Societal Marketing The Marketing Strategy - 1606 Words

Societal marketing The societal marketing of a product is the value that exists in the minds of the consumers. This value represents the value that the consumers feel should be that of the brand based on their previous experience with the brand or the opinions that they gathered from the market about that particular brand. The societal marketing is built over time as consumers start to build expectations about the usage, durability and other attributes of the brand. It is also built through market opinion as consumers begin to learn about the brand from other consumers who have had previous experience with the brand. Companies can increase the societal marketing of their brands by deploying different marketing strategies that work for†¦show more content†¦They are not aware of the production process and the cost of raw materials and other related costs. They only build a feeling about the worth of the product. Therefore, the societal marketing of a brand can differ significantly from the real value of that brand. It can either be higher or lower. The consumers might be willing to a higher price for a brand that they feel is worth more even though its actual cost might be lower. In such cases the company is able to charge more than the normal price because of its high perception value.On the other hand, the consumers might be willing to pay less because of their low value even though the brand’s actual cost might be high. In such cases the company is forced to lower its price since the consumers won’t purchase the brand at a higher price. Societal marketing is both multi-dimensional and complex in nature and since is very difficult to measure in a precise way. It represents the interaction between the product and consumer. Furthermore, it is personal, comparative, preferential, perceptual, situational, and cognitive-affective in nature (Raquel and à ngeles, 2007). Societal marketing is important in consumer behavior and marketing for a number of reasons. In a competitive environment, companies attempt to create value for the consumers better than their competitors. They want to make sure that the consumers acquire their brand and receive better value relative to the brand’s