In today's increasingly eco-conscious world, businesses are under mounting pressure to adopt sustainable practices. As consumers become more aware of environmental issues, they are demanding products and services that align with their values. This shift in consumer behavior has given rise to the concept of green marketing, which focuses on promoting environmentally friendly products and practices.
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution. The goal of green marketing is to appeal to environmentally conscious consumers by highlighting the positive environmental attributes of a product or service, such as energy efficiency, recyclability, use of renewable materials, or reduced carbon footprint. Green marketing aims to encourage consumers to make environmentally responsible purchasing decisions while also promoting sustainability and corporate social responsibility initiatives. Companies that invest in green marketing benefit from increased customer loyalty and a positive brand reputation, while also helping protect the planet and contributing to a more sustainable future.
Evolution of green marketing
The evolution of green marketing can be delineated into three distinct phases-ecological, environmental and sustainable, each representing a significant shift in focus and approach. Initially, there was the ecological phase, followed by the environmental phase, and finally, the sustainable phase emerged as the latest stage in this progression.
(i) The Ecological Phase Timeframe: Late 1960s to early 1980s
Focus: Pollution reduction and resource conservation
Characteristics:
This story is from the November 2024 edition of BANKING FINANCE.
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This story is from the November 2024 edition of BANKING FINANCE.
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