Image credit: WWF
Today, more companies are changing the way to do business. Many companies are changing their strategy by creating a sustainable market. Sustainable market calls for “Socially and environmentally responsible actions that meet the present needs of customers and business while also preserving or enhancing the ability of future generation to meet their needs” (Kotler and Armstrong, p.582).
I little more of decade ago, sustainable market was not popular as it is in these days. Before, most of the companies’ goal was creating products that satisfied customers’ needs in the short run and increment profits to satisfy shareholders interest. Unfortunately, most of the decisions were made without putting too much attention to environmental impacts, or a possible harm to people’s health. In the marketing class, we had the opportunity to analyze previous McDonald’s marketing strategy. The strategy was oriented to satisfy customers’ appetite only, and sales increased in a short period of time making the brand very famous. Unfortunately, most of the products had trans fats, and ingredients that were harmful to people’s health. As a result, people started to blame McDonald’s products for the big increment in obesity and related diseases happening at national level. After that, McDonald’s adopted a sustainable marketing approach by creating the “Plan to Win” strategy by adding fruits, salads, low fat milk, and grilled chicken to its menu. Besides, the company invested a lot of money in campaign promoting healthy habits like exercise, also, giving customers more information about its product including the detail of calories for product consumption.
I like this topic, because opens the opportunity to think that sustainable marketing will be the new approach for successful companies. After researching about this topic, I found that companies are using the sustainable approach to gain competitive advantage. The following illustration shows the 12 U.S. companies practicing sustainable marketing:
Image credit: WWF
The companies — Bloomberg, Facebook, General Motors, Hewlett-Packard, Intel,Johnson & Johnson, Mars, Novelis, Procter & Gamble, REI, Sprint and Walmart — are between the U.S. companies leading the concept of sustainable market responsibility. According to Sustainable life media Inc, these companies are “hoping the principles will open up new opportunities for collaboration with utilities and energy suppliers to increase their ability to buy renewable energy” (Sustainable brands).
To better understand the sustainable market concept, please, take a look to the environmental goals Walmart is incorporating:
Walmart Environmental Sustainability
Our three sustainability goals
"Environmental sustainability has become an essential ingredient to doing business responsibly and successfully. As the world's largest retailer, our actions have the potential to save our customers money and help ensure a better world for generations to come. At the same time, it sets the stage for a more financially stable and responsible Walmart. Our decisions in this area are tied to three aspirational goals" (corporate.walmart.com):
Walmart Environmental Sustainability
Our three sustainability goals
"Environmental sustainability has become an essential ingredient to doing business responsibly and successfully. As the world's largest retailer, our actions have the potential to save our customers money and help ensure a better world for generations to come. At the same time, it sets the stage for a more financially stable and responsible Walmart. Our decisions in this area are tied to three aspirational goals" (corporate.walmart.com):
- Energy -- Be supplied 100% by renewable energy
- Waste -- Create zero waste
- Products -- Sell products that sustain people and the environment
I am glad that companies are incorporating the social cost, and the environment impact at the time they are taking business decision. I think, this will generate customers values, improve their level of profits, and keep a better planet.