Socially Responsible Marketing Assignment

Added on - 21 Apr 2020

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Running head: SOCIALLY RESPONSIBLE MARKETING0Marketing
SOCIALLY RESPONSIBLE MARKETING1Table of ContentsIntroduction...........................................................................................................................................................2Significance of Social Responsibility in Marketing.............................................................................................3Characteristics of socially responsible marketing.................................................................................................3Types of SRM.......................................................................................................................................................3Socially Responsible Business Model..................................................................................................................4Cause Related Marketing......................................................................................................................................4Social Marketing...................................................................................................................................................5Example of Socially Responsible Marketing........................................................................................................5Recommendations.................................................................................................................................................6Conclusion............................................................................................................................................................7References.............................................................................................................................................................8
SOCIALLY RESPONSIBLE MARKETING2IntroductionSocially responsible marketing is an ethical framework which provides that a corporation or individual has aresponsibility to act as per the benefit of society at large. According toKotler and Keller (2015, p.629),it is amarketing philosophy that is undertaken by a company which ensures that the best interest of the communityis present in the business structure. It is focused on the idea that the marketing policies of a firm should notonly be profit-driven, but they should also include the social and ethical values which benefit the society andcitizens. Modern organizations are larger than ever, and their operations affect a large section of society.Therefore, it is necessary that their marketing policies should include social responsibility principles that canassist the company fulfilling their obligation towards the development of society. This report will focus on therequirement of socially reasonable marketing in modern businesses, and it analyzes various types of SRMmethods. Further, the report will include a recommendation for Sri Lanka’s companies to improve their socialresponsibility marketing policies based on the book of Philip Kotler and Kevin Lane Keller.
SOCIALLY RESPONSIBLE MARKETING3Significance of Social Responsibility in MarketingSocially responsible marketing is a philosophy which concentrates on honesty, fairness, and obligation of acorporation towards the society. As per Jahdi and Acikdilli (2009), the companies have a responsibility toimplement ethical policies in their marketing strategy to ensure proper development of the community. TheSRM policies involve focusing efforts on the attraction of customers which enhances the operations andrevenue of the business. The examples of social responsibilities include funding charities, using recyclablepackaging and promotion of social awareness campaigns.Bhattacharya, Sen and Korschun (2008) sated that many corporations have adopted social responsibility intheir marketing strategy to assist the development of a community or to improve the quality of products andservices. For example, the marketing department may introduce a campaign which encourages customers tobuy a bundle of socks and each such purchase the company will donate one pair of socks to the people whoneed it. As a result of such campaign, the company can increase its sales and at the same time fulfill itsobligation towards society. The fulfillment of social responsibility in marketing assists in fulfillment of ethicaland moral duties of the company and also sustains the development of the community.Characteristics of socially responsible marketingUsing an effective SRM model can be beneficial for a corporation, individuals, and society;security of peopleis the primary benefit of SRM. According toKotler and Keller (2015, p.631),the product or service of acorporation can be hazardous to the health of people, animals or the environment. Therefore, the companyshould provide correct advisories and warnings to ensure that people’s lives are safe while using hazardousproducts. Using SRM structure allow corporations to become honest with their customer;people’s trust in acompany increasesif the firm implements an effective SRM model (Armstrong et al., 2015). It also allowsenterprises tomaintain transparencyinto their operations since SRM model require them to provideinformation regarding their products such as ingredients used or process of manufacturing. The popularity ofSRM models is increasing in developing countries such as Sri Lanka because it requires corporations toethically pricetheir products rather them take advantage of their monopoly position (Indounas, 2008).Along with numerous benefits, there are several limitations of using SRM model as well. The main limitationof SRM is that itshifts the focusof a corporation from its organisational activities to social welfare; theshifting of focus canreduce the financial performanceof a firm. The shareholders did not prefer if thecompany focuses on social responsibilities rather than profit maximisation; it can lead toreduction in anumber of investors(Bhattacharya, Korschun and Sen, 2009). The enterprises might improve their reputationthrough SRM model, but theylack competitive advantagein the market which results indecreased sales andprofits. Although, there are several disadvantages, the benefits of SRM assist in the safety of individuals and
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