The Concept of Sustainable Business Development

Today, the concept of sustainable business development becomes one of the key factors that determine the competitive position of the company and its public image. The sustainable business development becomes strategically important for the business development and marketing success of companies.

The concept of sustainable development implies the focus of businesses on the development and implementation of environment friendly policies that minimize their environment footprint and contribute to the preservation of the natural environment and conditions of living for generations to follow just as it is now, when companies operate and use natural resources. In such a way, sustainable development requires companies to minimize their environmental footprint to let generations to follow to inherit just the same natural environment as it is at the moment without any deterioration or depletion of natural resources or natural environment. Such practices are very important for the preservation of the natural environment and prevention of numerous environmental problems. The public opinion urges companies to introduce sustainable development practices to avoid the growing criticism and deterioration of their public image since the public and consumers appreciate more companies that conduct sustainable development policies.

Therefore, companies that introduce sustainable development practices can take the strategic competitive advantage compared to rivals that fail to introduce such practices because they gain the extensive public support and enhance their brand image due to the positive public attitude toward their sustainable practices. Companies introduce sustainable development practices to show their commitment to environment protection and responsibility in face of local communities and future generations. In such a way, companies conducting the sustainable development policy gain more customers, who are concerned with the environment protection and prefer companies that conduct sustainable development policies rather than companies that have a harmful impact on the natural environment. Hence, companies that choose the sustainable way of development expand their target customer group and influence the customer behavior to make customers buy their products and services instead of those of unsustainable rivals.

However, the introduction of sustainable development practices raises some challenges. First, companies have to come prepared to invest substantial funds into their sustainable development because environment friendly practices are costly and companies have to spent a lot to make their business development really sustainable. Second, companies have to develop innovations and introduce advanced technologies to implement their sustainable practices. Such sustainable technologies are not only costly but also require extensive research and development and companies have to make a lot of efforts to introduce such technologies successfully. This is why many businesses hesitate to move toward sustainable development because they weigh costs of such shift in their business development and grow uncertain whether to move to sustainable development or not.

Nevertheless, the success of companies that have already moved toward sustainable development proves the righteousness of their choice and sustainable way of their development. At this point, it is possible to refer to the case of Coca-Cola Company which has reduced its water use by 20% in terms of its sustainability practices. General Electric integrates sustainable development into the corporate culture to make it the priority number one in its business development. Ford Motor Company collaborates with its suppliers to improve the supply chain and to reduce greenhouse gas emissions. These are a few instances of successful sustainable business practices to mention which have brought companies considerable success and improved their brand image.

The use of alternative fuels as the source of power, the reduction of the consumption of natural resources, such as water, the improvement of supply chain to increase its efficiency and decrease environmental footprint are sustainable practices which businesses can implement successfully. Moreover, now businesses have to move to sustainable development to enhance their competitive position in the market and comply with demands of customers and society.

Works Cited:

http://www.worldbank.org

https://www,hbr.org

http://www.mckinsey.com

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[Accessed: October 31, 2020]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: October 31, 2020]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: October 31, 2020]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: October 31, 2020]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: October 31, 2020]