IMPORTANCE OF SOCIAL RESPONSIBILITY IN MARKETING.
IMPORTANCE OF SOCIAL RESPONSIBILITY IN MARKETING.
The concept of social responsibility states that companies must be good citizens who must balance their earning of money with activities for the good of society, be it local, national, or global.
Social responsibility in marketing means focusing on attracting consumers who want to make a positive difference with their purchases. Many companies have incorporated socially responsible elements into their marketing strategies to help a community through useful products and services.
Interestingly, philanthropic practice can also be a good business tool. The research is extensive. According to a presentation titled “The Power of a Values-Based Strategy” by Forrester Research, a research firm that advises business clients, “Approximately 52% of American consumers incorporate values into their purchasing decisions,” seeking out brands that share beliefs proactively.
In addition, a Nielsen report, which surveyed 30,000 consumers in 60 countries, found that 66% of consumers were willing to pay more for products made by brands that demonstrate social commitment.
Finally, a study by the marketing firm and Public Relations Cone Communications found that 87% of Americans buy a product because the company is committed to an issue that matters to them, social issues and issues, and sharing profits with charities or groups Efforts are examples of marketing strategies from social response skills.
For example, a clothing company’s marketing team might run a campaign that encourages consumers to buy a pack of socks rather than just a pair. With this model, for each package sold, the company can donate a package of socks to military personnel abroad or local homeless shelters. As a result of these donations, the company presents itself as socially responsible and non-profit, ultimately attracting clients who are motivated by socially responsible engagement and want to support the well-being of the community.
Corporate responsibility goes hand in hand with socially responsible behaviour. For example, managers, executives, shareholders, and stakeholders should practice ethical behaviour and join the community to promote responsible marketing efforts.
The mere appearance of appearances or greenwashing, advertising of deceptive and environmentally friendly processes or products, indicates to customers that the company is not committed to social responsibility.
Instead, these behaviours can ultimately damage the brand and the success of the company. Consumers can often see through gimmicks, slogans, or endeavours that are not real or effective. 65% of respondents to the Cone study say they will research a company’s point of view on an issue to see if it is authentic.
