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Summary Consumer Well-Being
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Summary: Marketing Consumer Well-BeingLecture 1:
Objectives:
• Understand the historical context of marketing’s role in enhancing societal and
consumer well-being.
• Recognize marketing practices that have negatively impacted societal and consumer
well-being.
• Explain how marketing can improve societal and consumer well-being and contribute
to a firm’s success.
• Apply theoretical insights to develop and test strategies that benefit both the firm
and consumers.
Central Proposition:
• Marketers who prioritize consumer well-being can enhance their own financial well-
being and that of consumers.
Key Concepts & Definitions:
• Marketing: The process of creating, communicating, delivering, and exchanging
valuable offerings for customers, clients, partners, and society at large.
• Consumer Behavior: The study of how consumers make decisions about what they
need, want, and desire.
• Consumer Well-being: Viewed from two perspectives:
o Hedonic Perspective: Focuses on happiness and defines well-being in terms
of pleasure attainment and pain avoidance.
o Eudaimonic Perspective: Focuses on the realization of human potentials and
defines well-being in terms of people actualizing their true nature.
• Corporate Social Responsibility: A business model that helps a company be socially
accountable to itself, its stakeholders, and the public.
Well-being & Health:
• The World Health Organization’s definition of health as complete well-being is
outdated due to the rise of chronic diseases. The emphasis is shifting towards the
ability to adapt and self-manage in the face of social, physical, and emotional
challenges.
Well-being & Energy:
• Discusses energy consumption and changing norms, energy transition including
prosumers and peaks-balancing, and interventions & feedback.
Overconsumption and Marketing:
, • The negative consequences of overconsumption can be attributed to various factors,
including marketing practices that encourage unnecessary purchases.
• However, marketing has also contributed positively to societal development by
raising living standards and facilitating access to beneficial products and services,
such as home appliances and digital technologies.
Means-End Chain Theory:
• This theory could be a useful tool for your assignment. For application methods, refer
to Reynolds & Gutman 1988.
Corporate Social Responsibility (CSR):
• CSR is a firm’s commitment to ensuring societal and stakeholder well-being through
discretionary business practices and resource contributions.
• Companies like Unilever consciously decide to consider and contribute to consumer
well-being, challenging the notion that market forces alone should correct behaviors
that reduce consumer well-being.
Welfare Economics and Pareto Optimum:
• Welfare economics posits that individuals will maximize their own well-being,
thereby optimizing total social welfare.
• The Pareto optimum is achieved when no further resource redistribution can benefit
one individual without causing a larger offsetting loss to another.
• This concept assumes that individuals have freedom of choice and are capable of
making informed choices, effectively “voting with their wallet.”
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