Marketing Approaches for a Circular Economy

Abstract

The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. In practice, it implies reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy wherever possible. These can be productively used again and again, thereby creating further value. The circular economy is based on the model of production-consumption-recycling/reuse. At the end of a product's life cycle, its materials are reused to create other goods. The circular model (or sustainable practices) can be adopted by companies in any sector. In a circular economy, marketing can be used as a tool to explore circularity opportunities among the target audiences, and to understand what circular opportunities exist, uncover those opportunities, and then collaborate with production specialists and R&D teams in creating the products to serve those needs. However, there are few studies that incorporate a marketing and communications perspective on the circular economy or which focus on the ways in which businesses providing circular products or services currently use communications to market their offerings and influence consumer behaviour. This paper represents an initial, exploratory study that highlights the recycling done in various Industrial sectors