In the face of global challenges from widening inequality to a climate in crisis, it is becoming increasingly clear that consumers want the values of brands they engage with to align with their own, and business is responding. What was once a niche differentiation strategy is now a nearly ubiquitous manifestation of Corporate Social Responsibility or CSR. However, it is no longer enough for a business to simply align its image, products, or services with a particular cause. Instead, businesses are expected to be purpose-driven, incorporating beliefs and causes into the core of their brands and supporting long-term initiatives for the sake of an equitable, sustainable and prosperous world. In return, purpose-driven businesses have been shown to experience faster growth and increased customer satisfaction.

Purpose-driven marketing is a vehicle through which businesses or brands connect with target stakeholders on their shared values. Just as firms rigorously develop the ways they create, communicate and deliver products and services, they need to carefully consider how they create, communicate and deliver purpose. As businesses capture the attention of and support from a number of stakeholders while developing their purpose-based identity, key stakeholders include consumers, employees, and partner organizations. Consumers are increasingly asking, “why should I buy from you?” Employees are asking, “why should I work for you?” And nonprofit partners are asking, “why should I partner with you?” Success in this space hinges on the ability of businesses or brands to effectively engage with, build relationships with, and influence stakeholders in ways that move toward positive change.

In this course, students will examine purpose-driven marketing from the perspective of the firm, consumers, employees, and partners. Towards this end, this course will significantly enhance students’ ability to lead a purpose-driven organization, recognize the unique challenges that come along with doing so, and maximize their ability to create and capture value for customers and other stakeholders while delivering mutual benefits to business and society. Students will also learn how to think critically about purpose-driven marketing and how to avoid strategies that may lead to “purpose washing”. This course will use a combination of cases, background readings, and guests (e.g., protagonists and subject experts) to better understand how to connect with stakeholders around purpose.

Career Focus

This course is designed for students who will work in, advise or invest in purpose-driven organizations as well as for those who want to better understand the challenges and opportunities involved in engaging stakeholders around purpose. This course is also suited to those who may work in or with social enterprises, including nonprofits. Finally, this course is relevant to those generally interested in the role of purpose in business and the value of it to society.

Educational Objectives

Purpose-Driven Marketing teaches students how to effectively connect with their stakeholders around purpose. Specifically, students will learn:

• How to build brands or brand initiatives rooted in a core purpose, mission and/or values that are designed to help the greater good,
• How to think critically about, as well as how to leverage, purpose-driven marketing and branding to better connect with target stakeholders such as customers, employees and partners,
• How to recognize effective, ineffective and potentially damaging purpose-driven marketing strategies.

Grading

Grading is based on class participation (50%) and a project (50%).

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