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Market Demand and Consumer Preference-1

The document discusses the significance of sustainability attributes in influencing consumer preferences and purchase decisions, highlighting that despite consumer awareness, sustainable products only account for a small market share. It emphasizes the need for companies to integrate sustainability into their marketing strategies to remain competitive and meet evolving consumer expectations. Additionally, it points out the complexities of achieving sustainable consumption and the potential role of ecolabels in shifting consumer behavior.

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0% found this document useful (0 votes)
48 views11 pages

Market Demand and Consumer Preference-1

The document discusses the significance of sustainability attributes in influencing consumer preferences and purchase decisions, highlighting that despite consumer awareness, sustainable products only account for a small market share. It emphasizes the need for companies to integrate sustainability into their marketing strategies to remain competitive and meet evolving consumer expectations. Additionally, it points out the complexities of achieving sustainable consumption and the potential role of ecolabels in shifting consumer behavior.

Uploaded by

Zen1
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Given the importance of sustainability attributes in communicating the

sustainability performance of products, there have been numerous empirical

studies examining the potential role of such attributes in influencing

consumer preferences and driving purchase decisions (e.g. Loose and

Remaud, 2013, Zepeda et al., 2013, Auger et al., 2010).

Companies are trying to achieve these goals in multiple ways, such as

production processes that are less harmful for the environment, investments

in innovative technologies, the achievement of quality standards and

certifications, investments in image and brand equity, and the development

of new sustainable products designed to conquer new market segments

[5,6,7].

Findings from these studies suggest that even if a large number of

consumers declare themselves aware of environmental issues and express

their intention to purchase sustainable products by changing their

consumption habits and paying a higher price, the market share of

sustainable products does not exceed 3–4% [12,13].

However, despite the number and relevance of the contributions, the

literature investigating consumers’ perceptions of sustainable products still


provides uncertain and inconclusive results. It is common for different

studies to assign different importance to similar factors. For example, using

the theory of planned behaviour, the authors in [15] find that the purchasing

behaviour of organic food consumers is positively influenced by intention and

negatively by subjective norms.

The digital revolution is transforming marketing strategies. Businesses

evolving their ways of thinking an innovative methods to communicate with

and satisfy their customers. The food and beverage industry is undergoing

changes also due to shifting consumer preferences and tastes as well as

businesses leveraging technology to gain a competitive edge (Ma, J.; Webb,

T.; Schwartz, Z. A 2021)

Customers' desires from businesses are shifting as a result of the way they

are living their lives. They enjoy being involved in the creation of goods and

services and seek for unique experiences, convenience, and professional

assistance. To live up to these expectations, marketers must alter the way

they promote their goods ( Kapoor, R.; Kapoor, K. 2021)

It's really important for companies to include sustainability in their marketing

plans now. Showing that they're environmentally friendly and socially

responsible helps them compete better. (Arseculeratne, D.; Yazdanifard, R.

2014)
Both companies and researchers are very interested in this type of marketing

because they think it's a powerful way for businesses to succeed in the long

run. Sustainable marketing helps businesses show how they're working to be

more eco-friendly and socially responsible, which is crucial for running a

sustainable business.

Resource deficiencies and ecological changes which endanger people and

different species are as of now not only future situations or the subject of

science fiction. We are presently seeing signs of the natural dangers that can

be anticipated in the event that inefficient ways of life in industrialized

nations stay unchange and assuming that the human populace keeps on

developing at a quick speed. Environmental change, species elimination, and

food deficiencies are unmistakable models. Sadly, the individuals who are

most exceedingly awful impacted by these dangers are not really the ones

who are the fundamental culprits (Böhm and Hanss, 2012).

Sustainable Consumption Transition (SCT) is complicated and stays an issue

in the utilization cycle because of the idea of customer conduct, which would

preferably be environment friendly (Dong et al., 2020). Despite this, SCT is

difficult to achieve: the need for a transition by minimizing the negative

environmental effects of post-consumption product waste has been


emphasized. For instance, Notarnicola (2017) observed that a lack of

attention to consumer behavior is to blame for the ongoing trend toward

unsustainable consumption.

Ecolabels are yet to be typical, yet there are various motivations to figure

they might assist with moving purchaser conduct. Nutrition and health

labeling on food sources is presently generally executed, with research

showing such marks lead to little changes in buying and utilization ways of

behaving, for instance by lessening the energy content in food and

beverages bought and expanding buying of things with health related claims

(Crockett et al., 2018). Priliminary evidence suggests ecolabeling might be a

method for satisfying cultural needs for more prominent straightforwardness

in revealing food creation techniques (D'Amico et al., 2016).


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