‘Premier Ltd.’ is a clothing company known for its high quality apparel and strong commitment to environment sustainability. The company designs its clothing after carefully understanding the needs of its present and prospective buyers and satisfying them in an effective manner. It assumes that profit can be maximised only when all decisions are taken from the point of view of customer satisfaction. Along with meeting customer needs, ‘Premier Ltd.’ also shows a deep concern for the long-term well-being of the society. To reduce environmental pollution, the company is using organic cotton and recycled polyester. For reducing waste, they run a programme where customers can return old clothes for recycling and get a discount on new clothes. Not only this, they keep aside a portion of its profits for environmental education programmes in local schools. Identify and explain two marketing management philosophies followed by ‘Premier Ltd.’.
Show Hint
If a company focuses only on the customer, it is the "Marketing Concept." If they also mention the environment, pollution, or social welfare, it becomes the "Societal Marketing Concept."
Step 1: Understanding the Concept:
Marketing philosophies guide the strategy of a firm. The Marketing concept focuses on identifying and satisfying customer needs, while the Societal Marketing concept adds the dimension of ethical and social responsibility. Step 2: Detailed Explanation:
1. Marketing Concept: This is highlighted by the line, "designs its clothing after carefully understanding the needs of its present and prospective buyers and satisfying them." The focus is on customer satisfaction as the path to profit.
2. Societal Marketing Concept: This is highlighted by the company's "deep concern for the long-term well-being of the society" and their use of organic cotton/recycled polyester. It balances company profits, consumer wants, and society's interests. Step 3: Final Answer:
The two philosophies are the Marketing Concept and the Societal Marketing Concept.
