Enlightened marketing calls for building long run consumer loyalty and

Enlightened marketing calls for building long run

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Enlightened marketing calls for building long-run consumer loyalty and relationships by continually improving the value consumers receive from the firm’s market offering. By creating value for consumers, the company can capture value from consumers in return. Innovative Marketing
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The principle of innovative marketing requires that the company continuously seek real product and marketing improvements. Sense-of-Mission Marketing Sense-of-mission marketing means that the company should define its mission in broad social terms rather than in narrow product terms. Brands linked with broader missions can serve the best long-run interests of both the brand and consumers. Brands linked with broader missions can serve the best long-run interests of both the brand and consumers. Some companies define their overall corporate missions in broad societal terms. Figure 4.4 Societal Classification of Products Societal Marketing following the principle of societal marketing , a company makes marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. Alert companies view societal problems as opportunities. Societal marketing A principle of sustainable marketing that holds that a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. The difference is shown in Figure 4.4 . Products can be classified according to their degree of immediate consumer satisfaction and long-run consumer benefit. Deficient products Products that have neither immediate appeal nor long-run benefits. Pleasing products Products that give high immediate satisfaction but may hurt consumers in the long run. Salutary products Products that have low immediate appeal but may benefit consumers in the long run.
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Desirable products Products that give both high immediate satisfaction and high long-run benefits. Companies should try to turn all of their products into desirable products. The challenge posed by pleasing products is that they sell very well but may end up hurting the consumer. The product opportunity, therefore, is to add long-run benefits without reducing the product’s pleasing qualities. The challenge posed by salutary products is to add some pleasing qualities so that they will become more desirable in consumers’ minds. 5 MARKETING ETHICS Good ethics are a cornerstone of sustainable marketing. In the long run, unethical marketing harms customers and society as a whole. Further, it eventually damages a company’s reputation and effectiveness, jeopardizing its very survival Thus, the sustainable marketing goals of long-term consumer and business welfare can be achieved only through ethical marketing conduct companies need to develop corporate marketing ethics policies —broad guidelines that everyone in the organization must follow. These policies should cover distributor relations, advertising standards, customer service, pricing, product development, and general ethical standards.
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