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Societal marketing should not be confused with social marketing. Societal marketing is a philosophy or mindset that informs marketing decisions whereas social marketing is a distinct branch within the marketing discipline. Societal marketing is concerned with the consideration of the social and ethical aspects of marketing planning.
In addition to the economic implications, marketing exerts a significant impact on the values of the society. The advocates of socially responsible marketing argue that the current system creates false wants, i.e. encourage people to buy more than they actually need, injects constant desire for material possession, and leads to excessive spending.
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
Social marketing should not be confused with the societal marketing concept which was a forerunner of sustainable marketing in integrating issues of social responsibility into commercial marketing strategies. In contrast to that, social marketing uses commercial marketing theories, tools, and techniques to social issues.
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
Marketing system is a general term that represents how different patterns of the flows of goods/services from producers to consumers are culturally (uniquely) organised, whereas terms such as market system (a market based economic system of the West), horizontal marketing system (cooperation between two firms at the same level), and digital ...
Different economists have different views about what events are the sources of market failure. Mainstream economic analysis widely accepts that a market failure (relative to Pareto efficiency) can occur for three main reasons: if the market is "monopolised" or a small group of businesses hold significant market power, if production of the good or service results in an externality (external ...
Value in marketing can be defined by both qualitative and quantitative measures. On the qualitative side, value is the perceived gain composed of individual's emotional, mental and physical condition plus various social, economic, cultural and environmental factors.