Eco-branding: A Way to Sustainable Business Opportunities in Bangladesh

Abstract

Eco-branding is a market instrument which helps both companies and consumers achieving sustainable goals and contributing to environmental protection and amelioration. This study identified the background and conceptual aspects of eco-branding from the manufacturers’ as well as the consumers’ end. Besides, the awareness and the perceptions of the marketing of eco-branded products among the consumers in Bangladesh were examined through interviewing regular customers in Noakhali city. Moreover, some basic information on eco-branded products and the role of different stakeholders were collected through intensive market observations and literature review. From the survey, only 45% respondents are found aware of the eco-branded products but 75% respondents are willing to pay up to 20% extra for these products. A number of local and international companies are coming up with substantial amounts of eco-branded products in the local market of Bangladesh. It is evident that growing social and regulatory pro-environmental concerns are responsible for such changes in production strategies of manufacturers and consumption patterns of informed consumers. Eco-branding, though is in its infancy, has enormous potential to sustain in Bangladesh’s marketplace.

Keywords: Bangladesh eco-branding, Eco-label, Sustainable business, Eco-friendly business, Environmental protection.