Consumers have changed their purchasing preferences from only requiring a product or service be of quality and affordably priced to demanding the businesses that offer such products or services be socially responsible entities, as well. As corporate social responsibility endures to be regarded as a necessary business practice in the minds of consumers, brands must align their marketing strategies accordingly. Specifically, brands must use philanthropy as a selling point to attract consumers. Philanthropy serves the dual purpose of improving communities and, if done properly, creating a competitive context that businesses can use to their fiscal benefit. Cause marketing, in its simplest form, is the use of philanthropy by for-profit companies as a means of attracting clientele to increase sales. Through charitable involvement, for-profit companies can generate goodwill that in turn creates a positive public perception of their brand. By partnering with carefully selected charities and investing in charity-centric endeavors, companies can engage their customers and drive revenue while bettering their communities. From this standpoint, it behooves any business to engage in cause marketing initiatives as a means of attaining customers. This thesis articulates the value that cause marketing can add to a corporate portfolio, how community involvement can be parlayed into increased revenue, and why brands should invest in cause marketing tactics. A literature review was conducted, empirical information was collected and analyzed, and interview testimonials were used in defense of these claims. In conclusion, this thesis establishes statistical proof that cause marketing promotes sales by positively affecting consumer brand perception, a key factor in purchase consideration and purchasing decisions.
Included in this item (2)
- Cause Marketing: How Philanthropy Can Bolster the Bottom-Line