What is the societal concept of marketing?
The societal concept of marketing is an orientation that holds that the key task of an organization is to determine the needs, wants, and values of a target market and to adapt the organization to deliver the desired satisfactions more effectively and efficiently than its competitors. This concept underscores the importance of delivering value not just to the individual customer, but also to society at large.
Here are some core principles of the societal marketing concept:
1. Consumer Focus: The primary focus remains on understanding the needs and wants of the target audience. However, this is not just about immediate needs, but also long-term well-being.
2. Ethical Considerations: Beyond simply selling a product or service, businesses should consider the long-term welfare of their customers and ensure they are not being misled or harmed in any way.
3. Societal Welfare: Companies adopting the societal marketing concept believe in creating products and services that benefit society as a whole. This includes considering societal problems and aligning marketing strategies with solutions that might mitigate these issues. For example, a company might promote eco-friendly products to counter environmental degradation.
4. Balancing Profits with Responsibility: While companies aim to be profitable, the societal marketing concept believes that companies should also ensure they are fulfilling their societal responsibilities. This means delivering value to customers while ensuring social welfare.
5. Long-Term Success: By considering the broader societal implications, companies can achieve long-term success. Not only do such companies tend to generate goodwill among consumers, but they also often avoid potential backlashes that arise from unethical or socially irresponsible behaviour.
Examples of the societal concept of marketing can be seen in corporate social responsibility initiatives, where businesses undertake projects or campaigns that benefit societal causes, or in the marketing of green or eco-friendly products that benefit the environment.
Overall, the societal marketing concept emphasizes the dual objectives of consumer satisfaction and societal well-being. The idea is that companies should not just focus on short-term sales or profits, but also on their long-term impact on society.