Why is diversity in marketing materials important?

Why is diversity in marketing materials important? What does it tell people about your company?
What 4 audiences should your marketing materials consider?

Why is diversity in marketing materials important?

CLASS NOTES Sections 6-10

●        Diversity plans are/ or are not required by law?
●        SHRM is an abbreviation for what organization? ______________________________

MARKETING, ADVERTISING & BRANDING

Why is diversity in marketing materials important? What does it tell people about your company?
What 4 audiences should your marketing materials consider?

Current customers
Prospective customers
Future employees
The public; government entities; the legal system

Can diversity in marketing campaigns increase sales?

Yes, companies use marketing as a tool to send a message to customers that diversity and inclusion are important to companies. Nike sales increased 31% in the six months after this ad was introduced.

Does marketing play a role in damage control during a scandal?

Yes, As damage control, the network changed the program to two women co-anchors, making history and sending. A message that harassment will not be tolerated.
CORPORATE SOCIAL RESPONSIBILITY
Why do people want corporations to take the lead on corporate social responsibility?  Who don’t they trust?  _________________________________________________

2–Consumers will spend
More
Less
On products and services that are provided by companies they perceive to be socially responsible

3—Companies that participate in Philanthropy have _______________the return on equity than businesses that are not

4-Why is CSR important?

1.  RAISES STANDARDS

Sets the model for solving problems
Encourages competition to participate
Increases collective  impact

BUILDS POSITIVE SOCIAL CONTRACT

Shows local government that you are a partner who will enhance the community

BUILDS BRAND LOYALTY

Increases revenue
Builds shareholder value

INCREASES EMPLOYEE ENGAGEMENT AND PURPOSE

Increases retention
Attracts top talent

5—What are 3 things companies should consider when deciding what causes to support?

What is important to employees ?
What is important to stakeholders ?
Finally, what is the impact on the communities where they do business?

6—Does CSR have  a long-term or short-term impact on a company and its surrounding community?
long-term
Why would casinos support youth-oriented and elementary education causes?
Are there long-term benefits to providing post-crisis, short-term help?
3. What about philanthropy that is very far from a company’s base of operations?

VENDOR & SUPPLIER DIVERSITY

Just as companies with diverse employees are more innovative, companies with diverse ______________________ are also more innovative
Firstly, diverse vendors can be more flexible and  can help companies decrease the risk of purchasing
Secondly, what are some reasons companies should consider diverse suppliers?

Thirdly, customers are demanding diversity
Fourthly, diversity drives innovation
Further, diverse suppliers are often more flexible
most diverse suppliers are small businesses, they are usually able to offer greater flexibility, better customer focus and lower cost structures than larger businesses (Less red tape)
Drives competition on price and service levels between the company’s existing and potential vendors
Decreases the risk of purchasing from one or few vendors

CUSTOMER DIVERSITY

Happy and engaged employees lead to happy customers who refer others to your product or service. This is known as the service profit chain(3 words)
Customers experience _________________ and ______________ when they interact with a company
Customers expect diverse ________________ and________________ when they do business with a company
As a company’s customer base becomes more diverse, it has a bigger _____________ and opportunity for increased __________________
What are some things companies do to deliver diverse experiences at their establishments?
How do companies measure customer perceptions about their diversity efforts?

MEASUREMENT AND ACCOUNTABILITY
One of the main reasons to measure diversity data within a company is to prevent discrimination lawsuit. If you can prove yourself very inclusive , you are far less likely to get sued.
To monitor how similar you are to your customer base.
To demonstrate externally to customers and competitors if you have a comparative advantages (2 words)
Additionally, be sure you are familiar with different measurement tools. There are quite a few resources available to companies to help them measure their efforts

Firstly, percentage of minorities and EEO targets: if your company is over index, it could be a good thing. IF you under index obviously, you’ve a problem and you want to sync up with what normals are within your industry.

Secondly, representation of minorities at different levels
Line level, middle managers and executive leadership

Thirdly, Employee satisfaction surveys on regular year base

Fourthly, exit interviews: find out why people leave

Further, volume of discrimination grievances, lawsuits, and complaints

Additionally, customer and vendor satisfaction surveys: really good source of finding out how you stack up against the competition and what people think about you as it’s diverse and inclusive.

Moreover, retention and turnover rates

Finally, internal promotion data: Do you have women/ asian/ haspinc in your company

Understand the importance of accountability

Accountability eliminates the time and effort you spend on distracting activities and also other unproductive behavior. When you make people accountable for their actions, you’re effectively teaching them to value their work. When done right, accountability can increase your team members’ skills and confidence.

Who within a company is a good person to enforce D & I compliance?

Chief counsel, HR

Who might NOT be the best person to enforce D&I?

CEO,Department heads—can help monitor but would not have top-level authority to enforce

You want to make sure your D & I  measurements are tied to strategic goals.
Besides, why might a CEO not be the public face of diversity at a company?

In largely publicly traded companies, nobody wants to put the CEO out there and expose them to any kind of lawsuit so if the CEO is one possibly for diversity and inclusion he or she tends to be somewhat of a lighting rod when thing don’t going well. However id that resides with Chief coousnel which are the attorneys or human resources or a dedicated Chief diversity officer thing

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