Green Marketing: Leads to Product Innovation
Prof. Manjusha Kadam, Faculty of marketing
Novel Institute of Management Studies
Affiliated to AICTE approved by university of pune
Mail id : email@example.com
Ph : 9226787839
All of mankind has limited resources on the earth, with which she/he must attempt to provide for the worlds' unlimited wants. In market societies where there is "freedom of choice", it has generally been accepted that individuals and organizations have the right to attempt to have their wants satisfied. As firms face limited natural resources, they must develop new or alternative ways of satisfying these unlimited wants. Ultimately green marketing looks at how marketing activities utilize these limited resources, while satisfying consumers wants, both of individuals and industry. The paper clearly states the tremendous opportunities and challenges in the product innovation through the green marketing concept. Introduction
Yet defining green marketing is not a simple task. Other similar terms used are Environmental Marketing and Ecological Marketing. The term green marketing came into prominence in the late 1980s and early 1990s. The American Marketing Association (AMA) held the first workshop on "Ecological Marketing" in 1975. The proceedings of this workshop resulted in one of the first books on green marketing entitled "Ecological Marketing" According to 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 is such a hot topic now a day. The market for green products are estimated approximated $209 billion. Rising energy prices, concern over climate change and water shortages, health concern and economic factors are all driving consumers to reassess the contents of their pantries, closets and garages. Green marketing is the process of developing products and services and promoting them to satisfy the customers who prefer products of good quality, performance and convenience at affordable cost, which at the same time do not have a detrimental impact on the environment. It includes a broad range of activities like product modification, changing the production process, modified advertising, change in packaging, etc., aimed at reducing the detrimental impact of products and their consumption and disposal on the environment. Companies all over the world are striving to reduce the impact of products and services on the climate and other environmental parameters. Marketers are taking the cue and are going green.
WHY IS GREEN MARKETING CHOSEN BY MOST MARKETERS
Most of the companies are venturing into green marketing because of the following reasons:
a. Tremendous Opportunity
In India, around 25% of the consumers prefer environmental-friendly products, and around 28% may be considered healthy conscious. There fore, green marketers have diverse and fairly sizeable segments to cater to. The Surf Excel detergent which saves water (advertised with the message-"do bucket paani roz bachana") and the energy-saving LG consumers durables are examples of green marketing. We also have green buildings which are efficient in their use of energy, water and construction materials, and which reduce the impact on human health and the environment through better design, construction, operation, maintenance and waste disposal. In India, the green building movement, spearheaded by the Confederation of Indian industry (CII) - Godrej Green business Center, has gained tremendous impetus over the last few years. From 20,000 sq ft in 2003, India's green building footprint is now over 25 million sq ft. Greening makes a sense of selling product with a difference. Consumer decision regarding purchasing of a green product can make a sense...
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