Shaping the Future of Marketing through ESG – A Systematic Literature Review

Abstract: ESG has become the fundamental approach, and distinguishing feature of the modern business environment. Environmental, social, and governance, or ESG is a set of guidelines that assist companies in demonstrating their dedications and commitments to society and the public, in addition to their financial success (Tamara Davison, 2024). According to the survey conducted by PwC 2024 Voice of the Consumer report, in an effort to lessen their environmental effect, 46% of respondents said they were purchasing more environmentally friendly products. 80% of consumers consider they are willing to pay more for sustainable goods. Moreover, according to the report some people were also willing to spend on average 9.7% extra for goods that satisfy specified environmental requirements, including constructed from recycled or eco-friendly materials, produced in a supply chain with a lower carbon footprint (PwC 2024 Voice of the Consumer Survey). Companies are currently facing intense pressure from their stakeholders to implement ESG practices, according to the statistics from the aforementioned report. As such business organization have to integrate ESG into their marketing strategy and other key business plans. The present trends, obstacles, and possibilities related to ESG-driven marketing must be mapped out. To understand these the study undertakes a systematic literature review (SLR) to investigate current trends, and the main barriers related to ESG in the marketing domain. Based on last 10 years research papers, the review provides a comprehensive understanding of ESG and its impact on marketing practices. The study also analyses the current trends and challenges encountered when implementing impact on marketing domain. Thematic and trend analysis undertaken in the study also provides insights into future opportunities of Marketing Domain and ESG.