That brands had certain values and defended certain beliefs or certain positions became a prominent element in recent times because it gave firms and their products certain dimensions and made them fit in with certain consumers. The values served to give certain characteristics to the brands and thus made them fit in with certain market niches. The values were a very efficient tool, therefore, to make a market segmentation.
The need for brands to meet certain characteristics or to be located in certain positions was not, Czech Republic WhatsApp Number List however, an element that marked the strategy at a general level. That is, consumers did not want evil companies (and therefore companies made an effort to establish a corporate social responsibility strategy and appear in information that showed that, despite everything, they were striving to do something or other well) but neither did they require completely inviolable ethical codes. In the list of things that mattered from brands, the issues that were most decisive were not their morals but elements such as the price or the quality of their products.
However, things are changing and consumers are demanding more and more complex and different things. Having certain morals, having certain ethics or highlighting certain values above other things is no longer an issue that affects companies that try to reach certain specific market niches. Now it has become a much more general question. More and more consumers are demanding that brands have principles.
Ethics have thus become a crucial element of the identity of companies and one that consumers increasingly take into account. Ethics not only change what consumers may think of the brand or products, but it has a direct impact on purchasing decisions, making values an increasingly decisive element in the strategy of brands and in its positioning in the market.
Thus, as a Mintel study shows, more and more consumers have made morality a primary issue and who are more willing than ever to stop consuming a product if they believe the brand is doing it wrong. According to their data, 63% of consumers (based on a US sample) consider ethical and moral issues to be increasingly important. This means that three out of every five have already incorporated it as a scale.
But more interesting is to see how these elements affect their purchasing decisions: 56% of consumers would stop buying the products of a brand if they consider that it is unethical. It matters little that there is no other alternative on the market: 35% would stop consuming even if there is no product to meet that need and 27% even if the competition offers a worse quality.