What is Enlightened Marketing ?
The philosophy of Enlightened Marketing is based on an important factor that a company’s marketing should consider the best long run performances of the marketing system. Enlightened marketing takes consumer’s perception about the product as most considerable; evade any depleted approaches, the social impact matters, pass on the real value for the price and proves the business to be as socially responsible as much as profitability. This represents a viewpoint that a company’s marketing system should be consumer oriented, innovative, and favorable to society, provides a long term value and is based on a sense of commitment or mission.
Principles of Enlightened Marketing
Following are the five principles related to enlightened marketing:
Consumer Oriented
The enlightened marketing believes that a company should analyze all its policies and operation according to consumer’s perspective. For instance, a company may design a flashy and complex website that has an impressive outlook; unless it draws the consumer’s attention or navigates them easily it may seem frustrating. A specific store layout may be very efficient for restocking however; the consumer is interested to look out for what’s quickly available to him/her. A consumer oriented marketing shows company’s operation from a consumer’s viewpoint.
Innovation
A company that follows enlightened marketing seeks for a constant improvement in products and innovation. The company works on improving its strategies, products and operations on an ongoing basis. For instance, a product gets redesigned for the betterment or to last longer at the same price. Enlightened marketing suggest that this innovation will be highly appreciated by the consumers and as a result will be rewarded by market in the long run.
Societal Impact
Any product or service can be low priced, high quality and may fulfill the desired needs of the consumer. However, if it doesn’t consider the societal impact of a product on the environment it may lead to a powerful failure. One type derives from a petroleum based plastic and the other from a vegetable oil based plastic. The company who takes the impact of a product on consumer as a central part of marketing will enjoy a beneficial position in a society that is increasingly conscious of the impact of its preferences.
Value
This principle of enlightened marketing holds out the viewpoint that a company should focus on producing such product that delivers a real value over the long run rather than focusing on gaining more profits. For instance, an automobile manufacturer designs vehicles that has a good fuel efficiency and high safety ratings rather than putting an emphasis on building a fastest and a less expensive car. The firm should concentrate on such investments that are expected to deliver reliable returns over some time instead of riskier short term profits.
The Corporate Mission
The company needs to define a broad mission of its policies and operation in societal terms. The enlightened marketing puts forth an emphasis on the benefits of employees and society as a whole. The enlightened marketing does not contradict the profitability of a company in comparison to the ethical principles; rather it considers the ethical principal as an equal contributor for long term success of the business.
The above mentioned principles of enlightened marketing explain how marketing decision is made according to the consumer’s wants and long run interests of the society in general.