Contents
WHAT IS GREEN MARKETING?
Green Marketing refers to the marketing practice of doing promotions for products or services based on their environmental benefits. In simple terms, it involves developing and selling environmentally friendly goods or services. Green marketing is also termed environmental marketing or sustainable marketing. It comprises all activities that facilitate any exchange meant for the satisfaction of human needs and wants in a way that satisfies the required needs and wants with a minimum negative impact on the natural environment.
Evolution of green marketing
It is a relatively newer concept focused on the promotion of goods that are safer for the environment. The primary aim of this type of marketing is to minimize the adverse impact of products, and their consumption and disposal, on the surrounding environment. This means that products should either be eco-friendly or produced in an eco-friendly manner, thereby causing no harm to the environment. For example, Whole Foods is an American supermarket chain owned by Amazon and is well-known for selling a range of organic products. These products do not contain any hydrogenated fats, sweeteners, artificial colors, flavors or preservatives.
IMPORTANCE OF GREEN MARKETING
Green marketing is one of the important reforms in recent years as consumers have become aware of the impact of their actions on the environment. Consumers now make sure that they adopt actions that will benefit society altogether.
Competitive advantage
Socially responsible customers will always prefer “green” products over others. This is because they are naturally made, can be recycled, are eco-friendly and are good for our health and our surroundings. By adopting green marketing, the firm can work in a competitive environment.
Improved brand image
Green marketing can improve a company’s brand image and have a positive brand reputation by demonstrating that they are committed to sustainability and environmental responsibility. This can enhance customer loyalty, attract new customers who are socially responsible towards the environment and increases the brand’s worthiness.
Positive impact on the environment
Green marketing reduces the negative impact of hazardous production on the environment. In a society where there is a lot of pollution everywhere, green marketing makes sure that strategies like saving energy, reducing the use of natural resources, and carbon footprint, production recyclable products are taking place.
High customer satisfaction
Consumers have become more environmentally conscious; they are seeking out products and services that align with their values. By incorporating green marketing strategies, companies can meet this demand and appeal to environmentally conscious consumers. This helps in sustainability and improving the profit of the firm.
Cost reduction
As all the products are used to the optimum level there is no exploitation of resources and no additional cost is incurred. This clears the chance of wastage and in return reduces the initial cost invested in them.
It is important to note that green marketing should not involve misleading or false claims about a product’s environmental benefits. Greenwashing should not take place in the name of green marketing i.e, a company should not falsely or misleadingly claim that its products or services are environmentally friendly or sustainable. The firm should always make sure that its actions are true and fair.
GREEN MARKETING EXAMPLE IN INDIA
- Tata Consultancy service is well established eco-friendly company. it has more than 80% green score. Now, it is creating technology for agricultural and community benefits.
- Indusland Bank is the first bank which is started paperless ATM in India. Which helps to reduce to the cutting of the trees.
- MRF has launched the ZSLK series and which is about creating eco- friendly tubeless tires.
- Johnson and Johnson is also using green products. Which is environment-friendly as well as body friendly too.