Marketing innovation for sustainability: Review, trends, and way forward

Abstract

AbstractSustainable development goals are aligning marketing innovations to meet sustainability interventions. Recently, marketing has evolved to incorporate sustainability in outreach objectives. Heightened literature on the interplay between sustainability, innovations, and marketing demands a holistic understanding to guide future research direction. The current review bridges the research gap using quantitative performance analysis and qualitative intellectual structure analysis. The thematic and content analysis points towards permeating sustainability focus across the business verticals and value chain for differentiated brand positioning and sustainability‐based competitive advantage. The emergent conceptual framework underpins the moderated‐mediation role of sustainability and economic enablers with marketing initiatives to promote business innovations beneficial to all stakeholders. The sustainability‐aligned innovations in products and processes reflect in gaining cost advantage, revenue generation, access to newer markets, and differentiation. It can be inferred from the study that sustainability and conducive marketing strategies can co‐create value across the value chain, providing tangible and non‐tangible corporate payoffs. This cross‐section in the research domain calls for environmental and business focus at the micro and macro levels, supported by pro‐business strategies, system efficiencies, productivity, and technological changes in synergy with the societal landscape. The findings discern strategic directions for practitioners to chart out an organizational portfolio centered around marketing innovations to create business value for the shareholders and sustainability value for the stakeholders, ecosystem, and society. The conceptual framework can help academicians comprehend the business model around sustainability, innovations, and marketing. The evolutionary mapping of the research domain can be used to discern corporate or macro‐level policies and transcend reforms aligned to the dynamic market/stakeholder expectations.