Meaning and Definition of Green Marketing
According to Pride and Ferrell (1993): Green Marketing, also alternatively known as environmental marketing and sustainable marketing, refers to an organisation's efforts at designing, promoting, pricing and distributing products that will not harm the environment.
According to Polonsky (1994) Green Marketing as all activities designed to generate and facilitate any exchanges intended to satisfy human needs or wants, such that the satisfaction of these needs and wants occurs, with minimal detrimental impact on the natural environment.
According to Jacquelyn A Ottman Green marketing is defined as "environmental considerations integrated in all aspects of marketing".
Features of Green Marketing :
1. Green marketing helps to produce eco friendly products.
2. Green products focuses on wastage minimization and proper resource planning.
3. Green marketing helps in sustainabilty of environment.
4. Green marketing is also contributing for reduction of various green house gases in the environment.
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Examples
Toyota cars, the better for the planet. By informing consumers about the benefits of driving "green, clean and lean" eco-cars, Toyota seeks to raise awareness among the general public...
McDonald's restaurant's napkins, bags are made of recycled paper.
Coca-Cola pumped syrup directly from tank instead of plastic which saved 68 million pound/year.
EVOLUTION OF THE CONCEPT
According to Peattie (2001), there are 3 phases :
1.Ecological Green Marketing
2.Environmental Green Marketing
3.Sustainable Green Marketing
Jacquelyn A Ottman and others have described Green Marketing at 3 different levels :
1. MARKETING
2. HOLISTIC NATURE
3. ENVIRONMENTAL ISSUES
OBJECTIVES OF GREEN MARKETING
- To identify the customers
- To create awareness about the green marketing process
- To educate the customers
- To avoid the wastage of resources
- To utilize maximum resources
- To generate a good image regarding a brand
1. Green Product: Attributes such as energy saving, organic etc. that leads to reduction in resource consumption and pollution.
2. Green Price: Most consumers will pay additional value if there is a perception of extra product value.
3. Green Place : Aiming to reduce carbon footprint by way of managing logistics to cut down transport emanations.
4. Green Promotion : To address the relationship between a product and the environment, to promote green life style, and to present a corporate image of environmental responsibility.
Adoptation of Green Marketing
Commentators have suggested a number of reasons why companies are increasingly considering green marketing:
1. Opportunities and corporate objectives.
2. Corporate social responsibilities (CSR)
3. Government regulations
4. Competitive advantage
5. Cost and Profit factors
BENEFITS OF GREEN MARKETING
1.Improved environmental quality & customer satisfaction
2. Most of the employees also feel proud and responsible to be working for an environmentally responsible company
3. Safe and clean environment
4. Helps the companies to market their products and services keeping the environment aspects in mind
5. Promotes corporate social responsibility
6. Efficiency and cost effectiveness
7. Health and safety
LIMITATIONS IN GREEN MARKETING
1. Green products require renewable and recyclable material, which is costly
2. Requires a technology, which requires huge investment in R & áŽ
3. Water treatment technology, which is too costly
4. Majority of the people are not aware of green products and their uses
5.Majority of the consumers are not willing to pay a premium for green products.
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