Societal Marketing Essays

Societal Marketing Essays Societal Marketing Essay Societal Marketing Essay Societal marketing based on ethics, honesty, trust, reciprocal relationship with the community and secondary focus on profitability is the pivot in the field of business which will influence uplifting changes in the interest of the organization as well as change the character of the nation. It is the need of the time, when the impact of industrialization, cut throat competition and materialism is at its peak. Societal marketing emerged in the early 1970s, promising a more socially responsible and ethical model for marketing. (2007)â€Å"The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors, in a way that preserves or enhances the consumers and the societys well-being†. (Kotler, Philip. Marketing management: analysis, planning, implementation and control 8th ed. Prentice-Hall, 1994) ( Webber, 2001)Globali zation and International investment on the rise, the premier business publication Forbes magazine undertook the responsibility of evaluating the world trend in investment and marketing on some sound ground rules which would govern their role in the arena of international player in the world market. â€Å"It sought out many of the worlds top institutions of sociological and economic theory, gathered the results of surveys, statistical studies, and socio-economic data on each of the 135 countries in its index, assigning relative per cent-rankings for each of the chambers largely qualitative principles. The magazine then aggregated scores across 10 separate categories to develop the first Forbes Capital Hospitality Index (FCHI). The Forbes Capital Hospitality Index measures macroeconomic indicators like GDP growth and international trade, along with societal factors affecting investment, including poverty, bureaucracy, technological advancement, and corruption.† (Ravindran, 2006 )Bankers will remember 2006 as the year a new king was crowned: Bank of America, once a scrappy North Carolina regional, replaced Citigroup as the nations most profitable bank. Today BofA (nyse: BAC news people ) earns the most per quarter and is first in deposits, credit and debit card transactions, small business banking, Internet banking and, with the recent acquisition of US Trust from Charles Schwab (nasdaq: SCHW news people ), private banking as well. But Bank of America continues to grow like a small bank: Analysts expect earnings to rise 9% a year for the next five years, and it earns a healthy 17% return on equity and 1.4% on assets. BofA hasnt gotten sloppy, either.Under Lewis the net margin has increased from 13% in 2001 to 18%. Shareholders have seen a 26% return over the past 12 months. Theres empirical evidence that we changed for the better, he says, and our customers saw it.The banking environment is hitting a rough patch- rising short-term rates and loan default s will hurt interest income- but Bank of America isnt big into mortgages (not yet), and its huge retail business means steady profits from fees. Lewis says hell focus next on small business, premier-level banking and capital markets in Asia and Europe. The analysts say hell also go after mortgages, and, apparently, retail brokering. The bank recently started giving away stock trades for free for qualifying customers. ( Beller , 2006)Social marketing can be used in public health campaigns (e.g., to reduce smoking and alcoholism, safe sex, and increasing physical fitness), environmental campaigns (e.g., fighting pollution, promoting recycling, saving water and power), education campaigns (to encourage literacy), and the protection of individual/group rights (e.g., racial and gender equality, gay and lesbian rights). (Kindra Stapenburs, 1998)Societal marketing based on ethical and philanthropic principle can achieve this dynamic change within a society, community and a country by rais ing the awareness of the citizens about the costs of the corruption to the country, addressing the concern about institutions within a country, increasing understanding regarding the factors of corruption within public behavior.The premier business publication said: As access to capital markets around the world becomes commonplace for individual investors and multinational institutions alike, the race is on for countries to attract the foreign investment capital needed to fuel the engines of growth at home. Addressing this need for a one-stop reference, Forbes began with a list of principles employed by the US Chamber of Commerce when considering international investments. FORBES has listed Denmark, Finland, Iceland, the US, the UK, Singapore, Australia, Estonia, Ireland, and New Zealand as the top 10 countries in the world in terms of capital hospitality. (Ravindran, 2006);