Page 27 - Banking Finance November 2024

ARTICLE

The Rise of Green

Marketing: Driving

Sustainable Change

Anish Shrimali
Chief Manager (IT) - Research Officer
Union Bank of India
Union Learning Academy,
Digital Transformation, Mumbai

Green marketing refers to the practice of promoting products or services that are environmentally
friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of
marketing strategies, including product development, packaging, advertising, and distribution.

I n today's increasingly eco-conscious world, also promoting sustainability and corporate social

businesses are under mounting pressure to adopt
responsibility initiatives. Companies that invest in green
sustainable practices. As consumers become more
marketing benefit from increased customer loyalty and
aware of environmental issues, they are demanding
products and services that align with their values. This a positive brand reputation, while also helping protect the
planet and contributing to a more sustainable future.
shift in consumer behaviour has given rise to the concept
of green marketing, which focuses on promoting Evolution of green marketing
environmentally friendly products and practices. The evolution of green marketing can be delineated into
three distinct phases- ecological, environmental and
Green marketing refers to the practice of promoting sustainable, each representing a significant shift in focus
products or services that are environmentally friendly or and approach. Initially, there was the ecological phase,
sustainable. It involves incorporating eco-friendly followed by the environmental phase, and finally, the
elements into various aspects of marketing strategies,
sustainable phase emerged as the latest stage in this
including product development, packaging, advertising, progression.
and distribution. The goal of green marketing is to appeal
to environmentally conscious consumers by highlighting (i) The Ecological Phase
the positive environmental attributes of a product or
Timeframe: Late 1960s to early 1980s
service, such as energy efficiency, recyclability, use of
Focus: Pollution reduction and resource conservation
renewable materials, or reduced carbon footprint. Green
marketing aims to encourage consumers to make Characteristics:
environmentally responsible purchasing decisions while Initial Awareness: The ecological phase of green

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