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Why Firms Are Jumping on the Sustainability Bandwagon - Essay Example

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This paper "Why Firms Are Jumping on the Sustainability Bandwagon" focuses on the fact that developed nations always have an eye on emerging economies especially when it comes to manufactures. The rapid growth in income of individuals has helped them to invest in emerging economies. …
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Why Firms Are Jumping on the Sustainability Bandwagon
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Download file to see previous pages Today the companies are more concerned on R&D so that they can deliver a better product. A successful business always requires the best location in the two-speed world. These companies have to study the market to produce the products cost-effectively. According to management experts for a two-speed economy, it is important to note that profit becomes the primary objective which can be attained only through proper growth. Pricing is a secondary factor but best pricing is concerned with product design, a better product design helps to hold better price in the market. It’s very important to handle product and pricing on the same hands finally comes the reward for the market with proper incentives, these compensation helps the companies to hold the market. The basic principles of the two-speed world are to produce products in developing economies at low-cost labour and to do their R& D in the developed economies. It is very important to consider that the new product cannot be taken to the emerging economies as it is. It has to be transformed, and it should adapt to the needs of the culture and taste of the people in that economy. This is an important lesson taught by these economies to the rest of the world. So we can anticipate that these economies bring growth & development to the world Fashion or Strategy? Why Firms Are Jumping on the Sustainability Bandwagon. The ongoing trend in the business scenario is to develop a sustainable business. Sustainability here refers to companies focusing on environmental, social, and governmental factors or in short called ESG. Focusing on ESG has become a need of the hour as it’s not just the image of the company which benefitted but the bottom-line too in a great way. Companies adopting a sustainable mode of business strategy gets benefitted from all sides right from customers who are these days very much conscious about the environmental impact the company is creating or how green the company’s products are. Other stakeholders who are concerned are the money lenders such as banks and financial institutions who lend believe that in order for a business initiative to become successful without any hurdles it requires total support from the social community which will be extended only if the business does not cause any harm of any kind to the community and in turn only a successful business can return the money lend by lenders. Other concerned people are the company management who looks forward to saving cost through a cleaner and efficient business. Companies focusing on sustainability instead of simply surviving in the market adds value to their product offering thus improve the bottom line of the companies. These are the reasons why companies are seriously adopting social marketing concept to involve society their business. Even government have become particular on the ethical business practices to be followed by the companies wherein failing to do so would attract restrictions from their side. It’s clear and evident from these developments that focusing on sustainably by companies is no more a fashion or trend adopted by the companies as in past, but a very serious and integral strategy from the company right from its core. Building a Brand on the Smell of Mom's Kitchen: How Panera Found Success in a Down Economy: Panera is the country’s fastest-growing old stylish artisan bread cafes, which offers assorted & contemporise style menu in affordable cost with almost 1,420 stores and with a market capitalization of $3 billion.   ...Download file to see next pagesRead More
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