Final answer:
The societal marketing concept balances three factors: company profits, consumer wants, and societal interests. It relates to the basic economic questions of what, how, and for whom to produce by emphasizing a balance between market demands and social responsibility, aiming for sustainable and ethical practices that benefit the economy and society.
Step-by-step explanation:
The societal marketing concept is a strategy that requires businesses to balance three essential factors: the company's profits, consumer wants, and society's interests. The societal marketing concept holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, and society's long-term interests. This concept calls for sustainable and ethical practices that fulfill all three aspects to create a balance between the corporation's profits, the satisfaction of customer needs, and the welfare of society.
Three Basic Economic Questions
- What should we produce?
- How should we produce it?
- For whom should we produce it?
These questions relate to the societal marketing concept in that they address the need to balance market demands (what and for whom to produce) with the modes of production (how to produce), considering the societal and environmental impacts of these decisions. The concept recognizes that the economy as a whole relies on markets, demand, and supply to answer these basic economic questions in a way that reflects social responsibility.