Week 11-2 Three Ps for Companies

At present, companies need to reconsider their sustainability as the customers pay more attention to the topic, affecting their purchase decisions. Neilsen survey in 2015 revealed that brands that commit to sustainability grew more than 4% globally while those without grew less than 1%. Moreover, 66% respondents would pay more for sustainable goods, which is 11% increase from 2014.

Processes: Businesses can incorporate more sustainable practices in their business strategy such as reusing recycled parts in new products when manufacturing.

Products & Services: Businesses can create eco-friendly supplies and get certified by environmental bodies, such as Forest Stewardship Council to engage with customers.

People: Businesses can provide avenues for staff to participate in environmental initiatives, such as Earth Hour, nurturing them to give back to community.

Other than positive brand reputation, which can increase sales, sustainability initiatives can reduce operation costs. Sustainability initiative by companies are very effective because they also influence their partners, staff and customers. It is time for them, regardless of industry or size, to contribute more significantly for a sustainable future for upcoming generations.

Resources

http://www.eco-business.com/opinion/sustainability-can-be-profitable-too/