Oceanic Pharmachem Private Limited (OPPL) believes that organizations doing an outstanding task of customer satisfaction must ensure that their efforts are in line with meeting long term societal welfare.
Societal Marketing is based on the principle of societal welfare. It emphasizes that an organization must make strategic marketing decisions keeping in mind the consumer wants, the organizational needs and most important the long term interests of the society.
In today’s world of increasing environmental destruction, scarcity of resources, rapidly increasing population, and abandoned social services, the societal concept of marketing is doubted.
Societal Marketing is an outgrowth of the principles of Corporate Social Responsibility and Sustainable Development. It underlines that an organization should not ignore the society’s long term welfare so as to achieve its mission and vision. An organization should have moral and environment-friendly strategies and should ensure that proper acts and laws are implemented.
Societal marketing should take into account the following things:
> Give utmost significance to the consumer’s needs
> Execute genuine, modern and continuous developments in the products so as to increase their life and value
> Emphasize on building lasting customer relationships and doing societal good; not just making business
> Market the product keeping in mind the consumer, organizational and long term societal needs and welfare
The Societal marketing concept is significant because of the following advantages:
> It ensures that all the economic resources are channelized in the right direction
> It develops entrepreneurs as well as managers in a specified society
> It raises the living standard of the people
> It increases the speed of economic development of society
> It makes economic planning more significant and more fruitful to people’s lives
The closer the organizations move towards their customers, the more evidently they realize the fact that the objective of any organizational business lies outside the business, i.e. in the society. Thus, this drives the organizations to make a remarkable contribution for the society’s welfare and upliftment.
To conclude, it can be said that a company’s job is to assess the needs and wants of the target markets and to provide optimum satisfaction to its customers ensuring both consumers as well as societal welfare. In short, an equilibrium has to be maintained by the marketers among organizational profits, consumer’s satisfaction as well as social well-being.