As society progresses, marketers have found they need to adopt more sustainable business practices to create and maintain customer relationships. These principles of sustainable marketing – consumer-oriented, customer-value, innovative, sense-of-mission and societal – are vital to evaluate when creating a new product or service. For the Marketing Plan Assignment, my team and I studied each concept and decided the marketing principles that would profit our company the most: innovative and societal.
Innovative marketing requires a company to continually search for both product and marketing improvements. This includes developing new techniques to diminish production costs or creating new technologies to further the advancement of the product. My marketing team found this was a vital principle for our product and company to utilize because our iPhone K is technology-based. We concluded that using innovative marketing to stay ahead of any competitors can increase overall profits and create higher market value in the long-run. This market value ties closely into the other principle that our company would focus on: societal marketing.
The principle of societal marketing states “a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long- run interests, and society’s long- run interests.” The Marketing Planning Assignment uses this principle to solidify the specific features of the iPhone K and how we might market our product in the next part of the project. So far, we broke down our goals for the consumer wants part of this principle. In our research we found that many parents wanted a safe, secure device for their child to use. We evaluated what features would be most important and factored in how wants and needs might change over time. Both of these principles of sustainable marketing are important to keep the company relevant and current as well as able to continually provide the consumer with a desired product or service; this can help create and maintain long-lasting customer-to-business relationships.
Learning Portfolio 