Sustainable Management Futures - PDF

Sustainable Management futures

Table of Contents
Introduction......................................................................................................................................1
Theoretical/ Conceptual Approaches to Sustainability....................................................................1
The Triple Bottom line................................................................................................................1
Stakeholder Theory.....................................................................................................................3
Analysis............................................................................................................................................3
Discussion and Conclusion..............................................................................................................6
References........................................................................................................................................9

Introduction
Sustainability is referred to be as consideration of the social and environmental segments
along with achievement of financial gains. The sustainable management is an attempts by an
organisation to ensure that there is an right balance between factors such as planet, people and
profits of a business (Pal and Kumar, 2014). This assignment focuses on ethical and
sustainability practices which are being carried out by Toyota Motor Corporation. It is an one of
the crucial automotive manufacturer operating throughout the world from its headquarters in
Aichi, Japan. This report will be attempting to critically evaluate major perspectives of business
ethics along with sustainability practices in context of an organisation. The information will be
gained through undertaking numerous concepts and theories so that better understanding can be
developed. The next section of this report will be focusing on the use of theoretical and
conceptual approaches which will be used in this following case along with their relevancy to
proposed aims of the study.
Theoretical/ Conceptual Approaches to Sustainability
It is very crucial to undertake use of theories and concepts as they have been formed as
they are being tried and tested and are able to improve understanding on the subject of business
ethics and sustainability. The approaches which are highest relevant to the subject are focused
upon so that it leads to formation of suitable conclusions for this undertaking. A brief description
of the two approaches to sustainability which are undertaken in this segment are as follows:
The Triple Bottom line
It is an approach to corporate social responsibility of an organisation which focuses upon
social realm and environmental concerns along with making profits for a business organisation
(Rehan and et. al., 2013). The elements which are being cited in this approach helps an
organisation in becoming more sustainable in the current operating environment. There have to
be a balance amongst the factors and so that inclination towards one element does not destroy
others. A business have to make sure that they do not cross their ethical and legal boundaries
when it comes to making profits and be socially irresponsible. However this sustainability
approach is often confused with provision of some sort of industrial lifestyle whereas it focuses
on the improvement in the quality of life of people. The products and services which are being
delivered to people are carried out in an socially and environmentally responsible manner along
with appropriate consideration to the profit making capacity of the business. The notion of this
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approach states that it is essential for a business to make sure that sustainability on all three
grounds is being achieved. A brief description of the major elements of this approach are as
follows:
Economic sustainability: it is the main reason for which a business carries out its
operations in the market. It is duty of large corporations such as Toyota to form plans which
assures that suitable financial results are availed for a longer duration. The profits are to be
considered as top priority but it is essential for a business to not indulge in any of the unethical
activities (Benzerra and et. al., 2012). The economic sustainability of an organisation is crucial as
well as it contributes to the well being of the economy.
Social sustainability: it is an approach which leads to maintaining balance of values in
the life of people. There is an improper distribution of income in the economy in which 20% of
the people possess 80% of the wealth in the economy. The imbalances in environment is growing
at a steady pace which needs to be countered immediately so that balance on social grounds can
be restored. This segment of Corporate social responsibility deals with provision of ideal
employment opportunities to communities surrounding the business along with undertaking of
local initiatives for social upliftment. It is very important to inculcate factor leading to
construction of suitable workplace environment leading to sustainability.
Environmental sustainability: A business undertaking this approach have to evaluate
marginal and aggregate impact of business practices upon environment. Consideration of this
segment is carried out through controlling and managing waste and emissions. The business
practices have to be carried out through undertaking of green policies and practices by an
organisation so that there is minimum harm on the ecological system (Parparov and Gal, 2012).
The reason for which this approach is being undertaken is that it is one of renowned
approach when looking to initiate sustainability practices. It is helpful in examining of
sustainability practices along with ensuring that scope of business is enhanced. But there are
numerous criticism which are being attached with this model. The major criticism is that it is an
complex approach and undertaking of numerous intangible assets can be a difficult task for an
organisation. There is a lack of guidance with this model which can assist in fulfilling duties of
an organisation. The benefits of this approach can only be seen in the long run but for short term
it specifically results in reduction of profits.
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