Business Forecasting : Consumer Behavior For Green Products

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Econometrics and Business Forecasting - Consumer Behavior for Green Products

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Date: Introduction Consumers in the 21st century have become more aware and well informed about the products they purchase in the market. There is unlimited access of this information to the public with platforms such as the social media and the internet playing a crucial role in increasing access to information. Further, most of the products in the market today can be customized. However, the demand for eco-friendly and green products has significantly increased in the market. Green products are defined as products that are eco-friendly and safe to use (Mazar and Zhong, 2010). Customers also want products
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286). Green marketing has become an important element and stage for producers and therefore most of the companies are working towards including it in their strategic planning. Further, the ability to produce green products enables a company to enjoy competitive advantage over other competitors in the market. As a result, the company is able to position itself in the market in a way that will maximize performance and sales. Considering how important and essential green products are to the economy, it is a pity that most of the producers have given it little attention. Manufacturers do not realize the importance and role of these products in the market. Further, the supply of these products in the market has also influenced the consumer product choices because they feel the products meet and satisfy their needs and want exhaustively. Studies have also been performed with the aim of evaluating the relative importance of green products to the consumers (Chan, 2001). These studies are crucial because they provide insights on how the consumers determine green products.
According to Wassells et al. (1999), while consumers are in search for products that are eco-friendly, it is quite difficult to assess the environmental attributed of product. Consumers also do not have a proper scrutiny of identifying the specific characteristics of a product. As such, it becomes even more difficult to identify and locate the green products.
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