Question

What is sustainable marketing? What are the principles of sustainable marketing and why it is important? Discuss an example of sustainable marketing

Answer 1

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Sustainable marketing is a new form of marketing strategy, In this form of strategy, the company majorly focuses on maintaining the economic and social standards in order to provide for the future generation without compromising the needs/quality of the present generation. Sustainable marketing is also termed as "Green marketing".

The Principles of sustainable marketing are:-

1. Consumer-Direct marketing.

2. Innovative marketing.

3. Value marketing.

4. Community marketing.

1. Consumer-Direct marketing: In this type of marketing a company launches its products from the consumer point of view in order to engage more customers which eventually results in increasing the sales of an organisation/Company.

2. Innovative marketing: The company takes a step ahead by making some changes to their products, by modifying its design, packaging, new features or through advertisements in-order to surprise their customers

3. Value marketing: It refers to the value that a customer gets in return by paying a certain amount of money. The value proposition is an invaluable tool for any new business, not only does it allow people, prospective clients and even stakeholders to explore the possibilities and the benefits in using your product or services (ideas can be products too). people tend to not buy any product where the claim cannot be proved, therefore, value proposition provides us with the opportunity to enable ourselves and our customers over the value our product holds, it position in the market and what it presents them with.

4. Community marketing: A community may not necessarily follow a hierarchy or a single person rule. It works by the active participation of all the parties in the exact same proportion or level. In an organization, the head of the structure resides his duties and his view or plan of action is what is then carried out by the subordinates that are leaders in their own right and this structure continues to the last of its part.

The most suitable example of sustainable marketing is: "TerraCycle", A company that utilizes non-recyclable waste in-order to make eco-friendly products which also helps in eradicating excess garbage from the society and also targets bigger retailers like Walmart, OfficeMax to avail their services which eventually helped the company to reach its desired goal.