Sustainable Marketing in Emerging Markets: How to Market Sustainable Products in Emerging Markets

1. Introduction

The concept of sustainable marketing has gained significant attention in recent years due to the growing concerns about environmental degradation, social inequality, and economic instability. The notion of sustainable marketing emphasises the role of businesses in promoting sustainable development by offering products and services that are socially responsible, eco-friendly, and economically viable. This notion of sustainable marketing owes its authority to what Carroll (1991), regards as the “Tripple ‘Bottom Line’ or triple ‘P’ principle (people, profitability and planet) in which corporations ought to achieve a balance of economic, social and environmental considerations, while simultaneously addressing the expectations of the company's stakeholders and shareholders, thus setting itself on a positive trajectory to the intergenerational equity. While sustainable marketing has been widely discussed in developed countries, the adoption of sustainable marketing practices in emerging markets has been slow and challenging. The book chapter titled “Sustainable Marketing in emerging markets; how to market sustainable products and Services in developing countries and navigate cultural and regulatory differences” provides a comprehensive review of the literature on sustainable marketing in developing countries. The chapter explores the drivers for sustainable marketing in emerging markets and discusses the challenges that companies face in marketing sustainable products and services in developing countries. The authors also provide insights into the strategies that companies can adopt to overcome cultural and regulatory differences while marketing sustainable products in emerging markets. The chapter draws on the works of various scholars who have contributed to the understanding of sustainable marketing in emerging markets. For instance, Rodic and Wilson (2017), as well as Tikka et al. (2018) argue that the lack of awareness and interest in sustainability among consumers in developing countries is a significant challenge for sustainable marketing. Similarly, Haward & Sheth, 2021). note that regulatory differences across countries can pose significant challenges for companies seeking to market sustainable products in emerging markets.

To succeed in dealing with these challenges, the chapter suggests that companies should adopt sustainable marketing mix strategies that incorporate pro-sustainable behaviour. This entails product innovation, pricing valuation, distribution, or shipment as well as marketing communication strategies that are consistent with economic, environmental, and social equity. In other words, corporations are expected to consider the unique cultural and regulatory environments of emerging markets to successfully implement sustainable marketing mix strategies. Overall, the chapter proffers significant insights into the challenges and opportunities of sustainable marketing in emerging markets. Moreover, the chapter highlights the importance of understanding cultural and regulatory differences while developing sustainable marketing strategies that can positively contribute to the discourse of sustainable development in developing countries.