Sustainable Marketing Essay Example | Topics and Well Written Essays - 2000 words

Sustainable Marketing - Essay Example On the other side marketing can contribute in the development and diffusion of sustainable innovations in the form of use of solar energy, organic food, use of renewable energy resources and energy conservation. The main issue related to sustainability marketing is the way by which an organization can develop sustainable products and market those products or services in such a way which would improve the consumer perception as well as well being (Ottman, 1992, p. 301). The present study has been conducted in lieu to analyze the evolution of the concept of "sustainability marketing". The study includes evaluation of the importance of sustainable marketing practices in the modern day business environment. Over the course of study various contemporary researches related the topic of sustainable marketing has been analyzed. Also some of the most popular sustainable marketing practices of some of the modern day companies have been analyzed. The study also looks to explore the implication of the research in the area of sustainable marketing practices. This study is of great significance keeping in mind that there is a paradigm of shift in the consumer behaviour along with the environmental issues such as global warming as presently the customers seem to prefer to be with companies that are providing environment friendly products (Kotler, 2009, p.191). Critical review of key literature Sustainability marketing supports the idea of sustainable development that meets the requirements of the present without harming the capabilities of the future to the meet the own future requirements. Meeting the demand of the present refers to the intra-generational equity. Therefore sustainability marketing is a continuous process, as sustainability marketing takes the demands of the future generation into account. Sustainability marketing has three main components such as the social, environmental and economic. There has been a lot of talk about the â€Å"win-win-win† situatio n which mainly focuses on the overlapping area of economic social and environmental goals. Sustainable marketing focuses on striking the right balance social, environmental and economic goals. Marketing is defined as a developing long lasting and profitable customer relationship. Modern marketing looks to analyze the demands of the customers by provide offering as per the demands. But, sustainability marketing goes beyond conventional marketing thought process (Coddington, 1993, p. 229). Figure 1 Conventional and Sustainability Marketing If marketing is about meeting the demands of the customers and developing profitable relationships with the end users, then sustainability marketing could be defined as developing and maintaining sustainable relationships with the customers as well as with the elements of the social and natural environment. By developing environmental and social values sustainability marketing looks to create value proposition for the customers. In this way sustaina bility marketing looks to meet the â€Å"triple bottom line† by creating customers, social and environmental values (Ottman, 1998, p. 291). Figure 2 Different elements of sustainable marketing Sustainability Marketing looks to integrate ecological and social criteria into the total process of marketing. From managerial perspective six steps are mainly involved in the conception of the sustainability marketing Figure 3 Conception of Sustainable Marketing The first step