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5 Principles of Enlightened Marketing
What is Enlightened Marketing?
Enlightened Marketing's concept is founded on the crucial factor that a company's marketing should evaluate the marketing system's optimal long-term performance. Enlightened marketing prioritises the customer's impression of the product; avoid exhausted approaches; examine the social impact; pass on the true value for the price; and demonstrate that the company is as socially responsible as it is profitable. This is the belief that a company's marketing system should be customer-centric, innovative, and societally beneficial, as well as give long-term value and be founded on a sense of commitment or mission.
What are the 5 Principles of Enlightened Marketing?
Enlightened marketing incorporates five concepts to address some of the concerns of traditional marketing ideologies and their impact on the community as a whole. They are as discussed below.
Many organisations these days try to focus more on earnings and get greater profits to acquire the largest market share. However, one crucial consideration they should keep in mind during this process is the customer. The customer is the one who may assist the businessperson in achieving his goals. As a result, the term "customer-oriented marketing" was coined.
Features of customer-oriented marketing are as follows −
Push and Pull strategy
Companies can choose between focusing on releasing innovative items for which there is now no demand and demand must be developed (push strategy) or introducing products based on the demands of the client in order to remain viable (pull strategy). Customer-oriented marketing is the term for the latter.
Higher sales and profit
High sales-volumes and profit-margins can also be obtained through a customer-oriented marketing approach, which, according to data, may produce greater outcomes than traditional marketing tactics.
Focus on demands and customer satisfaction
Focusing on a customer-centric marketing strategy entails placing the consumer at the centre for your objectives and initiatives. Essentially, this strategy is focused on the demands and satisfaction of customers. The simplest way to obtain a better understanding of them is to pay attention to and evaluate your competitor's offer compared to your customer's demands, and then identify which of those needs are not addressed by your competitors.
A set of inventive methods and actions that promote and communicate new products and services to a targeted group of consumers is known as innovative marketing.
Features of innovative marketing are as follows −
Conducting market research into customer needs, behaviours, and trends, developing a prototype or changes in product design, launching a new product in an unusual location, unusually pricing the product, unusually promoting products, and so on are all examples of innovative marketing concepts.
A product can be tweaked to improve its performance or make it live longer for less money. This innovation will be valued by consumers, and the market will reward it in the long run.
L'Oreal is an excellent example. Their grasp of digital era consumers is demonstrated by the design and launch of their app. Customers may use their cell phones to get a complete digital makeover using L'Oreal's Makeup Genius software. Consumers reacted favourably, and the programme has been downloaded millions of times.
To achieve customer success, value marketing, also known as customer-centric marketing, focuses on techniques that aim to exceed the client's expectations and fuel consumer loyalty. Customers turn into raving fans that assist in the promotion of items and services by leaving positive evaluations.
Campaigns and advertisements
Marketers must aim to produce relevant campaigns and advertisements in which a company moves its focus away from itself and onto its customers' demands and requirements.
Prioritize customer needs
The effectiveness of value-added marketing resides in prioritising the customer needs and combining your solution's unique ability to address their problem with the value - qualitative or quantitative - that they will receive by working with you.
Gain trust of customers
Value-based marketing strategies assist companies and organisations in gaining the trust of their customers. Your customers are likely to engage with your brand if you demonstrate that you understand their unique circumstances, issues, or strategies and you have the resources or capacity to help them. Putting your words into action will naturally increase their regard for your brand. They'll be ecstatic to tell others about your products or services.
The Sense-of-Mission Marketing states that a company's mission should be defined to show a wider social perspective rather than being just product-oriented. It is people's emotional attachment to the company's goal. It can be implemented into a company's marketing plan by engaging with consumers in a more meaningful and in-depth way. This type of branding will help consumers form a lasting impression in their minds since the company they choose is working for more than simply profit.
Features of Sense-of-Mission Marketing are as follows −
Sense of brand
Because organisational values are rarely clear; individuals can perceive them through the company's behaviour. The underlying objective of customer value marketing is to depict the brand's sense of mission in terms of its product or service.
Transparency in strategies
Businesses must utilise new marketing strategies to represent their sense of mission, even if they have a feeling of social responsibility. This can be addressed with extensive study and a thorough understanding of your target audience. To reach the goal of this technique, your marketing or advertising campaign should be compelling while also being transparent to your customers.
Company's objective in broad societal terms
The impact of defining a company's objective in broad societal terms extends beyond its customers. Employees, too, get clarity and a feeling of direction in their work. It enables people to achieve something personally significant to them, resulting in intrinsic gratification. In the long run, brands that are related to a larger cause can benefit both the business and the consumers.
Before producing any profit, the societal marketing approach aims to meet the needs and requirements of clients. However, the focus of this concept is on requiring the company to meet social duties to ensure a long-term sustainable future. Customers and society should both be considered in a business's or company's marketing plan.
Features of societal marketing are as follows −
Meeting customers’ needs
The societal marketing concept is based on the premise that companies should meet customers' needs and wants while also considering society's long-term interests.
Providing a positive picture of the company
This marketing strategy tries to provide a positive picture of the company to enhance sales while also concentrating on the company's social responsibility.
Acceptance of societal and environmental responsibilities
The world we live in today has numerous issues, such as global warming, causing glaciers to melt and rising sea levels. As a result, while serving customers' wants, corporations should also accept societal and environmental responsibilities.
For example, if a company offers a sugary, low-cost soft drink in disposable packaging, the product could be considered detrimental to the environment and public health.
Businesses must do more than lower costs, improve product quality, and fulfil customer expectations. For a company to be successful in the long run, the well-being of society should be considered as well.
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