Opportunities and Challenges of Green Marketing

Abstract

Marketing has transformed through the introduction of information and communication technologies, changing consumer lifestyles, globalisation of supply chains, and increased regulatory and environmental pressure. Green marketing is a business approach towards a greener economy in the pursuit of sustainable development. In developed economies, booming industrialisation in response to the rising demand for environmentally friendly products is evidence that emerging economies need to leverage the unexploited opportunities to create a unique brand position through green marketing. Although green marketing practice is gaining prominence, firms also face uncertainty in their ability to effectively mobilise resources and to effectively solidify their green marketing edge, while generating returns on their investment. Accordingly, this chapter discusses the concept of green marketing, opportunities, challenges and directions for effective implementation. Adopting a literature review approach, the chapter shows that green marketing adoption is driven by sustainable development, social responsibility drive, supportive government policies and leadership, green consumerism and consumer health consciousness. Nevertheless, firms practising green marketing are sometimes constrained by limited green financing and investment opportunities, regulatory priorities of governments, weak implementation and collaboration among nations towards the promotion of sustainable development, and firm’s internal capabilities. Implications are drawn for emerging economies, firms, consumers and governments as key stakeholders towards transformational green marketing practice.