Abstract
Green branding marketing techniques have become a popular area of research; however, the use of 'green' terms confuses both businesses and customers. This has resulted in consumers becoming more suspicious about the validity of green marketing and green management practices. The objective of this chapter is to outline the concepts of green marketing and green management in detail to clearly demonstrate how they can effectively achieve their aims of ensuring environmental sustainability. An analysis of current extant literature will be explored, and successful green approaches will be used to develop a theoretical framework for green marketing, green management, and sustainability to foster a more climatic conditions-sustainable economy. The literature in this chapter indicated the need for understanding the impact of green marketing and green management on the sustainability of the financial services sector in order to provide recommendations that can direct funding more effectively towards climate-resilient activities and a more climatic conditions-sustainable economy.
TopGreen Marketing In The Financial Services Sector
According to Ranjan (2020), the concept of green marketing is interpreted differently by customers and marketers. Nogueira (2020) suggests that from the perspective of companies in the financial services sector, green marketing is concerned with marketing to green products and positioning them as green brands. From the academic point of view, the concept of green marketing has a specific meaning; however, companies in the financial services sector might have a very different perspective on green marketing; because satisfying customers is not enough, marketers should take into account ecological interests of the society as a whole. It is within this context, that this section will compare the conventional marketing mix to the green marketing equivalent to derive insights and provide a deeper understanding to demystify any misconceptions.
Key Terms in this Chapter
Greenwashing: Positive communication about environmental performance despite poor environmental performance.
Green Price: Reflects a willingness in consumers to pay a premium price for a green product that is guaranteed to have environmental benefits.
Traditional Place: Relates to management's decision as to where and how a service should be provided to the client. It may refer to either electronic or physical distribution networks.
Green: The design, commercialisation, and use of processes and products that are feasible and economical while reducing the generation of pollution at the source; and minimizing the risk to human health and the environment.
Traditional Price: The management of the different costs charged by customers in return for using the service or purchasing the commodity.
Green Differentiation: Can be achieved by green logistics that use the growing consumer power behind green initiatives to build and maintain competitive advantage.
Green Targeting: Entails a combination of green product design and green pricing with the aim of broadening the targeted consumers by including green features in conventional products.
Green Marketing: Contributes to fulfilling customers' wants and preferences while ensuring the least possible effect on the climate.
Green Segmentation: Entails using green communication influence purchase perception and to stimulate consumer greenness.
Traditional Product: All the components that are required for services to generate value for consumers.
Earnings Management: The use of accounting techniques to produce financial statements that present an overly positive view of a company's business activities and financial position.
Green Positioning: Can be augmented with by green disposal and green collaboration to elicit functional or emotional reactions from green consumers.
Green Product: Help both customers and the natural world, and the green quality of the packaging is an important component of the commodity.
Sustainability Reporting: The key platform for communicating sustainability performance and impacts. A sustainability report in its basic form is a report about an organization’s environmental and social performance.
Green Promotion: Use similar channels to clearly and strongly communicate messages around green products and their unique brand characteristics to reduce information asymmetry.
Green Place: Puts emphasis on creating a closed-loop consumption cycle that also has the aim of reducing costs and improving service.
Traditional Promotion: Each organization uses a special mix of promotion methods. Advertisements, personal orders, product marketing, public relations, direct mail, and financial assistance are also examples of promotion.