Page 28 - Banking Finance November 2024

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marketing emerged in response to growing concerns commitment to environmental stewardship.
about pollution and resource depletion. This period Companies began to use certifications and labels,
saw the beginnings of environmental activism and the such as Energy Star and FSC (Forest Stewardship
establishment of early environmental regulations. Council), to signal their environmental efforts to
consumers.
Pollution Control: The primary focus during this
phase was on reducing pollution and managing waste.
Companies started to recognize the need to address (iii) The Sustainable Phase
environmental damage caused by their operations. Timeframe: Early 2000s to present
Product Adjustments: Businesses began making Focus: Sustainable development and long-term
changes to their products to reduce harmful environmental impact
environmental impacts. This included reducing the Characteristics:
use of toxic materials and implementing basic Sustainability Integration: The sustainable phase
recycling initiatives. represents the integration of sustainability into the
Regulatory Compliance: Governments started core business strategy. Companies now focus on
enacting environmental laws, such as the Clean Air sustainable development, balancing economic growth,
Act and Clean Water Act in the United States, environmental protection, and social equity.
pushing companies to adopt pollution control Holistic Approach: Businesses adopt a holistic
measures. approach to sustainability, considering the
environmental, social, and economic impacts of their
(ii) The Environmental Phase actions. This involves not only making eco-friendly
Timeframe: Mid-1980s to late 1990s products but also ensuring ethical supply chains, fair
labour practices, and community engagement.
Focus: Broader environmental protection
Innovation and Technology: Technological
Characteristics:
Increased Environmental Awareness: The advancements have enabled more sustainable
business practices. Innovations such as renewable
environmental phase marked a significant increase in
energy, biodegradable materials, and circular
public awareness and concern about environmental
economy models have become central to green
issues. The media played a crucial role in
marketing strategies.
highlighting problems such as acid rain,
deforestation, and ozone layer depletion. Consumer Engagement: Companies actively
Corporate Responsibility: Companies began to engage with consumers to promote sustainable
adopt a broader view of their environmental behaviours. This includes educating customers about
the environmental impact of their purchases and
responsibilities. The concept of corporate social
responsibility (CSR) started gaining traction, with
businesses recognizing that their operations could
have wide-ranging environmental impacts.

Product Lifecycle: Attention shifted from merely
controlling pollution to considering the entire lifecycle
of products. This included sustainable sourcing of
raw materials, energy-efficient production processes,
and eco-friendly packaging.

Marketing Strategies: Green marketing strategies
evolved to emphasize not only the environmental
benefits of products but also the overall corporate

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