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Module 12: Overview of Sustainable Business Marketing

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Overview of Sustainable Business Marketing

Lesson Summary

Introduction to Sustainable Business Marketing

Sustainable business practices can improve a company’s ecological footprint, reduce waste, increase consumer engagement and loyalty, and provide a competitive edge.

Sustainable companies focus on the triple bottom line, which includes people, planet, and profits.

Sustainable marketing involves developing and promoting products that meet user needs utilizing society’s natural, human, and cultural resources responsibly.

The marketing function of a business is involved in the development, communication, and provision of value to consumers of the business’s products or services.

Introduction to Sustainable Business Marketing

Sustainable business marketing requires:

• Understanding of consumer’s values, emotions, and buying behavior related to sustainability
• Knowledge of the evolving sustainability marketplace
Organizational commitment to sustainability and to positive relationships with their customers, communities, and the planet

Keys to success is sustainability marketing are:
Complete integration and adoption of sustainability by the company
Clear transparency and honest communication by the company
Measurable progress against defined sustainability goals

Sustainable Marketing Strategy

A strong sustainability strategy includes understanding how the company impacts the people and environment in which it operates and consciously applies sustainable practices throughout every element of its business.

Radical transparency involves everything a company does being completely transparent and visible to the consumer and all stakeholders.

A marketing plan is derived from the company’s vision and integrates an organization’s overall goals and marketing objectives and strategies into a cohesive plan.

The green marketing plan focuses on the ideal marketing mix to achieve maximum profit potential while adhering to sustainability principles.

Sustainable Marketing Strategy

The key elements of the marketing plan are:
Corporate goals
Objectives
Strategies
Tactics
Market
Consumer target audience

There are five stages in the life cycle of a product: Development, Introduction, Growth, Maturity, and Decline.

The marketing mix is the combination of product, price, place (distribution), and promotion.

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