What should a company consider according to the societal marketing concept?

The societal marketing concept emphasizes the importance of balancing the needs and wants of consumers with the long-term interests of society as a whole. This perspective goes beyond focusing solely on immediate consumer needs or business profits; it encourages companies to consider their impact on society and the environment.

When a company adopts this approach, it recognizes that addressing societal concerns can lead to sustainable business practices, enhance brand reputation, and foster customer loyalty. This could involve developing products that are environmentally friendly, supporting community initiatives, or engaging in ethical marketing practices. By aligning business strategies with the societal marketing concept, a company can ensure that its offerings are beneficial not just to consumers but also to society at large, leading to a more responsible and conscientious operation.

In this context, while shareholder profits, product differentiation, and market competition are important aspects of business strategy, they do not encompass the broader responsibility to society that the societal marketing concept advocates. The focus on consumer and societal interests signifies a commitment to ethical business practices that contribute positively to the community and address global challenges, thus validating the choice in the question.