As consumers awareness about the environment and society prevails, organizations prefer to design environmentally friendly products to satisfy consumers. For this, you have to study the importance of green marketing. Most organizations must adopt the green approach for producing products and services due to the need of the hour. That is why they focus on getting an early-mover advantage.
Most Significant 5 Importance of Green Marketing
The following points describe the importance of green marketing:
1. Sufficient Opportunities
In India, as the number of people concerned about the environment and requiring green products exponentially increases, it results in plenty of opportunities for green marketers. Different types of customer segments are available to serve. Some organizations utilizing green marketing process for the opportunities in India are HUL and LG. HUL has designed Surf Excel, which consumes less water, and LG is known for producing energy-saving consumer durable products.
Besides these, a few organizations also adopt the concept of constructing green buildings that can help in the efficient utilization of water, energy, and material. Through their well thought construction, work, preservation, and disposal of wastes, this help minimizes the harmful effects on the environment and protect human beings from toxic effects.
2. Social Responsibility
Along with practicing green marketing, organizations become socially responsible. They start focusing on fulfilling both the profit and environment-related objectives. For example, different recycling programs were designed by Coca-Cola, and HSBC reduced its carbon emissions and became the first bank in the world to be carbon-neutral. Walt Disney World developed a broad waste management program and infrastructure in Florida, U.S.A.
3. Support by the Government
The Government has implemented numerous roles and regulations to save the consumers’ interest and protect the environment. The Indian Government has also taken steps in this direction and has developed policies for lowering the manufacturing of toxic products and by-products. Due to these, the production and consumption of harmful products, especially unfavorable to the environment, have been summarized. For example, banning plastic bags in some cities, banning smoking in public areas, etc.
4. Competitive Advantage
Several organizations adopt a green marketing approach to get a competitive advantage. Adopting marketing approaches by several well-established organizations, like Green and Black and Body Shop, motivated others in the market to imitate them.
5. Cost Reduction
Lowering the generation of toxic residues helps in saving a lot of money. At times companies adopt a symbiotic association approach, where another utilizes the leftovers by one organization as an ideal raw material. For example, thermal power plants give out fly ash, which can add considerable amounts to the waste and can be a significant issue of concern, and is usually used in making fly ash bricks used in construction.