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Lecture

#3 -Importance of Sustainability.docx

5 Pages
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Department
Management
Course Code
MGMT 1000
Professor
Jean Adams

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Description
Importance of SustainabilitySWOT Strengths Weaknesses Opportunities Threats AnalysisHelps you achieve best fit between internal competencies and environmental opportunities Innovative companies use firstmover strategy offer new products monthsyears ahead of competitionBusinesses with distinctive competencies in production enforce aggressive pricing strategy used to undercut competitionService organizations thrive on customer loyalty offer customized value and unique benefits generating knowledge advantageDeveloping a Triple Bottom Line MindsetFocus on financial performance social and environmental impacts is crucial for survival in todays business environment1Economic AspectsEconomic indicators of success managersleaders attend to are profitloss statements shareholder value price of shares market share resource acquisition and allocationOrganizations need to be financially viable2Social AspectsEmbrace social responsibility as core value and seek to integrate it with organizational policiesSocial indicators of successoSafety in the way that business is conducted and in productsservices that are createdoHuman rights maintained in all endeavoursoEmployees encouraged to get involved in communities recognize these efforts provide organizational support for doing so when possible timeoff equipment donations product samples3Environmental AspectsRise of environmental legislation protecting environment from abuse ensures citizens right to clean air water etcEnvironmental indicators of successoPollution reports energy consumptionof environmental legal casesoEnvironmental audit in annual reports recognition in industry environmental awards programs
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