Societal Marketing
Societal Marketing emphasizes on social responsibilities and suggests that to sustain long-term success, the company should develop a marketing strategy to provide value to the customer’s to maintain and improve both the customers and society’s well being better than the competitors.
Societal marketing concept that holds that a company should make good marketing decisions by considering consumer’s wants, company’s requirements, and society’s long-term interests.
Societal Marketing creates a favorable image for the company increases the sales. It is not the same as the terms social marketing and social media marketing. It is a term closely related to CSR and sustainable development.
It emphasizes social responsibilities and suggests that to sustain.
It calls for sustainable marketing, socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
The global warming panic button is pushed and a revelation is required in the way we use our resources. So companies are slowly either fully or partially trying to implement the societal marketing concept.
Three Considerations of Societal Marketing Concept
Companies should balance three considerations in setting their marketing strategies: company profits, the consumer wants, and society’s interests.
- Society (Human Welfare)
Companies must make sure the products, services, actions, investments innovations servers the society first.
- Consumers (Satisfaction)
Products and services should be satisfying the consumer’s needs.
- Company (Profits)
Building long-term customer relationship, being socially responsible, and providing satisfactory products are important for profit-making and wealth maximization.
Objectives of Societal Marketing Concept
- To maintain a long-term relationship with customers.
- To create a better image in the society for the company than it’s competitors.
- To carry out its social responsibilities.
- Developing community awareness towards its brands.
- To carry out its social responsibilities.
- To increase the consumer base and market share.
Importance of Societal Marketing Concept
Societal Marketing is very important to society, environment, and businesses. This concept was developed in order to tackle the consumerism and profit only the motive of business.
The societal marketing concept helps to maximize profits for the organization and creates a long-term relationship with customers.
It encourages developing products that benefit society in long run and satisfies consumers.