articles were chosen from the online portal of ProQuest. In ProQuest, many articles related to business enterprises were available. However, I had searched using the keywords such as ethical choice, ethical consumers and ethical consumer market. This had helped in searching the relevant articles related to ethical target market. Out of the innumerable article, I had chosen 10 articles for
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
4 LITERATURE REVIEW evaluation.In addition to this, the collection of the various articles has followed the method of differentiating the relevant resources based on their concrete relation to the topic. Critical Analysis A closer look at the various existing literature can reveal that the aspect of ethical business enterprise and the ethical demands and needs of the customers form an integral part in modern business endeavors. As per many findings, it is seen that in order to increase the revenue earned by business organizations in the target market of ‘ethical customers’, it is essential to understand the market and customerorientation (Abid, Farrukh, and Amir 2018). The authors even move onto mention that the adoption of strategic management and strategic business goals canaccentuatetheunderstandingofthetargetmarketof‘ethicalconsumerism’.A comprehensive strategic orientation helps in reaching to the target audience. Thus, in the case of ShopHere, it can be mentioned that the adoption of the goals and objectives of ‘strategic orientation’ can ensure the proper understanding of the target audience, which in turn, can lead to increase in revenue from ethical marketing. The adoption of ‘strategic orientation’ in relation to customer or market orientation can assist ShopHere in gauging the factors that leads to ethical consumer practices. A closer look at the product and service range of ShopHere is evident of the idea that the proper implementation of ‘strategic orientation’ can assist in generation of revenue through the incorporation of product development. In addition to this, it is also seen that the recent business and consumer trends often focus on the ethical manner of production, distribution and intake ofproducts (Abid, Farrukh, and Amir 2018). Given the scenario, it is crucial to incorporate a proper knowledge of the prevalent trendsin relation to ethical consumerism. According to the findings of recent studies, it can be mentioned that the concept of ‘ethical business’ and ‘ethical consumerism’ is directly reflective
5 LITERATURE REVIEW of the corporate social responsibilities vested in businessorganizations (Salvioni and Francesca 2017). Inorder to generate revenue from the target audience and recipient of the business service and products, it is essential for business organizations to indulge in ethical investments(Salvioni and Francesca 2017). It is also observed that the target customer market and the prevalent trends can beinfluenced by the globalization of the global market. In the case of ShopHere, it can be mentioned that in order to convert the ethical norms of the customers into buying choices, it is important to increase the market expansion in the form of correct and ethical investments. Collating the above-mentioned opinions and strategies, it can be mentioned that the authors have strived to project the intrinsic aspects of ‘ethical consumerism’ and the target market. Further, it is also seen that in order to increase and understand the target market of the ethical customers, it is essential to include the aspects related to the choices of the customers (Lueg, Christian and Modestas 2019). The authors also strive to establish the importance of the target customers inthe context of business. In addition to this, it is also seen that in order to increase the target customer and target market, the business organizations such as ShopHere should focus on the strategy of generation of high value through the increase in the customer service relationships between the variousorganizations (Chiang 2019). Inthe case of ShopHere, it can be mentioned that the inclusion of data driven customer service relationships can ensure a correct evaluation of the prevalent ethical temperaments and demands of the consumers. Another study projects the idea that in order to integrate the factors and to increase the revenue generated from the target markets of ‘ethical customers’, it is crucial to integrate as well as prioritize the needs of the customers in a service and product based system ofbusiness (Haber and Mario 2019).Taking into consideration this idea, it can be elaborated that organizations such as ShopHere should also focus on the exact nature of the market needs and prioritize them
6 LITERATURE REVIEW accordingly. A closer examination of the organization will project that ShopHere has faced certain challenges in the generation of revenue despite the implementation of ethical practices. This can be removed by the application of the concrete marketing strategy of prioritizing the intrinsic needs of the customers. Recent studies are also emblematic of the idea that in the modern business environment, many business enterprises resort to ethical manufacturing and marketing. Thus, it can be said that there is ample scope for sustainable products and marketing. Studies reveal the fact that for ethical marketing and ethical business, it is essential for business organizations to also focus on the maintenance of an ethical standard in the quality of work and ethical standard of the health standards of the employees at theworkplace (Audenaertet al.2019).Customers are often seen to convert their ethical demands into purchasing habits when the business organizations are seen maintaining the ethical standards in every aspect. Therefore, for business organizations such as ShopHere can guarantee the scope for the establishment of the target market of ‘ethical consumers’ by generating and implementing the ethical organizational practices. A closer analysis of the prevalent market trends and customer choices will reveal that for sustainable organizations such as ShopHere, there can be scope for accentuating the target market as it is seen that ShopHere indulges in socially ethical practice related to manufacturing of the clothing materials. Recent studies project that the perpetration of ethical and sustainable business enterprises can ensure the greater participation of the employees and the higher generation of revenue from the target market of customers who prefer to purchase products that are manufactured in an ethical manner. Studies also reveal that innumerable external as well as internal factors affect the business endeavors (Arshad, Omer and Mariam 2019). In order to accentuate the scope of the development of the business organizations that promote future
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
7 LITERATURE REVIEW sustainability, it is quite crucial to achieve an integration of the various internal and external contributing factors (Arshad, Omer and Mariam 2019). In the case of ShopHere, it can be mentioned that the amalgamation of these factors can enhance as well as accentuate the target market audience and customer of ‘ethical customers’. A closer look at the above-mentioned articles can reveal that they strive to present the scope and validity of the various ethical practices in the business endeavors. The articles also endeavor to mention that in order to maintain the ethical standards in business enterprise, it is crucial to implement the relevant ideas. In addition to this, another article projects that due to the intense competition in the market amongst the various businesses, it is seen that businesses need to achieve the highest customer satisfaction to stay strong in themarket (Huang 2019). Byevaluating this idea, it can bementionedthatbusinessorganizationssuchasShopHerearecompelledtoinculcate sustainable and ethical measures to delete the highly competitive market. The idea presented by the authors are highly contemporary and reflects the prevalent state of various businesses. A closer examination of another article will project that it should be necessary for business organizations to maintain a competitive advantage over other firms to ensure the greater expansion of the target market and customers(Lee 2019). Inthe case of ShopHere, there can be ample scope for maintaining competitive advantage by adopting improved as well as approved ethical and sustainable practices. On the other hand, another study projects the notion that a comprehensive SWOT Analysis can assist in enlisting the exact target audience and customers (Büyüközkan and Öykü 2019). This canassist organizations to generate and design ethical products for the customers.
8 LITERATURE REVIEW However, the studies have failed to project the exact manner in which the business organizations can increase the target customer base. Conclusion It can be concluded that the sustainable business organizations such as ShopHere need to devise concrete strategies for accentuating the target market. It can also be concluded that the prevalent literature strives to present the importance of ethical endeavors.The above-mentioned articles imply that to accentuate the scope for ethical consumers and ethical target market, business organizations such as ShopHere needs to incorporate the comprehensive measures of assessing and understanding the intrinsic needs of the target market of ethical consumers. It is also implied that for the better implementation of the ethical business endeavors, it is essential to include the closer examination of the market scenario.
9 LITERATURE REVIEW References Abid, Muhammad Farrukh, and Amir Gulzar. "Impact of Strategic Orientation on New Product SuccesswithMediatingRoleofNewProductDevelopmentKnowledgeManagement Capabilities."Review of Integrative Business and Economics Research7 (2018): 1-31. Arshad, Muhammad, Omer Farooq, and Mariam Farooq. 2019. "The Effect of Intrinsic and ExtrinsicFactorsonEntrepreneurialIntentions."ManagementDecision57(3):649-668. doi:http://dx.doi.org.libproxy.murdoch.edu.au/10.1108/MD-04-2016-0248. Audenaert, Mieke, Beatrice Van der Heijden, Neil Conway, Saskia Crucke, and Adelien Decramer. "Vulnerable Workers’ Employability Competences: The Role of Establishing Clear Expectations,DevelopmentalInducements,andSocialOrganizationalGoals."Journalof Business Ethics(2019): 1-15. Büyüközkan, Gülçin, and Öykü Ilıcak. "Integrated SWOT analysis with multiple preference relations: Selection of strategic factors for social media."Kybernetes48, no. 3 (2019): 451-470. Chiang,Wen-Yu."Establishinghighvaluemarketsfordata-drivencustomerrelationship management systems: An empirical case study."Kybernetes48, no. 3 (2019): 650-662. Haber, Nicolas, and Mario Fargnoli. "Prioritizing customer requirements in a product-service system (PSS) context."The TQM Journal(2019). Huang, Danyan. "Research into the Application of Linguistic Adaptation Theory in Personal Selling Communication."Theory and Practice in Language Studies9, no. 3 (2019): 261-270. Lee, Po-Yen. "Taking a prospector local-market focus and foreign subsidiary performance: evidence from China."Management Decision57, no. 3 (2019): 569-582.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
10 LITERATURE REVIEW Lueg,Rainer,ChristianSchmaltz,andModestasTomkus."BUSINESSMODELSIN BANKING: A CLUSTER ANALYSIS USING ARCHIVAL DATA."TRAMES: A Journal of the Humanities & Social Sciences23, no. 1 (2019). Salvioni, Daniela, and Francesca Gennari. "CSR, sustainable value creation and shareholder relations."Salvioni,DM&Gennari,F.(2017).CSR,SustainableValueCreationand Shareholder Relations, Symphonya. Emerging Issues in Management (symphonya. unimib. it)1 (2017): 36-49.