Recommendation Report - Assignment Example

By becoming energy efficient the company becomes cost efficient which provides not only the economic benefit but also a marketing benefit. One way YEG can tap into the eco-consumer market is by providing LED light bulbs that reduce utility bills by up to 80% and have the lifespan of as long as 20 years. In this report, a cost benefit analysis of LED bulbs and its non-LED counterparts will be done and the pros and cons of each product will be analyzed. Green Marketing Analysis Green marketing is essentially the, “consumption an disposal of products and services happen in a manner that is less detrimental to the environment” (Choudhary & Gokarn, 2013).

With the rise in the awareness about nonbiodegradeable waste, impact of toxic pollutants and global warming, marketers are consumers are now shifting towards green marketing and becoming more environmentally conscious. We believe YEG can achieve success in green marketing if three key principles given below are followed (Choudhary & Gokarn, 2013): Consumer Value Positioning Calibration of Consumer Knowledge Credibility of Product Claim Customers are looking for these three principles when they consider the green products.

Consumer value positioning entails providing a product that is just as good if not better, than its alternatives. The value that the customer is looking for should be present in the eco-friendly product. Calibration of consumer knowledge means that you educate the consumers about the specific environmentally friendly attributes of the product. This involves using the ‘green’ aspect of the product as a marketing tool. Marketing the product as a ‘green solution’ for their needs is essential as studies show that if all other things are constant, consumers will prefer the green alternative (Ginsberg & Bloom, 2004).

Credibility of product claim means that the business should market the products’ benefits in a specific and meaningful manner. Studies show that consumers don’t like ‘green marketing’ if it is done as a, “token gesture flashed as eye candy on market literature” (Univsersity of Vermont, 2012). Hence credibility of the claims being made is important while implementing this strategy. Keeping in mind these three principles that the customers require, if YEG will provide a product that delivers on all three factors with its value and is a ‘green solution’ then YEG can tap into this market.

Annotated Bibliography Mishra, P., & Sharma, P. (2012). Green Marketing: Challenges and Opportunities for Business. Journal of Marketing and Communication, 8(1), 35-41 This paper analyzes the need for green marketing in a business, the goals of green marketing and the challenges associated with it. It also examines the benefits it can give to the business if implemented properly and the role this strategy will play in the future. The core theme of this paper was how to pursue green marketing along with its environmental and social dimensions.

It suggests that environmental impact assessment must be done in a systemized and effective manner. The three goals that companies must achieve to become ecofriendly include: Cleaning up their products by eliminating hazardous substances, take back and recycle products and reduce climate impact. The marketers should educate the consumers about the benefits of green products and form a policy that addresses their need for a quality product that does not