Companies Introducing green products
Typically, when firms make concerted efforts to minimize its negative environmental impact, that is going green. It can manifest as taking numerous measures to minimized utility costs, buying green products as well as services in the service of the firm, recycling, and reusing procedural programs among others. (Jamar, 2020). There are numerous reasons as to why firms are introducing green products and also engaging in eco-friendly practices.
Efficiency Saves Money
By increasing energy efficiency, firms save on expenses. Moreover, reusing the existing materials in more effective ways implies less capital incurred in purchasing new resources to make new products (Jamar, 2020) Also, streamlining transportation of workers significantly conserves the environment and substantial amount as well. Even though there is a bit of cash spent by firms in establishing green business procedures, aa a huge amount of money is saved over time.
Impact on Employee Morale
Mainly, going green does not only nurture positive feelings from clients. Workers also feel much safer working in companies that have adopted green technology. Consequently, involving employees in firm-wide green initiatives help boost their morale (Jamar, 2020)Besides, they feel that the firm cares for their health and well-being and that they are not simply expendable commodities. This is an excellent means for firms to reduce turn over since the workers do not want to leave a working environment that makes them feel part of a work community that cares.
Take Advantage of Available Tax Benefits
Companies that invest in renewable energy, as well as a green technology, could qualify their businesses for tax-related benefits, typically, in the form of deductions or credits form. Moreover, environmentally friendly products can increase as well as reduce production costs (Jamar, 2020)Consequently, environmentally friendly production may in turn increase costs for companies and their suppliers. However, this may be offset through energy efficiency measures.
Discuss the theories and concepts with this topic, including the societal marketing concept.
Social Marketing Concept
The concept holds that an organization should make good marketing resolutions by contemplating the client’s needs, the organization’s requirements as well as society’s long term interests (French, & Gordon, 2019). Also, the concept creates a favorable image for the firm to increase sales. Moreover, it emphasizes on social responsibilities and also suggests the significance of sustainability. Further global warming is on the rise and a revelation is required in the way companies use their resources. Hence firms are slowly attempting to implement the societal marketing concept. Companies are expected to integrate three important considerations while fostering their marketing strategies.
- Company Profits
Every operational firm is anticipated to make profits. Typically, this represents a substantial return on investment meant interests (French, & Gordon, 2019). Hence, a firm has to foster a productive client relationship, by producing quality products as well as participating in social engagement.
- Consumer satisfaction
Any successful firm draws its achievements from customers. Typically, clients are pivotal to the competitiveness of a company. Mainly, competitive firms have a huge customer base. These clients boost their sales through the higher number of purchases they make interests (French, & Gordon, 2019). Hence, companies need to produce goods as well as services to satisfy their clients.
- Society Human welfare
An organization needs to be concerned with the welfare of the society it is serving. This implies that services and goods offered are mainly focused on improving society’s interests (French, & Gordon, 2019). This could be any form of innovation that a company aims to produce to raise the living standards of the society.
Advantages of Social Marketing Concept
The social marketing concept is very essential to society, environment, and businesses. It helps increase sales for companies. Besides, it gives a better competitive advantage over the competitors(French, & Gordon, 2019). Consequently, it facilitates expansion as well as growth in the long term. It also increases the living standards of individuals in a society. Further, it helps build a better image for firms. Lastly, the social marketing concept is vital in making firms more organizational. Through it, clients can know the kind of services and goods offered by the company.
Discussion on the Theories and Concepts
Green Entrepreneurship Theory
It is a type of social entrepreneurship whereby, an entrepreneur is passionate to promote environment (Demirel et al., 2019). The theory is all about integration techno as well as environmental knowledge typically integrated with the economic issue to create a valuable innovation in society.
Advantages
Typically, the concept endorses the concepts of innovations in firms as well as new product development not only to cater to their clients’ needs but also to partake in the process of sustainable development (Demirel et al., 2019). Moreovcanations green entrepreneurs are able to recognize the relationship between innovation and sustainability and therefore able to develop comparative advantages by selbased onated services and goods on the basis of their environmentalcanLastly, green entrepreneurs are able to create shifts in individuals’ mindsets towards greener thinking thereby boosting the dual effect of environmental gains.
Conclusion
To sum up, nowadays more than at any time, due to global marketing and pollution, most firms have been attempting to minimize their pollution. As a result, the companies have adopted green technology to help cater to their consumers’ needs as well as protect the environment. This has played a crucial role as green technology has been employed as a competitive advantage thereby increasing sales as well as attracting more customers.