Impacts of Socially Responsible Marketing

Marketing
Name
Institutional Affiliation
Marketing
Socially Responsible Marketing
Socially responsible marketing refers to "the practices that some companies adopt to acknowledge the larger social and environmental impacts of their products” (both goods and services) (Jones, 2015, p. 1). The concept of social responsibility is one that is highly particularly, in corporate social responsibility. In this case, it coerces enterprises to be exceptional entities that balance their profit-making endeavors with activities ones that are equally important and beneficial to the society regardless of their geographical scale (local, national, or global). In this regard, social responsibility in marketing encapsulates efforts geared towards attracting clients willing to make a positive difference with their purchases. Socially responsible marketing (SRM) in itself is a marketing philosophy that posits companies ought to base their actions on what is best for the society both in the present and in the long-term. A company that adheres to this dimension of thought produces desirable products fervently.
SRM is important to businesses because it facilitates its growth as well as expansion. Smart business management acknowledges that SRM and the abiding philanthropic practices as great business tools. According to Forrester Research (2017), which focuses on market research and thus, advises their clients claimed that “Some 52% of United States consumers factor values into their purchase choices” in the quest to seek brands that “proactively promote beliefs and values aligned with their own.” Besides, Nielsen conducted a relatively similar survey, but on a greater geographical scale taking account of opinions from 30,000 consumers in 60 countries. The results from the report indicate that an astronomical 66% of consumers are keen on promoting brands that demonstrate social commitment (Nielsen, 2015). Third research that promotes these ideal claims that 87% of Americans are likely to purchase commodities from companies that exhibit a profound level of care and more so, to subjects they care about. In retrospect “76% will refuse to purchase a company’s products or services upon learning it supported an issue contrary to their beliefs” (Cone Communications, 2017). These surveys serve to highlight the importance of SRM as a business tool even though this could have never been the intended objective.
Beyond the application of SRM as a business tool, companies use the technique to spread awareness to the entire community of the societal issues and problems that are affecting the globe. Such companies will play their part in establishing recyclable measures in their packaging to act as role models to ensure that they are living by the same standards. Moreover, they will direct significant sums of their profits towards charitable groups to help in the course. An example of this strategy is a clothing company’s marketing team that initiates a campaign seeking customers to purchase a bundle of socks instead of a single pair. In return, the company donates a bundle of socks to the local homeless shelter or military personnel overseas for every bundle sold. Such donations present the company ...