Significance of Green Marketing
It is well known that increasing production and business activities arc polluting the natural environment. Damages to people, crops. and wildlife is reported in different parts of the world. As resources are limited and human wants are unlimited. it is necessary for marketers to use resources efficiently so that organizational objectives are achieved without waste of resources. So green marketing is inevitable. There is growing interest among people around the world regarding the protection of the natural environment. People are getting more concerned about the environment and changing their behavior for the protection of the environment. As a result of this. the term “Green Marketing” has emerged. Hence, marketers are feeling their responsibility towards the environment and giving importance to green marketing.
Not only marketers but consumers are also concerned about the environment. and consumers are also changing their behavior patterns. Now, individual as well as industrial consumers are becoming more concerned about environment-friendly products. The significance of green marketing can be explained as follow:
1. New market opportunities
Green marketing is a new opportunity for marketers. It is a business strategy and need of modern days business. Customers are literate, rational, and sensible towards the earth. They desire eco-friendly goods and services. Consumers demand responsible marketers. There is growing interest among customers around the world regarding the safety of the natural environment. They prioritize the product that is eco-friendly.
2. Sustain competition
Green marketing is the new mode of competition. Customer hearty welcomes eco-labeled products. Nowadays both individual and industrial consumers are becoming more concerned about eco-friendly products. So there is intense competition between marketers who will be more effective in delivering eco-friendly products. Though there is advancement in technology. customers are voting for the organization that produces environmentally friendly products.
3. Sustain government pressure
Business organizations are a very important part of the nation and its economy. They assist the government in several ways. Business organizations have several obligations towards the government. They create employment opportunities for the public. they are the source of government revenue, and they help in government problems by handing hands to the government. In this context, business organizations are obliged in many ways. Business organizations can sustain this government pressure by conducting green marketing.
4. Cost reduction
In environment-friendly marketing, natural material that has less harm to the earth arc used. So it is easily available and less costly. Green marketing has a long-term cost-saving approach. It does not pollute the environment. Therefore, business organizations do not need to invest a lump sum of money for cleaning and public health.
5. Social responsibility of the firm
Business organizations are obliged to several groups, They have a social responsibility towards customers, society. employee, shareholders, and government. To provide healthily. sound and harmonious life to these groups is (he social obligation of the business firm.
6. Relationship development
Business organizations can develop closeness with customers through green marketing. Relationship marketing does not focus on immediate sales; it is directed at building a large group of satisfied and loyal customers that advocate the business firm and its product. Rational and sensible customers highly appreciate the efforts of business firms towards environmental protection.
7. Prolong the life of business and earth
Green marketing is the effort made by business organizations to save the earth by producing eco-friendly products and conducting eco-friendly activities. It prolongs the life of ozone and the atmosphere. Business exists if the earth exists. So by performing green marketing both business and earth can be saved.
Requirements for Green Marketing
Green marketing is a costly procedure. Several factors are required for green marketing
The marketers should be committed to perform green marketing. It requires too much effort in comparison to existing marketing. Marketers should be determined toward the preservation of nature and the environment. Every member should be devoted to nature and the environment. They should take nature and the environment as their responsibility.
2. Pollution control
Any kind of pollution degrades environmental health. Marketers should practice environment-friendly efforts, which reduce the pollution of air, water, land, and sound. Pollution decreases the life of the earth. So for the practice of green marketing pollution should be controlled. Marketers should be engaged in plantations. They should use biodegradable material. Industrial wastages should be properly managed.
3. Eco-friendly technology
Technology is the next factor that assists in going green. New and improved technology corresponding to green marketing should be used. Technology that releases less sound, more efficiency, and resists warming should be developed. Environment-friendly technology that does not require environmental degradation should be used. Robotic technology, nanotechnology, digitalization, etc. are emerging environment-friendly technologies.
4. Use of recyclable materials
Biotic materials help to preserve nature. Several artificial materials cause pollution. So, the use of nonrecyclable materials should be avoided. The materials that are not used for consumption like packaging should be reduced or they must be recyclable.
5. Legal framework
There should be the provision of a law for green marketing. The concerned authority should establish certain standards for green marketing. There should be the provision of reward and punishment for marketing conduction. If eco-friendly activities are performed they should be rewarded and if marketers go against green marketing they should be punished.
6. Use of eco-labels
The products should be provided the label for performing green marketing activities. The label should be according to the level of their involvement in green marketing. Several electronic appliances in Nepal are providing eco-labels. Electronic appliances carry stars as eco-label. Higher the performance of green marketing, there will be more stars label in the product.
7. Consumer consciousness
Consumers are the most important factor for green marketing. They should be rational and behave rationally. They should have knowledge of the importance of green marketing. They should welcome the organization performing green marketing and boycott the producer and their product if they are against green marketing.
Tools for Green Marketing
The tools for green marketing are: