Page 46 - Banking Finance August 2024

ARTICLE

also moving in this direction and has plans to spend over Rs Reduce the negative impact of production on
30,000 crore by 2030 to increase the existing capacity of environment.
wind turbines and solar power energy. Save energy, reduce the uses of natural resources and

carbon footprints.
Green Marketing Initiative by Multina-
Produce recyclable products.
tional Companies worldwide: Long term sustainable growth
In 2019, Apple launched the new Mac Book Air and Obtain higher revenue.
MacBook Mini made from 100% recyclable aluminum. To
popularize their products and initiatives, they created the Precautions
slogan: "Truly innovative products leave their mark on the
world but leave no mark on the planet." This means that It is advisable that while doing green marketing one should
the product is recyclable and therefore has no negative beware of things. one should not overstate about goodness
impact on the environment. of product because it is green washing. Green washing
means making false claim about a products sustainability
Another big name is "IKEA" and under its initiative named attribute. Whenever it is being noticed in the public domain
"people and planet positive strategy", it promotes solar and it will be hard to sell the product and change the perception
wind energy. About 90% of IKEA's buildings are equipped of the end user.
with solar panels and the company encourages the use of
renewable energy. Role of Consumer
As a consumer our role and responsibilities are more. We
We notice that green marketing is not limited to only few need to encourage by buying the product of those companies
corporate house or big companies. Now a days whenever we who are making better product, reducing ways to eliminate
go to to purchase consumer products like TV, Washing toxic chemicals, reducing energy use and improving
Machine, Washing Powder, Fridge, LED bulb, Air Conditioner recyclability of products. We should switchover our uses
etc. everyone talks and popularise the energy saving, water from plastic bottles to stainless steel bottles, plastic carry
saving capabilities of the products and termed it in money bag to cloth or jute carry bags, fuel vehicles to electric
value to attract the end users. Thus it can be said that the vehicles etc.
green marketing has become more effective if it can be linked
to that this product improves the lives of people by saving Contribution of Bank
their money, safer for their next generation and safe to use. Our banking sector is also not exceptional of this and
adopting in green marketing. Our huge customer base is now
Under such initiative we might have noticed that everyone
Gen-Z customer and they like banking at ease but not on
is contributing towards the environment friendly approach. the cost of nature. We promote uses of social media for
During the festival of colours, we are adopting herbal colour
banking, Digitisation of Product and services, Less paper
and non-toxic colour which is really good for us as well as
work, customization of products and services in straight
environment. During Ganesh Chaturthi, Durga Puja we bring
through process (STP) modalities so end to end process to
idols of God and goddess which are made up of ecofriendly be completed without or less use of paper.
materials. Further uses of LED bulb reduced the consumption
of electricity and generate less heat energy. Further the life Conclusion
cycle of these bulb is much more that traditional bulbs thus
it is very much helpful to keep our environment safe. Green Marketing is not just a trend but a necessary
approach for business for sustainable growth. It will be
aligning the product and services in line of modern
Benefits of Green Marketing consumers and this way it will contribute positively to the
This will give and edge to services or product to stand planet's future.
out in the increasing competitive environment. The
aware people will prefer to purchase such products or (Ref. Forbes Advisor, Courseera, Youtube, Wikipedia &
services even if it is costlier than others. Economics Times, dreamstime.com).

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