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Societal Marketing

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What is the Societal Marketing concept and how can a small business

maximize it to its advantage?

Societal marketing is commonly linked to the principles of Corporate Social

Responsibility. Wherein the Human welfare and customer’s satisfaction is put

on top before the profits. This concept suggests sustainability for long-term

success through maintaining and improving the customer’s and society’s well

being. Societal marketing involves good decision making by considering the

consumer’s wants, company’s requirements, and society’s long-term

interests.There are 3 key factors in Societal marketing that small business

needs to consider. First is the Society (Human Welfare); Companies

must make sure the products, services, actions, investments

innovations servers the society first. Second, Consumers (Satisfaction);

Products and services should be satisfying the consumer’s needs. Lastly,

Company (Profits); Building long-term customer relationship, being socially

responsible, and providing satisfactory products are important for profit-making

and wealth maximization.

Small businesses are closer to the consumers, they can gather first-hand

information on what the customer wants and create products that will cater

these wants. This can effectively increase profit while helping the society solve

its problems. For example, climate change is one of the society’s biggest

problem instead of contributing to this problem by using plastic bags you can

instead promote paper bags or sell shopping bags made from fabric. Using

such will be easier and more convenient to the consumers buying your product.

Another common problem is having a healthy and active lifestyle. If you’re in a

food business you can create products that are commonly consumed but are

made from healthy ingredients. Like, vegetable burgers or vegetable shakes

and yogurts. There are many ways to use Societal Marketing in maximizing

your business’ profits. You just have to find the right products and the right

market to sell your products. It’s an endless opportunity that promises unlimited

income. You just have to be observant in what’s happening around and always

be ready in finding ways to address these problems.

Reference:

https://iedunote.com/societal-marketing-concept

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What is the Societal Marketing concept and how can a small business maximize it to its advantage? Societal marketing is commonly linked to the principles of Corporate Social Responsibility. Wherein the Human welfare and customer’s satisfaction is put on top before the profits. This concept sugges ...
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