Sustainability in Marketing

Question: Describe about the topic Sustainability in Marketing? Answer: Introduction Sustainability in marketing or sustainable marketing is the process in which the companies take the initiative to endorse or promote goods which are safe ecologically and advertising a companys commitment towards eco-friendly products. In this of marketing, a company tries to benefit from the greater significance that the consumers put on a particular product which is eco-friendly, so that the company can restructure their investment for the manufacturing of the same product. Literature Review As studied by Lee Lam (2012), the escalating interest of people in the conservation of energy and ecosystem has led companies to alter their strategies and reorganize accordingly. They have to rethink on how to position them in the market. A company needs to redesign its work processes towards developing a product according to the environmental issues. Today, it is found that consumers go for products which are eco-friendly and thus companies are adopting sustainable marketing in which the products are modified and packed in a way which does not affect the environment or disturbs the ecosystem. The companies redesign their product and give them a green image so as to attract consumers and make a strong customer base; this also depicts the companys social responsibility. This strategy helps the company to keep the price at a relatively higher rate because consumers prefer green and eco-friendly products. Here, the objective is to examine the sustainability of the industrial marketing . The goal is to analyze the operations which are related to the recycling of products and materials which is also known as reverse logistics, to find out what are the problems faced daily and to examine the origin of such problems. Now to solve these problems, certain recommendations are given to improve the performance and effectiveness of reverse logistics. The importance of the article is to see how green marketing is having an effect on sustainable operations management. Due to green marketing consumers are getting inclined towards products which are eco-friendly so the companies try to ensure that sustainability is achieved by enhancing the efficiency of the operations by reducing the time, costs maintaining the margin of profit and attaining the objectives of the business. Thus, companies are trying to retain their customers through sustainable marketing by altering the business processes as per customer wants (Lee Lam, 2012). According to Pomering (2014), a marketing planning structure is developed which will be an aid to the managers to focus on the sustainability issues in their process of decision making. A Sustainability Marketing Model is suggested flows through the marketing planning process. This framework shows a matrix which has four decisive fields to the conventional marketing mix- Physical Evidence, Process, Participants and Partnership which represents on the three pillars of Triple Bottom Line or Sustainable Development- Planet, People and Profit. This model is formulated so that the managers review if there is a sustainable effect of their decisions (Pomering, 2014). The theory of sustainable development is that our future generations must not compromise for the actions of the present generations. Sustainability Marketing Model is a methodical structure that gives the managers an opportunity to consider the sustainable consequences of the demand and supply side decisions taken. The model en sures that the sustainable development issues are put into strategic process of planning which eventually cascades to operational processes. This particular model is joined relevantly with the traditional model of marketing mix is than cross-referred with the Triple Bottom Line Model which forms the Sustainable Marketing Matrix. The positioning of a company is well affected by sustainability. The matrix does not deliver ambiguity and provides complete review of the operational decisions that may have an impact on outcomes and decrease harmful results. According to Connelly, Ketchen Slaters (2010) article, it can see that sustainability is providing a great future in market research through some important company hypothesis. Mainly it is seen that the suggestions offered by sustainability are transaction cost economics, agency theory, population ecology, resource dependency theory, the resource-based view of the firm, upper echelons theory, social network theory and signaling theory. It is seen that how this theories are helping the researchers to follow the paths that the firms can establish themselves in sustainability marketing and different practices of business so that it can develop our observations or views that will appear from concurrent tests of interdependent theoretical prospects (Connelly, Ketchen Slater, 2010). According to Hult (2010), sustainability is growing and it is been conceptualized by eminent persons and experimented by managers. With the increasing focus on sustainability efforts marketing holds a distinctive place within the customers to keep their relationship intact. Organizations tries to achieve the market-based sustainability to a certain extent that they can keep up to the customer needs for that they modifies in their products according to the needs of their purchaser. In the present scenario stakeholders keeps in their account that the products they are bringing in the market are easily acceptable by the consumers and for that they are using eco-friendly materials to manufacture their products. As todays consumers are more keen towards those products which are made from natures by product. These types of ideas by the company are helping the consumers to choose an eco-friendly product which does not harm our environment (Hult, 2010). In todays market stakeholders are int roducing CSR (Corporate Social Responsibility) to maintain their sustainability in their market. Triple bottom line is one of the theories of CSR which is focusing the customers. The main three pillars of Triple bottom line is People, Planet and Profit. Now customers are very much into using eco- friendly products. The company s are making their product not only looking into their profits but also to the customer needs so that it improves the well-being of the society and consumers. As mentioned by Dam Apeldoorn (2015), in marketing Sustainability plays an important role in economic development .To improve the relationship between marketing and natural environment the efforts of societal marketing and green marketing is used. Sustainability development has been defined as meets the need of the present generation without compromising the ability of future generations to meet their needs. Green Marketing gives importance to the push and pull-strategy of the market. It is easily acceptable by the consumers due to its environmental friendliness. It is covering a huge range of the market by the production of the product, its modification and also its packaging and advertising plays an important role in the present market. Societal marketing not only looks into the profit of the product but it also sees that how that product is making an impact in the society. Societal marketing also keeps their focus on the customer needs. According to the customer needs they develo p their product keeping their profit intact (Dam Apeldoorn, 2015). Conclusion Sustainability in marketing is required for the companies because it offers a company to be different from its competitors and also help in increasing profits. Researchers can know about sustainability in marketing through nine significant theories which helps them know a firms business practices. A company tries to bring out a product which satisfies the wants of the consumers, an eco-friendly product which does not harm the environment and the society. The company also stays in profit by manufacturing such sustainable products keeping the prices of the product high because the consumers now prefer such environmentally safe. Sustainable marketing puts efforts on green marketing and societal marketing. It also helps in reverse logistics in industrial marketing, finding out what the problem is and the cause of the problems. Sustainability in marketing can be broadly explained through Sustainability Marketing Matrix, which shows a companys decision making ability in operations and prov ide positive results. Thus we see that sustainability in marketing a can be achieved through repositioning and making changes according to the needs of the consumers without affecting the environment and the eco system. Reference List Connelly, B., Ketchen, D., Slater, S. (2010). Toward a theoretical toolbox for sustainability research in marketing.Journal Of The Academy Of Marketing Science,39(1), 86-100. doi:10.1007/s11747-010-0199-0 Dam, Y., Apeldoorn, P. (2015). sustainable marketing.Journal Of Macromarketing, 46-52. Hult, G. (2010). Market-focused sustainability: market orientation plus!.Journal Of The Academy Of Marketing Science,39(1), 1-6. doi:10.1007/s11747-010-0223-4 Lee, C., Lam, J. (2012). Managing reverse logistics to enhance sustainability of industrial marketing.Industrial Marketing Management,41(4), 589-598. doi:10.1016/j.indmarman.2012.04.006 Pomering, A. (2014). Strategic marketing sustainability: from a marketing mix to a marketing matrix.Being Practical With Theory: A Window Into Business Research,3(2), 80-86.