Marketing Strategies for Green Business for sustainable future
Presented by, V. ARAVIND K. M. UDAY RAJ
MARKETING STRATEGIES FOR GREEN BUSINESS FOR SUSTAINABLE FUTURE There is always a better strategy than the one you have; you just haven’t thought of it yet -Sir Winston Churchill, Former British Prime Minister ABSTRACT For almost half a century, environmentalists have been advocating for big businesses to incorporate sustainability principles into their practices. Yet even ten years ago, it was rare to hear of any business with dedicated green, environmental, or sustainability initiatives (outside of those designed to protect them from regulatory fines and other liability for polluting activities). In recent times, more focus has been geared towards environmental issues such as global warming. Climate changes have brought attention to people all over the world to take action in slowing down the causes of the ongoing global warming crisis. In order for businesses to respond to climate change, companies have gradually been changing ways of doing business to decrease the negative impact on the environment. While most corporations have already implemented some form of green strategies, the majority have yet to respond to the global crisis. In addition, other laws such as Assembly Bill No. 32 have mandated companies to adopt greenhouse gas emission measures to minimize greenhouse gas emissions by year 2012. Companies must understand the importance of going green and construct enterprise-level green strategies that best fit their business (Olson, 2008).Consumer awareness of going green has also brought demand for green products. This in turn will encourage and force companies and businesses to incorporate green alternatives to products and services. In the short term, going green might mean higher costs, the long term benefits heavily outweighs the initial costs of going green. As environmental awareness grows, a new trend of marketing strategy will take its place. This strategy, known as the green strategy, will ultimately dominate in the near future. This paper focuses on green strategies and green marketing and their importance for corporations. Corporations can learn from this research paper about the benefits of going green and what marketing strategies one can implement for sustainable future.
Introduction: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. There is no widespread agreement on what exactly makes a product green. Some general guidelines include that a green product
Does not present a health hazard to people or animals; Is relatively efficient in its use of resources during manufacture, use, and disposal; Does not incorporate materials derived from endangered species or threatened environments;
Does not contribute to excessive waste in its use or packaging; and Does not rely on unnecessary use of or cruelty to animals.
To utilize the resources which are limited efficiently and achieve organization’s objective green marketing is the best – suited solution. Green marketing refers to the process of selling products and/or services based on their environmental benefits. Such a product or service may be environmentally friendly in itself or produced and/or packaged in an environmentally friendly way. According to the American Marketing Association, green marketing is the marketing of products that are presumed to be environmentally safe. Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. Green marketing emphasizes environmental stewardship. Alma T. Mintu and Hector R. Lozada define green marketing as "the application of marketing tools to facilitate exchanges that satisfy...
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