a) The five sustainable marketing principles are –
· Customer oriented marketing – In customer oriented marketing, the company should implement and organize the marketing activities according to the customer’s point of view.
· Innovative marketing – A company should provide innovative and creative strategy for improving the products in the market.
· Societal Marketing – The principle of sustainable states that company should make the decisions by identifying the wants of consumer, needs of the consumer, society’s long term interest.
· Customer value marketing – The principle of sustainable states that the business should set most of their resources into customer value building investment.
· Sense of mission marketing – It defines that company should describe its mission in broader terms rather than the narrower social terms.
a) Sustainable marketing is the concept where the productivity is maintained by replacing the excess resources while avoiding degrading system and supporting ecological, political, social and economic functions. The principles of sustainable marketing are based on three foundations named Longevity, social engagement & waste reduction and Bartering versus purchasing. These principles are explained as following –
· Longevity – A company should launch campaign targeting for optimizing the long term social engagement and long term returns. The activities of Longevity protect the fluctuation that are arising in advertising pricing.
· Social engagement & waste reduction – A company should reduce the waste and enhance the activities of social engagement. A company can avoid the waste from packaging of the product by using biodegradable wrappings, no wrappings or to website linkage optimization.
· Bartering versus purchasing – The social networking can be taken place by implementing the principle of Bartering rather than purchasing.
A Sustainable marketing principle builds better relationship with customers by reducing waste, cooperative partnership and strong social networks
a) Different sustainable marketing principles are explained as follows –
· Consumer – oriented marketing – The philosophy of consumer oriented marketing entails that every business should establish their marketing activities and policies by considering the expectations of the consumers.
· Consumer –value marketing – Another philosophy of consumer value marketing
· Innovative marketing – The business should innovate the real products for the improvement in the marketing activities.
· Sense of mission marketing – A business should define its mission, vision, value proposition in broader social terms rather than narrower terms.
· Societal marketing – A business should introduce that products which fulfils the demand of the society. It should produce desirable products rather than deficient products.