Social and Economic Costs of Environmental Sustainability
Green Marketing: Is it Worth It?
Table of Contents
Table of Contents2
Robert Willson Reflection12
Jordan Lebel Reflection13
Varun Dhir Reflection14
Bryan Sheldon Kiernan Reflection15
Kevin Moffat Reflection 16
It is impossible to ignore the scientific evidence that outlines the serious effects of climate change. The majority of the affects are coming from products humans use day in and day out. This knowledge that we have in regards to climate change clearly exposes a lot of business opportunities. Green marketing can be used by many different organizations and applied to many different products. But before an organization can try to sell green products or services, they must ensure that the target audience is a strong believer in climate change mitigation. It is very important that the consumer has been educated on the effects of climate change and is willing to adapt. The consumer may not want to pay a premium for the environmentally friendly product, so it is important that the organizations outline the social and economic benefits of using the product. This will than allow the consumer to begin the buying process by seeking environmentally friendly products and services.
This report will first outline the social costs of environmental sustainability; this will include topics from convenience to lack of acknowledgement. It will then outline the economic costs, followed by social and economic benefits. The concluding remarks will outline whether or not green marketing is worth it overall. Social Costs
There are numerous barriers to environmental support especially when dealing with the social aspects. Consumers must believe in global warming before they can start to support it. Green related products remain a niche market and consumers are not willing to pay a premium unless their firm believers in climate change. To trust and adapt to global warming is the first barrier consumers must overcome before considering the purchase of green products. Lin (2001, p. 424) expresses that our planet is suffering a harmful change; it’s not a question of believing it anymore, but taking the initiative to start helping the cause with green product acquisitions.
Convenience is another significant barrier as majority of people are not willing to go out of their way to acquire green products. Retailers must acknowledge that the demand for green merchandise has considerably risen and stocking these products should remain without a question. Hence, the interest in consumers doesn’t sell products as Mintel (1995) identified a significant gap between concern and actual purchasing. After all the convenience may only help the availability rather than increasing sales.
Once a consumer has become a believer of climate change, gone out of their way to help the cause, and purchased green products must now become educated on them to ensure the products their buying are in fact ‘Green’. Many companies have caught onto the new trend of green and have come out with green themes added to promotional campaigns to take advantage of any environmental concerns of consumers. Consumers can no longer trust product companies for credible information. Smith (2007, p. 191) states that consumers are increasingly skeptical about green marketing claims. We must identify a 3rd party approval to ensure the product is actually legitimate.
Consumers purchasing green products often feel a lack of credit and acknowledgement. If their paying a premium they want to be recognized that they’re doing so. If others are not purchasing green products we feel it’s almost ineffective if we are. Being granted with a personal benefit would make us feel more satisfied. Economic Costs
In this day and age, with the...