Innovation and Sustainable Organisation

Added on - 18 Dec 2019

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Innovation and SustainableOrganisation
Table of ContentsINTRODUCTION...........................................................................................................................3PART A...........................................................................................................................................3Section 1 Reflection...............................................................................................................3PART B............................................................................................................................................4Section 2 Company approach of making the profits from sustainability...............................4Section 3 Relevant literature..................................................................................................5Section 4 Sustainability stakeholders of Primark company...................................................6Section 5 Sustainability benchmark......................................................................................7Section 6 Recommendation for managers.............................................................................8Section 7 Conclusion.............................................................................................................9Section 9 Appendix from Seminar Diary Notes.....................................................................9REFERENCES.............................................................................................................................12
INTRODUCTIONThe sustainable development is one of the most significant social movement in everycountry. There are many voluntary initiatives which are related with sustainable development areadhere by the companies in different sectors. Sustainability is the way to generate the innovationideas for resolving the issues of companies (Aguado, Alvarez and Domingo, 2013).Sustainability and innovation are derive form each other and in collaboration they increase thecompetitiveness. In present report Primark company has been taken who offers a wide range ofproducts to customers such as clothing, home ware, foot ware, beauty products and many more.This company try to create new products with the help of sustainable innovation and solve theproblem which are attach by the collision of economic growth or natural system. Further,sustainability stakeholders has been explained of Primark company. Along with this therecommendation for manager has been describe for the improvement of their services.Sustainable development is all about taking steps in order to achieve the requirement of futurewithout compromising with the need of present. The management of Primark should takeinnovative steps which allow them to attain all the objectives and to maintain sustainability sothat they can enjoy the growth through proper utilization of resources.PART ASection 1 ReflectionSustainability development is that concept to fulfil the current needs of customers withoutgiving harmful to future generation needs. Circular economy refers to the industrial economywhich promotes the resources of productivity and aim to reduces the waste and pollution. Thecircular economy is wider term as compare to the circular economy which encompasses the moreconsumption and production of goods and services and includes the uses of renewable resources.Moreover, the role of money and finance has been discussed with a wider debate. For Primarkcompany it is important to marination environmental wastage. In circular economy theorganisation have to regenerate and restorative the products and services in design. In consumersociety it is important for the to maintain both sustainability and to improve the growth ofeconomy (Mieg and Töpfer, 2013). In circular economy this model is based on linear processthat no attention is given to the pollution which are generated at the each step of producing theproducts and services for customers.
When Primark company is producing any goods and services that it is not important thatto give attention on the that how much it causing the pollution. If company does not pay attentionthen it will directly effect on society. But in sustainable the company have to analyseenvironmental issues which does not effect on economy. In circular economy the company aimsto distinguish the prosperity form the resource consumption that the customer will consumeproducts and services and yet they are not depend upon the extraction of virgin resources whichensures the adjacent loop. It is important for the organisation to understand the both the conceptsof sustainable and circular so that it does harm the life style of society. The circular economyencourage the production of products and services. The circular economy and sustainabledevelopment are bottom-up and top-down approaches. The circular economy is used forsustainable purpose which put the environmental sustainable forward for the improvement ofenvironmental wastage. The organisation have to use proper raw materials and resources so thatit will improve the general welfare of society. The concept of circular economy is difficult whichfaces some practical challenges and requires the advice of expertise (Moustaghfir and Schiuma,2013). Both the sustainable and circular economy, internalize the cost of environment which aredamaging to productive activities and does not cause the lifestyle of society. In modern era theneeds of customers are changing from time to time so company have to provide those productsand services which are highly in demand and does to produce so much environment wastagewhich can harm the economy.The management of Primark should consider objectives which are smart and whichprovide better growth to its organisational structure. Customer satisfaction and profitability arethe various obvious goals of each and every organisation. But cited entity requires to estimatebetter objectives which are different from other firms or rivals. Corporate social responsibilitiesand environment friendly techniques for the business are two smart objectives which Primarkshould consider. Corporate social responsibility is all about providing benefits to the society. Associety has given permission to the company to establish its business an to earn profits orrevenue. Because of this it is the responsibility of firm firm to provide stuffs to society whichthey want. Benefits should be provided to society and this must be a primary objective of citedentity. Further they should use such technologies which are environment friendly so that theywould not make any adverse effect over the atmosphere. The limitation of CSR is that thecompany become bind to follow all the rules and regulations which are made in this activities.
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