Consumerism and Corporate Marketing Practices

Dear Readers,
This conceptual research paper is an attempt of knowledge sharing.

Consumerism and Corporate Marketing Practices:

Abstract: The paper attempts to give insight about the concept of ‘consumerism’ and its changing dimensions with a blend on ethical values practiced by the corporate sector of Indian economy. Need of social stratification and emulation for the consumption of branded products & services among consumers has become the strength of today’s corporate world. Corporate Marketing practices in the current scenario of consumer market is targeting the ‘ego satisfaction need’ of an individual by positioning its product or service as the near most and loveable object in the life of the consumer. The paper highlights the impact & benefits of liberalization on both the consumer culture and the corporate affairs. Consumer is the biggest beneficiary of liberalization — he gets the best deal in terms of choice, quality, price and value for money. Rising disposable incomes, greater product awareness, affordable pricing, and easy financing schemes made purchasing possible. An explosion in product range, a multitude of brands, Indian and foreign, several finance options, large one-stop shops, colorful stores and shopping a picnic, not to mention a rise in status — the consumer is having a blast. Consumer's lifestyle has taken a turn. There have been many international trade agreements of India with the rest of the world since adoption of the liberalization policy, resulting in high inflow of finance from the multinational companies through collaborations & joint ventures, giving high rally to the stock exchanges. Recent development in bilateral relations with South Korea is exemplified. The gigantic growth rate figure in the sector of Retail, FMCG, Automotive, Consumer Electronics, and Telecom is evident for increasing consumerism and claim the success of liberalization policy adapted in Indian economy, to cadre the increasing needs of the increasing population at a very right time. Corporate Social Responsibility is an increasingly important criterion in judging the corporate affairs and choice of products or services by the consumer. One of the ways to attract companies towards CSR work is to develop a system of CSR credits, similar to the system of carbon credits which are given to companies for green initiatives. CSR should involve the right combination of enhancing long-term shareholder value and protecting the interests of various other stakeholders (including the society in general). Notable efforts have come from the Tata Group, SAIL, IOC, BPCL, BHEL, Orchid Chemicals & Pharma, Infosys, IBM, Bharti Enterprises, Glaxo Smith Kline Pharma, Larsen & Toubro, Maruti Suzuki, HUL, Coca Cola India, and Pepsi Co., among others. Ironical as it may sound, the most profitable companies are the ones that are the least profit-minded. The consumer movement is a unique form of social action. It requires people who are genuinely concerned with issues such as exploitation of shortages by business groups, faulty public distribution system, adulteration of food, manufacture of spurious drugs, misleading advertisements, health services, growing environmental pollution and the more. To tackle these issues, consumers require information and consumer organizations require leaders with a deep knowledge of consumer market.

Thanking you for an opportunity to express.
Yours Raghvendra & Sandeep