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Societal marketing concept

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Societal marketing

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Societal marketing concept

  1. 1. 2 Marketing Defined • Many people think of marketing only as selling and advertising. • Selling and advertising are only the tip of the marketing ice-berg. • Marketers act as the customers’ voice within the firm and marketers are responsible for many more decisions than just advertising or sales: – Analyse industries to identify emerging trends. – Determine which national and international markets to enter or exit. – Conduct research to understand consumer behavior. – Design integrated marketing mixes – products, prices, channels of distribution, and promotion programs. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
  2. 2. Societal Marketing Concept
  3. 3. INTRODUCTION • It is a 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 . • It is a term closely related to CSR and sustainable development. • It emphasizes on social responsibilities and suggest 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. • It is done to create a favorable image for the company and increase the sales. It is not same as the terms social marketing and social media marketing.
  4. 4. EVOLUTION • Started in 1970’s to provide marketing concepts which involve ethical practices and tune with the social needs. • In 1960’s and 70’s the unethical practices of many companies became public. • These concepts evolved from older concepts of CSR and sustainable development and implemented by several companies to improve their public image through activities of customer and social welfare
  5. 5. CONCEPT • The societal marketing concept can be defined as the organizations task which tries to identify the needs and interests of the consumers and delivers quality services or products as compared to its competitors and in a way that consumer's and society's well being is maintained. • In other words organizations have to balance consumer satisfaction, company profits and long term welfare of society.
  6. 6. Societal marketing can be achieved by following principles 1. It should always be remembered that consumer's needs are of paramount interest. 2. Improvements in products which are both real and innovative should be carried out to give long term value to the product; 3. Do what is good for the society with a sense of mission and trust. 4. Focus shifts from transaction to relationships. 5. Should have ethical and environmental policies and back them up with actions and regulations.
  7. 7. OBJECTIVES • To maintain long term relationship with customers. • To create a better image in the society for the company than it’s competitors. • To carry out it’s social responsibilities. Developing community awareness towards it’s brands. • To increase the consumer base and market share.
  8. 8. AREAS OF APPLICATION • Environmental-producing biodegradable products , reduce emission of hazardous substances and proper disposal of wastes. • Educational-creating awareness about various social issues through promotional campaigns. • Technological-new innovative products having unique features may serve the consumer’s as well as the whole society’s interest.
  9. 9. BENEFITS • It helps to build a better image of the company. • Gives a competitive advantage over the competitors. • Useful in customer retention and long term relationships. • Increases the sales and market share. • Facilitate expansion and growth in long term.
  10. 10. DRAWBACKS • Useful for mass marketing products but difficult to implement for products aimed at a specific target market. • Social conscience is not present in all companies. • Lack of adequate encouragement from the government.
  11. 11. CONCLUSION • Societal marketing is a concept which is a supplement to CSR and sustainable development directed towards image building and long term customer relationships. • It involves understanding the needs of the consumers and the society as a whole and then matching it with the objectives of the company and develop a strategy to fulfill these needs and serve the interests of everyone by benefitting the society and consumers along with achieving the goals set by company.