Impact of marketing on societyDefinition of marketing – • Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer. – report of definition Committee of American marketing associations • Marketing is a total system of interacting business activities designed to plan, price, promote and distribute want satisfying products and services to present and potential customers. – William J.stanton |——————–| – – – – – – – – – – – > |——————–| | Producer |—-GOODS AND SERVICES ———| Consumer | Impact of marketing :- *on economy *on business *on society Impact of marketing on society”The authors propose a political theory perspective for examining the impact of the modern aggregate marketing system on consumer welfare and society. Specifically, they suggest that the benefits marketing delivers to consumers are similar to the conditions required for representative democracy.” Its of 2 type:-• Positive impact• Negative impactPositive impact Marketing refers to the process through which businesses and organizations promote themselves and their products by communication with potential consumers.
. Marketing involves all types of advertising, ranging from websites and television commercials to print and outdoor advertising. Businesses spend huge amount of money on marketing to improve their sales, but marketing also benefits society as a whole in several ways.It benefits to society in following ways :-Educating the ConsumersOne of the important ways in which marketing benefits society is by educating and informing customers. Marketing often has a persuasive intent, but it generally starts when a company identifies a consumers want and seeks to explain how its products meet that wants and need.
. For consumers with clearly defined needs, marketing provides a means of learning about new products and what they do. Marketing can also include more practical information to assist in making a purchase, such as addresses, phone numbers, product release dates, store hours and Web addresses.Managing Consumer ExpectationsBesides providing consumers with useful information about products and services, marketing can also help set and manage customer expectations. Consumers rely on trusted brands and the consistency that comes from brand loyalty. They also use information from consumer advocacy groups to learn about which brands are most reliable and represent the best values. Businesses use marketing to make consumers aware of major changes, such as mergers and transfers in ownership that affect product offerings or seek to improve quality. Government regulations prevent marketers from making false or misleading claims.
This allows consumers to make informed decisions without as many risks as they would face if they had to buy without the benefit of marketing. Economy meritMarketing drives a consumer economy, promoting goods and services and targeting customers most likely who become buyers. Higher sales for a business that means successful marketing strategies transition into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth. At present, , the marketing industry itself creates jobs and wealth as businesses attend to find anew and innovative ways to promote themselves and their products.
Consumer demand for marketing in new places , such as mobile phones , creates new way/mean of the marketing industry and furthers growth Modelling behaviour Marketers work to understand consumer attitude and produce advertising that is most likely to influence it. This gives /provides a place for behavioral researchers and economic analysts to model consumer behavior.,by examining marketing data and its correlation to consumer behavior, analysts can learn about how and why people make the decisions they do It is useful in crafting awareness campaigns for major public and social issues.
It also serves to advance the fields of behavioral psychology and economic forecasting Negative impact :-tMisguide information Advertising aims to present a product in the best quality as much as possible. There is some leeway in the creative process. As the Gecko in the Geiko ads says, “That’s just a dramatization, of course,” referring to the idea that if you ask Geiko representatives for an English muffin, they’ll serve one up toasted with butter and jam. The problem arises when the dramatization crosses the line into falsely representing a product. Hefty fines can result from false advertising when levied by the Federal Trade Commission.Impractical or unrealistic expectations Direct-to-consumer advertising for prescription drugs has resulted in impractical expectations about the effectiveness of drugs and their side-effects, according to the Food and Drug Administration’s study “Patient and Physician Attitudes and Behaviors Associated With DTC Promotion of Prescription Drug.
” Voice-overs give the downside to the drug, but the visual images show healthy, happy people. It’s not unusual to hear that even death may be a side-effect of using a prescripted drug. Beauty and health products may also not live up to their promises, resulting in wasted consumer money. . Disclaimers are often, hidden in very small print on product packaging and in out-of-the way spots in ads.Fake ImagesAdvertising is adopted in American culture , from children’s programs on Saturday morning to talk shows and prime time TV.
Advertising even invades movies through product placement. . Advertising influences how people feel about themselves — often in a negative way.
Based on the images they see in advertising, women often feel they should be thin and beautiful and hold down full-time jobs while also being full-time mothers. Advertising communicates that men should be handsome, tall, athletic, caring husbands, thoughtful fathers and virile at all times. These images are often unrealistic, impractical and unattainable.YouthIn his study “Review of Research on the Effects of Food Promotion to Children,” Professor Gerard Hastings found there is a link between food advertising and children’s preferences regarding, what they will consume.
Ads for many sugary cereals encourage children to ask their parents for those particular products — regardless of whether the products are good for the children. It’s not coincidental that the most heavily advertised toys during the holiday season end up being the top sellers. Children are susceptible to advertising.
Now a days, it is important to do marketing due to the competitive scenario but upto a limit so that it do not affect the society also and its act as a successful element for a businessBut now it is used in such a way that it affects the the society badly. Due due marketing the prices has increased of a product, it also affects ours cultural values, etc.There are some products having high prices due the heavy expenditure on marketing to improve their sales but it affects the middle income class as well as the lower income class.
They are not able to pay for the high price to satisfy their needs and wants.Marketing contributions to society in general*Increases employment *Freedom to choice in consumption*Delivery of a standard of living*creates aspirations*Tax payments for public purposes*Fundraising for the event and causes*Development and diffusion of technology and innovation*Integral to the economic growth and prosperity*Increases awareness of important socio- political, medical and environmental issue *Increases cost *Anti marketing strategies *Mass brainwashing the diminishing of the personal autonomy*Increases personal income *Excessive consumption *Excessive wastage *Increases quality of product *Helps I new innovative *Increases economy growth and development. Future of marketing on society*Objective :- Earlier the marketing was based on the selling product. At present the marketing is based on satisfying and retaining the present customers. In In future the marketing will be for making the world a better place for doing business*Enables :- Earlier the marketing was based on industrial revolution. Forces At present the marketing is based on customer information technology.
In future the marketing will be based on new technology, globalization and creative society. *Key :- Earlier the marketing was based on transaction.Attributes At present the marketing is based on customer centric In future the marketing will be based on participation /collaboration and co-creation *Interacting :- Earlier the marketing was based on one-to-many transactions With At present the marketing is based on one to one relationship Customers In future the marketing will be based on many to many collaboration #These are some point on the bases of which we can evaluate the marketing impact on society.EXAMPLE :-RELIANCE JIO When the reliance company launch its JIO scheme, the invested allot on marketing to increase its sale its effects on society is as follows :-*it in employment as it open its new stores to sell it in the market *Increases money supply, as it increases the income of the people * everyone weather rich or poor people buy it to take its full benefit * it influenced all the people I the economy *and it helps in increasing demand for the productCONCLUSION :–*Marketing have both the positive as well as the negative impact on society*Marketing some harms the society but at the same time it benefits the society *It is a good way to sell the product of a company but if it’s is not used in a negative manner * From my point of view marketing is a good idea for selling the product and to develop the individual skills, business , economy and the society*It provides employment to people, helps in innovation, increase standards of living, increase quality of product, anti marketing strategies and many more thingsReference –• Vk publicay• http://smallbusinesses.chron.com• http://link.springer.com