Societal marketing
Societal marketing is the marketing approach under which firm marketing decisions are not only based on customer’s needs and expectations or the organization’s goals but also the long-term society’s interest. Organizations do not only exist to make profits, but it has some social responsibility towards society. The success of an organization is based on the organization’s public relation approach, firms that adequately invest in public relations enjoy the benefit of improved customer loyalty. There has been increased pressure within the operating environment forcing the organization to engage in sustainable development. Under this, the organization is to ensure that their activities have minimal negative impacts on the environment. Marketing decisions have to be made in considerations of the entire society well-being. Societal marketing promotes the brand image among its customers, consumers also have started embracing the companies that appear socially responsible while shunning the firms which are profit driven.
Societal marketing is the best persuading mechanism an organization can use, this because the approach presents a win-win situation for both parties. Consumers will, therefore, tend to purchase from an organization which appreciates them by giving back to society. Conquering the local market gives an organization a competitive advantage over its competitors, through societal marketing a firm can quickly capture the local market. Marketing initiatives are undertaken to serve different operational objectives. These objectives are, to increase market share, to enhance market penetration and to enhance market retention. Whichever the goal for the initiative is, the marketing planners should ensure that they consider the well-being of the society at large. Societal marketing can be undertaken through; charitable donations, events sponsorship or offering scholarship opportunities. An organization may also engage in environmental-friendly practices as a means of promoting its operations.
References
Kaplan, Andreas (2014). “Andreas Kaplan: European Management and European Business Schools: Insights from the History of Business Schools.” European Management Journal. 32 (4): 529–534