Green Marketing and Consumer Preferences

With rising environmental issues, manufacturers and consumers have raised concerns about the environmental impact of products. As more and more customers have started paying attention to the environment, they are becoming more cautious about the products they purchase. The research on green marketing conducted by Ahmedabad Institute of Technology, India, reveals environmental issues and identifies the green values of customers, such as their level of awareness about environmental issues, green products, and practices. It has been found that prevalent awareness about green products and practices regarding marketing companies towards green marketing has successfully made a positive impact on consumer persuasion to buy and prefer green products over conventional products. 

According to consumer statistics on sustainability, 41 percent of consumers are happy to pay more for organically created products, and 92 percent trust socially responsible or eco-friendly brands. As per the American Marketing Association, green marketing is the marketing of products that are presumed to be environmentally friendly. Green marketing involves a wider array of actions, such as altering products, adjusting production processes, and modifying advertising strategies. Today, the business world and sustainability are intertwined, and the role of green marketing and conscious consumption is becoming increasingly crucial. Over the years, a significant transformation can be seen in how businesses operate, galvanised by the need to address environmental and social concerns. 

Consumer stats also reveal that 81 percent of shoppers prefer eco-friendly marketing and advertising to traditional marketing practices. These advertisements persuade buyers to adopt a green lifestyle and contribute to developing a greener planet. Philips, one of India’s biggest electronic appliance brands, spreads awareness about eco-friendly products through Compact Fluorescent Light (CFL) as ‘Marathon,’ depicting its new ‘Super Long Life’ and energy-efficient product. 

With growing environmental concerns, businesses must constantly assess advanced and attractive marketing trends based on consumer behaviour in the marketplace. Not to mention, consumers are sceptical about using products and services that hurt the environment. The reason for this is likely visible in climatic change, global warming and increasing air and water pollution. As marketers become conscious of consumer demands, they are heeding the need to provide environmentally friendly products and services that address environmental concerns and gain a competitive advantage to outperform their competitors. 

The green marketing study revealed that companies that create new or improved products while considering environmental concerns give themselves access to new markets with enhanced branding and an increased customer base. In its study on corporate social responsibility, Forbes found that 88 percent of consumers are likely to be loyal to a company that supports social and environmental causes. Given the present circumstances, numerous companies have begun manufacturing their products with green energy labels, asserting that their utilization will decrease energy usage, resulting in significant savings for consumers on electricity expenses over time. For instance, Godrej Consumer Projects makes its products via green marketing and gives additional incentives to buyers to exchange their old products with advanced green and environmentally friendly products. 

The responsibility of making the environment carbon-free is not limited to manufacturers; even the corporate world has also changed its ways of contributing to the environment. Research conducted by the Harvard Business Review indicates that businesses experience a potential boost in their total sales revenue of up to 20% through the adoption of corporate social responsibility initiatives. These efforts encompass activities such as pollution reduction in manufacturing, material recycling, and the replenishment of natural resources such as trees. Similarly, many companies have adopted a policy of not using plastic bags; instead, they use carry bags made of recycled paper. For instance, big brands like Titan and Tanishq have made an undeniable corporate policy that goods will be delivered to customers only using carry bags made out of recycled paper. 

Today, many studies support the fact that consumers prefer environmentally friendly products, which compels companies to consider implementing green marketing for the betterment of society. If customers and companies continue to focus on environmentally friendly products and green marketing, the world will soon become safe and eco-friendly.

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