Sustainability Marketing Essay Example | Topics and Well Written Essays - 2000 words

Sustainability Marketing - Essay Example While economic pressures govern organisational strategies, their social responsibilities have also assumed increased significance. Widespread focus and attention on the issues of corporate social responsibilities and sustainable growth aspects have shaped new governance policies and practices. Such perspectives define the role organisations can play in creating responsible economic, environmental and social well-being of the communities they impact or serve. Several studies and observations made in this context have sparked debates on whether the marketing practices today are suited to an age characterised by environmental deterioration, scarcity of resources, expanding population and growing income disparities. Recent frameworks in this context are shaping innovative marketing practices that are founded on the principles of sustainability. A number of research studies have focused on explaining and exploring the concepts of sustainable marketing. This paper provides a deeper insight into the observations and conclusions provided by these studies and how it has contributed to the evolution of the concept of sustainable marketing practices. ... ion on Environment and Development’s report sustainable development is defined as the â€Å"development that meets the needs of the present without compromising the ability of future generations to meet their own needs† (World Bank Group website, 2001). Sustainable development relates to the ability of the organisations to balance the social, economic and environmental objectives. While economic objectives refer to industrial growth, individual needs, community requirements, and services social objectives refer to community empowerment, social mobility, cultural preservation, and equality. These needs and objectives should balance the environmental needs that encompass biodiversity, natural resources, ecosystem, pollution free air and water (Vagasi, 2004). Sustainable marketing remains an ambiguous term considering the paucity of extensive research in this area. Chen et al. (2009) define sustainable marketing as â€Å"the establishment, maintenance and enhancement of c ustomer relationships in order that the objectives of the parties involved are met without compromising the ability of future generations to achieve their own objectives† (p88). The essence of this definition can be related to the principles of sustainable development that are being incorporated by organisations across all disciplines for improved social and ethical business practices. The whole concept of green marketing or sustainable marketing is based on the principle of respecting the environment and considering social benefits as a distinctive part of the goods or services being sold in the market (Kotler et al., 2010). The essence of sustainable marketing practices is visible in various stages of product development, modification of existing products, changes in the production process,