Cause Related Marketing A Conceptual Paradigm

Abstract

By the 1980s many of the companies across the world had realized a new Concept- Cause Related Marketing (CRM) as a marketing strategy. Cause Related Marketing is defined as “(A) strategic positioning and marketing tool that links a company or a brand to a relevant social cause or issue, for mutual benefit”. American Express first coined the phrase “Cause Related Marketing” in the 1980s while raising money for the restoration of the Statue of Liberty in New York City. The CRM trend rapidly caught on with corporates in India during the 1990s. CRM became the vehicle by which companies indirectly propagandized their brands and it has provided companies with a new tool to compete in the market. The Principle goal of a Cause Related Marketing program has been to impact a company’s bottom line through increased Sales. Some of its potential benefits include: Attracting and Retaining Customers, Market Differentiation, out reach to Niche Markets. This Article Explores the evolutionary Paradigm...