Causes Related Marketing – An Essential Tool for Branding

With customers becoming more socially conscious, every company strives to have new and innovative marketing tools to make their various stakeholders believe in the company and reinforce their brand identity. Cause-Related Marketing is therefore growing to be the fastest form of marketing with its evidently beneficial marketing practices. All companies whether large or small look at achieving some larger social objectives, sometimes even without a financial implication. Therefore, the concepts of CSR (corporate social responsibility) and cause related have been gaining importance and also have the advantage of long lasting benefits. It is undertaken by companies who have taken responsibility towards the society as well as the environment in which they function and not just for mileage. Therefore, companies need to pick the right CSR activities that match their own vision and goals and will bring out the best result for both its employees and external stakeholders. Most companies in their annual reports always have a mission of achieving some social cause and not only profit maximization. This is due to the fact that customers and stakeholders lay emphasis on socially responsible corporate behaviour. Companies need to communicate their marketing strategies effectively and position themselves to build a strong brand in the market. Companies need to come up with newer ideas, products, services and strategies along with being socially responsible in order to succeed. This paper has looked at developing a cause related marketing initiative along with its branding. It will also throw light on the issues and challenges faced in this area as well

Type: 
Management
Authors Name: 
Andrea Almeida D’Costa Faye Xavier Colaco