International Journal of Research in Finance and Management
2022, Vol. 5, Issue 1
Evolving marketing philosophy-yet another milestone
Dr. Arunkumar B
This article reviews the evolving marketing philosophy in relation to the shift from selling concept to socially responsible marketing. In recent years, some people have questioned whether the marketing concept is appropriate organizational philosophy in an age of environmental deterioration, resource shortages, explosive population growth, poverty and neglected social services. The question is whether companies that do an excellent job of sensing, serving and satisfying customer’s wants are necessarily acting in the best long term interests of consumers and society. The marketing concept sidesteps the potential conflicts between consumer wants, interests and long term societal welfare. The main objective of the article is to show that business can be profitable and socially responsible at the same time by adopting the Societal Marketing Concept. The concept of marketing has undergone extensive changes since the turn of the century as changing social and economic circumstances have impinged upon it. This direction of shift has been towards broadening of the ambit of marketing concerns and the scope of influence. The use of Corporate Societal Marketing (CSM) appears to be on the rise in accordance with the increasing recognition of the vast potential of its programs. One factor driving this growth in CSM’s favor is the realization that consumer’s perception of a company as a whole and its role in society can significantly affect the corporate brand’s strength and equity. In the future, marketers will certainly be more concerned with ethical problems related to their organization. The consumer movement and a variety of government agencies have heightened the public’s awareness of the need for social responsibility in marketing. As a result of the growing pressure for higher ethical standards, companies will turn into ‘ethical consultants’ for guidance through the maze of regulations.