247Ebook Lecture: IMPORTANT OF SOCIAL RESPONSIBILITY OF MARKETING

IMPORTANT OF SOCIAL RESPONSIBILITY OF MARKETING


Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual has an obligation to act for the benefit of society at large.

Social responsibility means sustaining the equilibrium between the two. It pertains not only to business organizations but also to everyone who’s any action impacts the environment.

DownLoad Complete Handout

Most marketing organizations do not intentionally work in isolation from the rest of society. Instead they find that greater opportunity exists if the organization is visibly accessible and involved with the public. As we have seen, because marketing often operates as the “public face” of an organization, when issues arise between the public and the organization marketing is often at the centre. In recent years the number and variety of issues raised by the public has increased.
One reason for the increase is the growing perception that marketing organizations are not just sellers of product but also have an inherent responsibility to be more socially responsible, including being more responsible for its actions and more responsive in addressing social concerns.
Being socially responsible means an organization shows concern for the people and environment in which it transacts business. It also means that these values are communicated and enforced by everyone in the organization and, in some cases, with business partners, such as those who sell products to the company (e.g., supplier of raw material for product production) and those who help the company distribute and sell to other customers (e.g., retail stores).
In addition to insuring these values exist within the organization and its business partners, social responsibility may also manifest itself in the support of social causes that help society. For instance, marketers may sponsor charity events or produce cause-related advertising.
Marketers who are pursuing a socially responsible agenda should bear in mind that such efforts do not automatically translate into increased revenue or even an improved public image.
However, organizations that consistently exhibit socially responsible tendencies may eventually gain a strong reputation that could pay dividends in the form of increased customer loyalty.

DownLoad Complete Handout

Social responsibility in marketing is important because the practice involves focusing efforts on attracting consumers who want to make a positive difference with their purchases.
Recyclable packaging, promotions that spread social awareness and portions of profits that benefit charitable groups are examples of social responsibility strategies.
Many companies have adopted social responsibility strategies in marketing as a means to help the community or produce services and products that benefit society. For example, marketing departments may launch a campaign that encourages consumers to buy a bundle of socks versus one pair and the company in turn donates bundle of socks to military personnel overseas or to homeless shelters in the community. As a result of such generous donations the company brands itself as socially responsible and ethical, which ultimately attracts customers who are engaged in socially responsible commitments and who want to support the welfare of the community.

Social responsibility in marketing promotes a positive company image, which can significantly impact productivity and profitability favourably.

Companies take social responsibility in marketing initiatives for both internal as well as external marketing strategies. Companies need to be highly competitive even in the labour market. The labour market has a scarcity of talent and skilled manpower. Their success lies on the capability to entice, motivate and retain the talented employees.

Social responsibility in marketing initiatives has a significant impact on the employees’ mind-set.
DownLoad Complete Handout

Social responsibility in marketing is compelling and fosters a positive implication of the overall corporate brand on the minds of the aspiring candidates. Thus more people desire to be associated with it. Existing employees take pride in their employer’s brand and feel more committed towards their work and thus tend to have elongated service tenure.
It is being used as a prominent tool for the marketing functions of the business. Cause-related marketing campaigns have shown significant results in appealing to new customers. It enhances the sales of specific or overall offerings of the company. It also boosts positive attitude about the brand.
And it disposes social responsibilities by being a fund- raiser. Companies employ the cause related marketing strategy to establish a connection between the purchases made by consumers and channelizing some part of the revenue towards their social responsibility activities. Companies print the name of the charity on the packaging of the product. This works as a promotional tool for the charity as well as the offering. Customers are also emotionally influenced to make purchases. Thus it helps companies to get bigger ROI by implementing social responsibility in marketing campaigns.
DownLoad Complete Handout