19.4 Sustainable Marketing Principles

Sustainable marketing balances customer satisfaction, profits, and societal interests. It considers environmental and social impacts, using principles like the triple bottom line and lifecycle assessment. Companies aim to create value for all stakeholders while promoting responsible consumption.

Strategies include consumer-oriented, customer-value, and mission-driven approaches. Innovative techniques like cause-related marketing and eco-innovation help build brand loyalty. Challenges include avoiding greenwashing and aligning with sustainable development goals while considering all stakeholders.

Sustainable Marketing Principles

Principles of sustainable marketing

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• Societal marketing focuses on balancing customer satisfaction, company profits, and society's long-term interests considers the environmental and social impact of marketing activities (Patagonia's "Don't Buy This Jacket" campaign encouraging responsible consumption)
• Triple bottom line measures a company's success based on economic, social, and environmental performance aims to create value for all stakeholders, including customers, employees, and communities (Unilever's Sustainable Living Plan, which sets goals for improving health, reducing environmental impact, and enhancing livelihoods)
• Lifecycle assessment evaluates the environmental impact of a product throughout its entire lifecycle, from raw materials to disposal helps identify areas for improvement and inform product design and development (Apple's use of recycled materials and renewable energy in its products and operations)
  • Promotes a circular economy by encouraging the reuse and recycling of materials

Sustainable marketing strategy types

• Consumer-oriented approach focuses on understanding and meeting the needs of environmentally and socially conscious consumers involves developing products and services that align with sustainable values and preferences (Tesla's focus on electric vehicles and renewable energy solutions)
  • Addresses the growing trend of ethical consumerism
• Customer-value approach emphasizes creating superior value for customers while minimizing environmental and social costs involves developing innovative and efficient products and services that deliver both customer and societal benefits (Walmart's efforts to reduce packaging waste and improve supply chain sustainability)
• Mission-driven approach integrates sustainability into the core mission and values of the company involves aligning all business activities and decisions with environmental and social goals (Seventh Generation's commitment to using natural, renewable, and recycled materials in its cleaning and personal care products)
  • Often incorporates corporate social responsibility initiatives

Innovative societal marketing techniques

• Cause-related marketing partners with non-profit organizations or supports social causes to raise awareness and funds helps build brand loyalty and differentiate from competitors (TOMS Shoes' "One for One" program, which donates a pair of shoes to a child in need for every pair purchased)
• Eco-innovation develops new products, services, or processes that reduce environmental impact and create value for customers involves using sustainable materials, renewable energy, and closed-loop systems (Adidas' use of recycled ocean plastic in its shoes and clothing)
• Collaborative consumption enables sharing and renting of products and services instead of individual ownership helps reduce waste and resource consumption while providing access and convenience for customers (Airbnb's platform for sharing accommodations and experiences)

Sustainable Marketing Challenges and Considerations

• Green marketing requires careful communication to avoid accusations of greenwashing
• Sustainable development goals often guide companies in aligning their marketing strategies with global sustainability objectives
• Stakeholder theory emphasizes the importance of considering all groups affected by a company's actions in marketing decisions