Write explanatory notes on the marketing concepts listed below: The societal concept

The societal concept:
In recent years, some people have questioned whether the marketing concept is an appropriate organisational philosophy in an age of environmental degradation/resource shortages, explosive population growth, food shortages, poverty and neglected social services.
According to this philosophy, marketing should serve the needs and requirements of the society. Business organizations exist within societies and therefore societal demands should be given prominence.
This concept calls upon marketers to balance three considerations in setting marketing policies, namely:
i. Company profits
ii. Consumers wants satisfaction
iii. Public interest/society welfare

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