Question:
Describe about the report deals with the sustainable marketing strategies that are adopted by Weta Digital for marketing the products and services?
This report deals with the sustainable marketing strategies that are adopted by Weta Digital for marketing the products and services. The purpose of the assignment is to see the sustainable growth in the company and the factors that need to be adopted for sustainable marketing. The ethics, ethical responsibilities are also discussed that will help in depth understanding of the sustainable growth. The fair adoption of SCM, pricing strategies etc are adopted that help the organization in sustainable growth. The organization adopts the sustainable strategies to stay ethical in their business towards the customers as well as employees. Social media is a strong instrument that helps the organization to a considerable extent for sustainability. Though there are some disadvantages, but that can be reduced with the correct way of usage of social media and modern technology.
Sustainable marketing is the adaptation of certain business practices that help in creating better businesses as well as in maintaining a good relationship within the organization as well with the customers (Boulanger, 2010). In order to have a good sustainable business, the organization needs to include the following practices such as- optimizing the performance of the business and creating a warm relationship with employees, customers and other business. In addition to this, Ferdous (2010) commented on the fact that business sustainability also includes practices such as reducing carbon footprint and balancing the budget of the company to have a financial stability.
With the rapid modernization of the technology, the big brands are taking up the internet as well as digital marketing mediums very seriously as it has now become one of the most important channel for marketing (Yudelson, 2009). The mediums that the companies adopt for digital marketing are- Flickr, YouTube, Facebook etc. for reaching out a huge customer database globally. This report will be dealing with forecasting the future of sustainability products along with principles of sustainable marketing and challenges regarding the risks. In addition to this the drivers for digital media along with its applications and dangers are also discussed vividly.
Sustainable marketing is essential because when an organization comes into force it aims in long term business in the market. Weta Digital is of no exception since with the development of the organization, the level of sustainability of Weta Digital also increases to a considerable extent. Weta Digital creates communities, and connects the people globally by sharing knowledge, ideas and thought. Kearney (2013) commented on the fact that sustainability in digital marketing helps in increasing awareness, encouraging interaction, driving transactions as well as efficiently managing the risks. With the development of technology, Weta Digital also needs to accordingly for a sustainable existence. According to Proctor (2000) the consumer behavior is changing and is becoming more pervasive and evocative and based on their demands the organization need to deliver the products and services for a sustainable growth. Weta Digital also needs to be effective enough in its Supply Chain Management (SCM) and pricing. SCM is concerned about its internal business process, employee engagement, supplier integration, customer expectations along with financial balance. The organization need to be importing the raw materials from the suppliers that are eco-minded and green and rather consider eco friendliness as their major sustainability growth. Now day’s consumers also have become aware regarding the tenacity to stay eco-friendly as well as using the products and services of the company that are eco-friendly in nature. In addition to this, Proctor (2000) low pricing strategy can also be used for long term sustainability in this competitive market. This is because; it is the mentality of the customers to get best quality product and services at low price. This makes the customers loyal towards the company that also increases the company’s customer database.
Examples such as digital marketing technologies used are- content curation tools, content recommendation tools, distribution services, integration services all help in sustainability. Waelder (2013) had commented that through these tools, the consumers gather information and knowledge regarding the information of the organizations, their products and services.
Sustainability of an organization is a journey that arises many questions and challenges and involves the internal and external stakeholders for better understanding of the expectations and perceptions. According to Mellahi et al. (2010) in order to have a healthy sustainability in marketing, the organization should have acknowledgement regarding the core principles of sustainable marketing. The key principles for sustainable marketing are-
Reducing waste- Ottman (2011) commented on the fact that for sustainable marketing, the organization should reduce the waste to the maximum. It can even engage the social media for retaining the customers well and use content marketing for improving the website for getting a lead generation in the search engine optimizer.
Planning for longevity- The organization in order to get long term success has to adopt the digital marketing strategy for sustaining in the market for a long time. Rudell (2013) had a view that with the rise in consciousness towards protecting tress and elimination of wastage of papers, organizations like Weta Digital is focused on digital media for a higher productivity that leads to greater sustainability.
Adcock (2000) commented on the fact that Weta Digital has adopted the most inspirations, challenging and surprising aspects of sustainable marketing in order to have competitive advantage. The SCM need to be ethical and also should maintain the rules and regulations for a fair trade. Moreover, the organization also needs to see whether eth suppliers are bounded with the laws of ETI and also maintain the laws of employment and working culture. Adaptation of such suppliers will enhance the customer’s loyalty and belief on the company that will help the organization for long run sustainability. Choo (2011) had a view that the modern technology has also influenced the consumer behavior and they are more focused towards the digitalization for getting correct and authentic information regarding the company’s services and products. In addition to this, Borin & Metcalf (2010) commented that the aspect of sustainable marketing is to know the customers well and thereby making the organization operate according to their needs and wants. For high sustainability, the organization also need to be transparent and also need to consider the prices and assure the buyer regarding the quality of the product through digital marketing that includes advertisement etc. Moreover, according to Luca & Suggs (2010) the digital marketing also gives the organizations a higher competitive advantage over other companies. More and more usage of modern technology will help the organization to reach the customers at ease. Moreover, the waste materials can also be well treated before their disposal thereby making it more eco friendly that will help in sustainability. This is through more the organization will be using the digital marketing strategy, the more the customers will be relying on it and hence the customers will be getting information regarding the products and services of the company.
There are certain risks that are also involved while the organization goes under at the time of sustainability are discussed below-
Maintenance of sustainability standards- Martin & Schouten (2014) commented on the fact that when an organization is undertaking the standards of sustainability, then it is necessary for the organization to compare the existing ones with the theoretical standards. This will help the organization in understanding the risk, shortcomings and areas of immediate concern that can cause risk in the long term sustainability.
Supply Chain transparency- McDonald et al. (2012) also had a view that when the organizations are involved in global operations, the supply chain transparency need to be focused on. This is because, the labor conditions also need to be seen that is essential for a company’s sustainability. The shareholders as well as the stakeholder’s create pressure on the organization regarding the transparency in SCM. So, organization needs to improve the transparency of the SCM along with maintaining the supplier list.
Motameni & Nordstrom (2014) commented on the fact that an organization needs to be ethical in their approach in order to have a sustainable growth in this competitive world and also need to hold back the sustainability. Sustainability is a balanced approach that takes into account the environmental responsibility, social benefits as well as economic activities that helps in long term perspective of the organization. According to Proctor (2000) the more the organization will be ethical in their approach, the more the customers will be having a good perception of the company and will be inclined towards that company.
In addition to this, the organization should work hard on reducing the carbon footprint which is an emerging problem in today’s world. Moreover, sustainability is also important in order to keep up the reputation of the business to a good extent. In addition to this, Ylimki (2014) had a view that the corporate social responsibility of the organization should also have ethical approach in pricing as well as maintenance of the quality of the products.
According to Yudelson (2008) through online marketing the organizations get in contact with the customers to a great extent. Moreover, the customers also use digital marketing for comparing the prices, quality and goes through the transparency of the organization. Zeriti et al. (2014) commented that one of the basic instruments for gaining sustainability is through building trust. For having long term sustainability the organization has adopted Corporate Social Responsibility to order to gain the trust of the customers as well as employees.
By using digital marketing strategies, the organizations get in touch with the potential customers very easily. According to Gangwar, Kumar & Rao (2014) the important requirement of practicing the ethical sustainability is to stay environmental friendly and have a blend towards the safety of the environment and keep up the greenery side. The organization also supports its employees as well as maintains an ethical and healthy culture within the organization. The employees are given fair compensation benefits, salary packages and bonus that will help in long term retention. This also helps in enhancing sustainability of the organization. In addition to this, Gordon, Carrigan & Hastings (2011) had a view that social media is a strong way of promoting the environment friendliness to the customers. The ethics, rules and regulations are followed by the organization that helps it to stay environmental friendly as well as ethical in their business. Moreover, the usage of social media for delivering the false information to the customers also affects the trust of the customers to a considerable extent. Through this the customers intend to lose the faith and trust on the organization that negatively affect the reputation and image of the organization to a huge extent (Glassman & Braun, 2010).
Operational Efficiency- Ottman (2011) commented that operational efficiency of the organization need to be used in digital media since through digital marketing, the organization can reach the customers very easily because of the rapid transactions and communication between the consumers and business. In addition to this, Kearney (2013) commented on the fact that through digital marketing the consumers easily locates a product and also have reviews, benefits and values regarding the product for getting access to the product. Moreover, digital media also helps the organization in boosting up the reputation as well as success of the company. Again, according to Ferdous (2010) digital marketing is an important instrument that helps the organization in having sustainable marketing strategy that includes branding, positioning as well as communication. The relationship that is built between the organization and customers also help the organization in sustainable growth (Salonen, 2011). The social media also helps the customers in knowing the steps the organization has adopted for environmental friendliness and sustainability.
Brand and Efficiency- According to Glassman & Braun (2010) this may give a bad impression and hamper the reputation of the organization to a considerable extent. This is to be remembered that a once the company gets a bad impression or review from the customers, it becomes difficult to get back that loyalty from them. Adcock (2000) commented that though the social media has a lot of advantages, there are also some disadvantages present such as unidirectional messages are sent to the audiences that may sometimes feel irritated. The lack in expertise in technical knowledge, the organization fails to deliver the actual message that they intend to send the customers through digital media.
It is seen that the organizations now days in order to have a good brand image and respect from the customers has adopted the strategies of sustainability for sustaining in the market for a long period of time. The SCM, low pricing strategies and the inclination towards eco-friendliness helps in sustainability of the organization. This will be helping the intended customers to be a part of communication channels. By using the modern technology in a meaningful way, the organizations can adopt the social media as a sustainable instrument.
Conclusion
This report has focused on the sustainability marketing that the organization can receive through adaptation of SCM, eco-friendliness, ethical approach and low pricing strategy. With a modern blend of technology both the customers as well as the organization are keen towards the usage of social media. The social media is used through which the company reaches the intended and potential customers for a long term sustainability growth. The sustainable marketing strategy that are adopted by the organization in order to gain loyalty and respect from the customers that also helps the company on gaining a sustainable growth.
References
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