Critical Evaluation: “Marketing Does More Harm to Society Than Good”

2264 WordsApr 22, 201210 Pages
Nottingham University Business School MBA Programme Critical Evaluation: “Marketing does more harm to society than good” Kevin Stefan Ngo (010062) Module Title: N14M04 – Marketing Professor: Dr. Khong Kok Wei Word Count: 2,155 (Body Only) Table of Contents 1. Purpose 3 2. Introduction to Marketing 4 3. Harm of Marketing to Society 5 3.1 Criticism of Marketing in the 1950s 5 3.2 Modern Criticism of Marketing - Branding 6 4. Benefit of Marketing to Society 8 4.1 Product Improvement 8 4.2 Pricing, Distribution and Communication 9 5. Conclusion 10 6. Bibliography 12 1. Purpose The purpose of this paper is to critically evaluate the statement; “Marketing does more harm to society than good” This is…show more content…
This relationship between consumption and welfare (happiness) was termed the “Dependence Effect” by Galbraith. Galbraith foresaw grave consequences flowing from this preoccupation with consumption and growth. He felt it imperiled economic security from the runaway growth in consumer debt that is part of the salesmanship activities (Stanfield, 1983). In Friedrich Hayek’s 1961 response to the “Dependence Effect,” he outlines why Galbraith’s conclusion does not logically flow from previous examples and statements in the Affluent Society. Heyek’s counter-argument is based consumers’ acquisition of taste through cultural interactions and socialization versus through channels directed by want-creating activities of producers (Hayek, 1961). 3.2 Modern Criticism of Marketing - Branding In Naomi Klein’s 2002 book, No Logo, she “skewered the role of brands in contemporary culture and the insidious power of corporations to infiltrate institutions throughout society, including schools and hospitals” (Rutland, 2009). This anti-corporate sediment was triggered by branding practices creating artificiality by stretching the notion of value and not taking into consideration aspects of corporate social responsibility. Brand equity mania in the 1980s was defined by the moment when Philip Morris purchased Kraft for $12.6 billion, an amount six times its book value. The price difference between balance sheet valuations and the price paid was attributed to the value of the
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