Sustainable marketing as a key competitive strategy for businesses

Kuzmak Oleh
Doctor of Economics, Professor of the Marketing Department, Lutsk National Technical University, Ukraine, e-mail: kuzmakoleg2312@gmail.com, ORCID ID: https://orcid.org/0000-0002-1950-8416

Cite this article:

Kuzmak, O. (2023). Sustainable marketing as a key competitive strategy for businesses [Stalyі marketynh yak kliuchova konkurentna stratehiia dlia biznesu], Socio-economic research bulletin, Vìsnik socìal’no-ekonomìčnih doslìdžen’ (ISSN 2313-4569), Odessa National Economic University, Odessa, No. 3-4 (86-87), pp. 161-175.

Abstract

The article provides a comprehensive overview of the essence of sustainable marketing as a key tool in shaping business strategy and enhancing competitiveness, focusing on the principles of sustainable development and consumer expectations. The main objective of the article is to explore the essence, principles, and directions of potential sustainable marketing strategies aimed at meeting consumer expectations, increasing brand value, and strengthening business competitiveness. The literature review indicates debates and divergences in understanding and interpreting the essence of sustainable marketing, the application of potential strategies for sustainable development, and insufficient research on resilient marketing strategies that create value for businesses and consumers. The relevance of addressing the stated problem lies in the fact that sustainable marketing, aligned with the goals of sustainable development, should become a key instrument for providing conditions for competitive advantages of modern enterprises, enhancing the corporate image, and increasing business profit by creating value, improving relationships with customers and employees, and expanding growth opportunities. The article’s analysis highlights the correlation between public perception and its impact on brand value growth. It is emphasized that the value of the brand largely depends on the active integration of social, environmental, and ethical aspects into the corporate business strategy. Special attention is given to the direct impact of highlighting corporate values and responsible activities on customer retention and loyalty. The article underscores how effective communication regarding these aspects can influence public perception of the brand and, consequently, its reputation and competitiveness in the market. The author substantiates the concept of sustainable marketing and the directions for the application of potential sustainable development marketing strategies, emphasizing the main barriers that may hinder the successful integration of sustainable development principles (pricing, productivity levels, and changes in consumer behavior). The research concludes that contemporary conditions demand innovative approaches to development from enterprises, and the transition to sustainable consumption and production requires a review of companies’ market strategies. Marketing must be flexible and adaptive to changes in economic, environmental, and social contexts. In the context of sustainable development and focusing on consumer expectations, companies should consider innovation, collaboration, effective communication, and commitment as key elements of sustainable development business strategies, contributing to the growth of brand value and strengthening business competitiveness.

Keywords

sustainable marketing; sustainable development; strategy; business; competitiveness; image; brand.

JEL classification:А130; F200; М210; M300; М310; DOI:https://doi.org/10.33987/vsed.3-4(84-85).2023.161-175

UD classification: 658:339.138

This work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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