Question

1. What is business sustainability?

2. Five ways to sustain in competitive market .Explain and give examples for each way in paragraph

2.How competitive markets affect business sustainability .(essay and give example.

Answer 1

1. Business sustainability or corporate sustainability is defined as the technique wherein coordination of the environmental, social and financial factors is achieved by taking ethics into account. i.e The social, environmental and economic demands are the defining stands of Business Sustainability. A holistic approach is adopted in approaching Business Sustainability by taking into account the Environmental, Social and  Financial goals.

2. Five Ways to Sustain a Business are:

1. Constantly Embracing Change: Businesses today are going through a constant transformational process according to the change in the industry trends , this needs to be adopted by the organizations. For Ex: Apple started manufacturing Iphones from Ipods .
2. Focusing on Value: The ultimate of any business firm should be to deliver value to the customers and the firms should be driven by this principle of the value proposition. For ex: The reason of the success behind the TATA group is its constant focus on the value proposition.
3. Focusing on Innovation: Firms need to reinvent and innovate quickly so as to drive creativity and constantly focus on innovative products and services. For ex : Intel has been innovating faster technology-based circuit technology and hence is the market leader.
4. Importance to ethics: The business is driven by the core value it carries which are further defined by the ethics one business believes in, these ethics will shape the business organization in an intensely competitive environment. For ex :  TATA group is known for its core values which are built on an ethical standpoint.
5. Importance of Environmental Sustainability: Increasingly the people who are availing different products and services of an organization are becoming more environmentally conscious and hence pay importance to business which produces environmentally safe products. For ex : The concept of green marketing.

3. A concept which is known as a sustainable competitive advantage wherein a business becomes superior and acquires a favorable long term position over competitors. Business can take a favorable advantage of the points mentioned above and acquire a leader position in the market thereby becoming the competitive leader.