Societal Marketing Concept is the idea that a company’s marketing decisions should consider consumers' wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
It questions whether the pure marketing concept overlooks possible conflicts between consumers’ short-run wants and their long-run welfare. The social marketing concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s wellbeing.
A business must analyze 3 factors when developing marketing strategies:
- Profitability of the company
- Consumers demand
- Societal interests
The dispute between consumers' short-term interests and society's long-term wellbeing gave birth to the concept of societal marketing.
Purpose of the Societal Marketing Concepts
Below listed purposes behind the societal marketing concepts are eminent -
- To maintain long-term customer relationships
- To create a more positive image of the company in society than its rivals
- To meet its responsibility to society
- Increasing public awareness of its brands
- To expand the customer base and gain more market share
The terms - social marketing and social media marketing are not interchangeable. This concept has a lot to do with long-term (sustainable) development and corporate social responsibility (CSR).
Use of the Term in Sentences
- Societal marketing concepts can help businesses expand their market share.
- With the support of the societal marketing concept, economic planning becomes more meaningful and fruitful to society.