Environmental sustainability as a contemporary challenge and its impacts on the marketing

Essay from the year 2020 in the subject Economy - Environment economics, grade: A, University of Wisconsin-Madison, language: English, abstract: This essay deals with the impacts of the economical growth on the market and the marketing. The focus lies on environmental sustainability. The economic growth in the last 2 decades has led to the lifting of over 660 million people from poverty but have also led to the raisin of the levels of incomes of millions. However, such developments at the expense of environmental sustainability has come at the expense of the poor communities and the environment. Despite the growth patterns recorded in the last couple of decades, environmental sustainability has in the recent years become a contemporary challenge as billions of people still lack access to services such as electricity, access to clean water and are malnourished. Top executives of companies have started to deal with unique and complex environmental challenges. The majority of the executives are still hesitant to adopt sustainable strategies to the core of the operations of the firms including in marketing due to the belief that the costs are higher than the benefits. Such beliefs are contrary to the academic research and the bottom line benefits of sustainable marketing practices. Environmental sustainability as a contemporary challenge that has a number of influence on the marketing practices, markets and consumers amongst others. Environmental sustainability has had significant impacts on the consumers in a number of ways. The research indicates that B2B and B2C clients have increasingly adopted a sustainable view where sustainability of the company is used by the consumers in the consumer purchase behavior. In the recent years, the consumers have become increasingly interested in environmentally friendly alternatives thus creating markets for the sustainability. The consumer expectation has led to the push for the businesses to develop the sustainable products.