sustainable marketing Flashcards
Introduce to sustainable marketing
Sustainable marketing is a growing trend that has garnered significant attention in recent years, as businesses increasingly recognize the importance of incorporating environmental, social, and economic considerations into their marketing strategies.
Three key dimensions of sustainable marketing/ social
The social dimension of sustainable marketing involves considering the impact of marketing practices on society as a whole. It requires businesses to be socially responsible and ensure that their marketing activities positive contribute to the well-being of consumers, employees, and the broader community.
Three key dimensions of sustainable marketing /environmental
The environmental dimension involves minimizing the ecological impact of marketing activities, such as reducing waste and energy consumers, promoting environmentally friendly products.
Three key dimension of sustainable market/ economic
Lastly, the economic dimension focuses on the long-term financial viability of businesses and their ability to create value for stakeholders while operating within a sustainable framework.
Circular economy
The circular economy is an economic model that seeks to reduce waste and promote resource efficiency by designing products and processes with recycling and reuse in mind. This approach contrasts with the traditional linear economy, which typically follows a “take-make-dispose” model that relies on the extraction, production, and disposal of finite resources. Sustainable marketing principles align well with the circular economy, as they encourage businesses to consider the full life cycle of their products and services, minimize negative impacts on the environment and society, and create long-term value.
Marketplace example that illustrates the application of these sustainability dimensions
IKEA’s marketing strategy focuses on promoting sustainable products, such as furniture made from recycled materials and designed for durability, and encouraging consumers to repurpose and recycle their products. This aligns withe the circular economy’s principles of resource efficiency and waste reduction. Furthermore, IKEA invests in social initiatives, such as fair labor practices and community engagement, demonstrating the importance of the social dimension in sustainable marketing. By considering the economic dimension, IKEA has also achieved long-term financial success and growth, as its commitment to sustainability has attracted loyal customers and investors who value the company’s responsible practices.
Circular economy /plastic
A circular economy is a sustainable economic model that seeks to reduce waste and promote resource efficiency by designing products and processes with recycling and reuse in mind. This model contrasts with the traditional linear economy, which follows a “take-make-dispose” approach and has resulted in significant environmental issues, particularly with plastics.
Example of Starbucks
Starbucks, for example,offers discounts to consumers who bring their reusable cups, tests out rectangle cups, and has pledged to eliminate single-use plastic straws.
Example for IKEA
IKEA invests in research and development to create new products made from recycled plastics or innovative materials that can replace traditional plastics. Additionally, IKEA’s furniture buy-back program, where customers can return old IKEA furniture for store credit, which encourages reuse and reduce wastes.
Example for the body shop
The body shop,on the other hand,focuses on reducing plastic ware in its packaging by encouraging consumers to return empty product packaging for recycling and introducing refill stations in stores
Conclusion for the three examples
By adopting circular economy strategies for plastics, these brand not only reduce their environmental impact but also enhance their brand image and appeal to environmentally conscious consumers.
Demonstrate the difficulties
However, the transition towards a circular economy for plastics requires the collaboration of businesses, policymakers, and consumers to overcome the challenges and make this model a wide spread reality.
