Marketing Management Incorporating in Broader Perspectives

Question: Discuss about the Marketing Management for Incorporating in Broader Perspectives. Answer: Introduction Businesses are not only expanding their horizon of operations but incorporating in broader perspectives that include the community and society(Peattie 2009). Business ethics have evolved over time and have transformed to give rise to Corporate Social Responsibility that includes various aspects of business functionality and their effects on the community. As marketing is the sole of businesses, it becomes imperative to adopt and apply societal marketing approach in businesses. The concept of societal marketing was first used by G.D. Wiebe (1952) post which several research and development has been done in the field(Blythe 2008). Societal marketing creates a positive branding for the company in the minds of the customer and enhances sustainability for the business. Bendigo and Adelaide Bank in Australia has taken some major steps in changing their marketing process to adopt societal marketing practices. Similarly Whole Kids also adheres to societal marketing practices in order to bene fit the society at a large. The report is regarding changing companies approach from typical selling to societal marketing(Blythe 2008). Both the companies are trying to contribute towards the community and society in a positive way by their small contributions. Bendigo and Adelaide Bank has made tremendous contribution by opening up rural branches in Australia. Whereas, Whole Kids caters to producing healthy snacking alternatives for school going children as well as for grown-ups. The two companies discussed above has been discussed and their societal marketing approach in which they are contributing towards the wellbeing of the Australian society. Analysis Marketing is a fundamental aspect for every business, through which their products and services are communicated or promoted to the public. A company builds a marketing campaign in order to effectively communicate their products. There are two types of marketing approaches that are used by companies, traditional approach and societal marketing approach(Adkins 2007). The concept of societal marketing has been used by organizations in order to spread social message commercially that has a positive effect on the individuals of the society. Businesses conduct societal marketing practices by consideration of consumer demands, companys requirements and in societys long term interests(Sheth 2015). In societal marketing though the product or the service remains to be the key function yet society is the focal point. But in traditional marketing company determines its capability to meet customer demands and needs. Societal marketing can be green marketing in nature that focus on the environmental impact and any other strategic focus marketing. Though the end goal in both types of marketing approach is to sell the product yet societal marketing is considered a high-concept strategic approach of companies in order to win public approval. Therefore companies are moving away from traditional marketing practices and adopting societal marketing in order to raise public awareness. Several companies around the world are resorting to societal marketing practices in order to generate a social impact and greater brand image in consumer minds. Bendigo and Adelaide Bank is an Australia based financial institution for retail banking. The bank was established in the 1858 and has its headquarters in Bendigo, Victoria in Australia(Bank Retrieved on 20th August, 2016). The bank was formed by the merger of Bendigo Bank and Adelaide Bank in the year 2007. The current CEO of the bank is Mike Hirst and Robert Johanson is the Chairman. The current operating revenue of the bank is AUS$1.6 billion and it has over 900 branches. The bank used to involve in traditional marketing practices for promoting their retail business, but awareness regarding societal marketing changed the banks strategies in order to strive for more and include communities wellbeing into their goals(McDonald 2008). The bank primarily resorted to traditional marketing approach, but post closure of rural bank branches in Australia in the period 1993 to 2000, there was immense shortage of financial institutions. Bendigo and Adelaide Bank responded with a model for establishing their own franchise in these rural communities to empower them. They established franchises with 300 to 500 local shareholders under one independent shareholder. The revenues that were generated from the operating franchise, 80% of that was reinvested into the community projects and grants, sometimes they were used to pay local shareholders dividend. Through the use of this model Bendigo and Adelaide Bank has provided AUS$134.7 million as donation for local community initiatives. A total of 300 branches generated over one million accounts for the bank andit grew at the rate of 18% in five years(Shared Retrived on 20th August, 2016). The bank was able to generate an income of AUS$25.4 billion from the franchise business model . With a decent contribution to the society, the bank has able to surge to fifth largest bank in Australia. This is a classic example where the company adopted a societal marketing approach for greater benefits of the community and society. The closing down of the bank branches in rural Australia could have proven to be despair for the individuals and communities present. But with opening up of the banks franchise jobs were created and also greater social benefits(Herald Retrieved on 20th August, 2016). The community gained immensely from the operation of the franchises due to the profits getting invested. The bank also stand to gain through the approach as it generated additional income and customers for the bank without much of its efforts. Societal marketing generated a positive impact for the bank as well as for the community and society(Lichtenstein 2006). Whole Kids is a nonprofit organization is Australia founded by Whole Foods Market. The organization aim is to adhere to values, expertise, principles and standards for meeting quality ingredients in production methods of food along with nutrition(Whole Retrieved on 20th August, 2016). The organization functions with an aim to provide nutritious foods to Australian children and kids. Australia has high number of overweight and obese children and there is a growing trend in this pattern. A research conducted reflects that 65% of Australian children will be overweight or obese by 2020(Nestle 2006). Whole Kids objective is to fill the gap by providing children with healthy snacking alternatives. The snacks made by the organization are made from organic produce with nil synthetic additives(McGinnis 2006). There are multiple companies in that delivers children snacks bars as well as various other food items but all have a sizeable amounts of additives and synthetic flavors which are known to cause severe health damage and obesity. Though there are multiple food authority boards and regulators in Australia yet, there is no stringent restriction on the consumptions of these items. Australian government along with dietary standards board and regulators has made several efforts to issue the daily consumption requirements amongst adults and especially amongst children. Whole Kids has now been selling 1.5million products every year in Australia and they are also exporting to Malaysia as well as to Singapore. Whole Kids initial corporate customer was Qantas Airways, who wanted to provide healthy snacking alternatives to their on-flight passengers. Whole Kids now also sells in Child-friendly venues, supermarkets, play and aquatic centers. There several products made by Whole Kids are known to have tremendous health values as well as dietary benefits that addresses the issue of obesity amongst children. Whole Kids adopted societal marketing approach in order to address the needs of the society. The company grew by leaps and bounds by catering to the needs of the parents in Australia, who had growing concerns regarding their kids. The organization catered to the social cause by contributing positively to the society by building health for Australias future generation. Conclusion The concept of societal marketing though relatively new in business has been instrumental for companys growth and sustainability. Societal marketing is a vastly accepted concept due to the impacts and capabilities it has on society and communities in which business performs. Wide access of information for customers had brought about awareness and it is easy to find out a company that adheres to societal marketing or not. Societal marketing has a vast range of public acceptance and customers views companies that are able to generate positive impacts on the society with a positive brand image. Hence societal marketing can be considered as an extension of the companies CSR practices where companies processes adheres to marketing as well. Companies that adopt societal marketing will not only create a positive impact on the society but also in the minds of customers for generating future demands. The products and services of the company will be easily be acceptable by various consumers an d in new product introduction, this aspect will have an immensely positive role. Therefore companies need to figure out the various areas in which they are able to create a positive effect and impact on the society hence create business sustenance for the long run. Bibliography Adkins, S., 2007.Cause related marketing. Routledge. Bank, BAA Retrieved on 20th August, 2016, 'Company Details', https://www.bendigoadelaide.com.au/public/about_us/index.asp. Blythe, J., 2008.Essentials of marketing. Pearson Education. Herald, SM Retrieved on 20th August, 2016, '"Growing disquiet'' about operation of Bendigo Community Bank in Canberra, claims an original proponent', https://www.smh.com.au/act-news/growing-disquiet-about-operation-of-bendigo-community-bank-in-canberra-claims-an-original-proponent-20160414-go624y.html. Lichtenstein, S. and Williamson, K., 2006. Understanding consumer adoption of internet banking: an interpretive study in the Australian banking context.Journal of Electronic Commerce Research,7(2), p.50. McDonald, L.M. and Rundle-Thiele, S., 2008. Corporate social responsibility and bank customer satisfaction: a research agenda.International Journal of Bank Marketing,26(3), pp.170-182. McGinnis, J.M., Gootman, J.A. and Kraak, V.I. eds., 2006.Food marketing to children and youth: threat or opportunity?. National Academies Press. Nestle, M 2006, 'Food marketing and childhood obesitya matter of policy.', New England Journal of Medicine, vol 354, no. 24, pp. 2527-2529. Peattie, K. and Peattie, S., 2009. Social marketing: A pathway to consumption reduction?.Journal of Business Research,62(2), pp.260-268. Shared, V Retrived on 20th August, 2016, 'Bendigo and Adelaide Bank contribution ', https://sharedvalue.org/sites/default/files/resource-files/FSG_Banking%20on%20Shared%20Value_0.pdf. Sheth, J.N. and Sisodia, R.S., 2015.Does marketing need reform?: Fresh perspectives on the future. Routledge. Whole, K Retrieved on 20th August, 2016, 'Company Information', https://www.wholekidsfoundation.org/about/.