The Essay
Growth in recent times
Cause-related marketing has proven to be a very powerful tool in marketing which is been leveraged by business and other non-profit organizations. It has been seen that 89% of Americans who are in the age bracket of 13-25 would like to opt for the product involved in a good cause even if it is priced as equal to their competitor (Cone Millennial Cause Study in 2006). The social cause is not only related to consumers but also the public in large number said that they would like to work for a company that was considered socially responsible. This could be taken as a reason for an increase in workplace giving programs.
The previous studies and research made by one of the major cause related company, cone indicates that there is an increase in the percentage of Americans who would like to engage themselves in good cause and expect the company sectors to be corporate social entity as well. There has been significant rise of such trend just before and after the September 2011 attacks.
Following are the summary of sales earned from the cause marketing by different segments of market and its effect on various related matters. In order to be not too old, the data has been scrutinized from the year 2008. It is very important to know the pattern of cause marketing to predict the further scenario of cause related marketing and do the core analysis on various segments which can be taken as potential perspective of such kind of marketing. The information is as follows:-
2008
* People started being more aware of such concepts and they believe that it is very important to know about the where about, values of the company from which they purchase the product or they are working for. Statistics states that 89% of Americans mentioned their preferences towards to socially responsible organizations. (The 2008 MS&L Global Values Study) * The research on behavioural science indicated a 28 to 78% increase in actual purchase within the toothpaste and
Cause-related marketing has proven to be a very powerful tool in marketing which is been leveraged by business and other non-profit organizations. It has been seen that 89% of Americans who are in the age bracket of 13-25 would like to opt for the product involved in a good cause even if it is priced as equal to their competitor (Cone Millennial Cause Study in 2006). The social cause is not only related to consumers but also the public in large number said that they would like to work for a company that was considered socially responsible. This could be taken as a reason for an increase in workplace giving programs.
The previous studies and research made by one of the major cause related company, cone indicates that there is an increase in the percentage of Americans who would like to engage themselves in good cause and expect the company sectors to be corporate social entity as well. There has been significant rise of such trend just before and after the September 2011 attacks.
Following are the summary of sales earned from the cause marketing by different segments of market and its effect on various related matters. In order to be not too old, the data has been scrutinized from the year 2008. It is very important to know the pattern of cause marketing to predict the further scenario of cause related marketing and do the core analysis on various segments which can be taken as potential perspective of such kind of marketing. The information is as follows:-
2008
* People started being more aware of such concepts and they believe that it is very important to know about the where about, values of the company from which they purchase the product or they are working for. Statistics states that 89% of Americans mentioned their preferences towards to socially responsible organizations. (The 2008 MS&L Global Values Study) * The research on behavioural science indicated a 28 to 78% increase in actual purchase within the toothpaste and
References: Cone Millennial Cause Study (2006). Available at http://download.2164.net/PDF-newsletters/2006MillennialCause.pdf. (Assessed on 06/04/2013) The MS&L Global Values Study (2008). Available at http://northamerica.mslgroup.com. (Assessed on 06/04/2013) Cone/Duke University Behavioral Cause Study (2008) Available at http://causerelatedmarketing.blogspot.ie/2008/10/2008-coneduke-university-behavioral.html. (Assessed on 06/04/2013) Cone Cause Evolution Study (2008) Available at http://ppqty.com/2010_Cone_Study.pdf. (Assessed on 06/04/2013) Waggener Edstrom Worldwide Consumer Research (2009) Available at http://waggeneredstrom.com/what-we-do/consumer-engagement. Assessed on 06/04/2013 IEG Sponsorship Report (2012) Available at http://www.sponsorship.com/iegsr.aspx. Assessed on 06/04/2013.