It鈥檚 not enough to have a value statement, brands must advance a cause that will resonate with employees, customers and investors
Milton Friedman famously said that the 鈥渟ocial responsibility of business is to increase profits.鈥 To many observers that is the accepted paradigm.聽
With few exceptions, most businesses throughout the world take a different view. Just look at the missions and value statements in annual reports. In most cases, firms have a social or environmental purpose alongside their mission of creating and marketing a functional offering and increasing sales and profits.
Walmart, for example, has an offering-driven purpose to 鈥淪ave people money so they can live better.鈥 The firm also has a second purpose: 鈥渢o use Walmart鈥檚 strengths to support and improve the social and environmental systems to increase economic opportunity, enhance sustainability and strengthen local communities.鈥 Toward that end, Walmart has dozens of programs that aim to make its operation run on renewable energy, influence suppliers to make products and packaging more sustainable and encourage 2.6 million associates to directly help communities.
Login to view this page. You may create a free account from the login page after clicking "login".
David Aaker is the vice chairman of Prophet and professor emeritus at the Berkeley Haas School of Business. Called the 鈥淔ather of Modern Branding鈥 by Phil Kotler, he has published over 120 articles and 18 books, was named one of the top five most important marketing/business gurus in 2007, and has won awards for the best article in the California Management Review and the Journal of Marketing (twice).