According to
a recent study reported by the Wall Street Journal, moving your company to
embrace more environmentally and socially responsible practices-that are third
party certified would be a good investment. Consumers may be willing to purchase
unethically produced products, but a steep discount.
The return
on investment and profits of companies in the 21st Century are
clearly rooted in social responsibility as noted in these results:
REWARD AND PUNISHMENT
What consumers were willing to pay for a
pound of coffee based on what they were told about the company's production
standards?
Ethical standards . .
. . . . . . $9.71
Unethical standards . .
. . . . . . 5.89
Control (no information) . .
. . . 8.31
Source: “WSJ-Does Being Ethical Pay”
A recent survey by BBMG indicated that 35% of all Americans have avoided a product because of a company’s practices. “People may not pay more for green products, but they may punish products and companies perceived as not socially or environmentally responsible.” Andrew Winston.
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