Business Society Reflective Journal - Sustainable Business Strategies

This reflective journal entry explores the concept of sustainable business within the broader context of business society. The author reflects on the importance of growth for organizations while acknowledging the environmental challenges that arise from competition and profit-driven strategies. The journal emphasizes the role of sustainable business in mitigating environmental damage through eco-friendly products and practices. It discusses the Triple Bottom Line framework, stakeholder relationships, and the significance of financial strength for companies. The author also highlights the importance of employee satisfaction, technological advancements, and the need for openness and cultural understanding in business practices. The Arup Group Limited is presented as an example of a sustainable multinational corporation. The author concludes by advocating for individual and governmental actions to promote ecological industries and reduce environmental pollution, including recycling initiatives and regulations. The journal draws on various academic sources to support the arguments presented.

BUSINESS SOCIETY

Table of Contents
Business Society .............................................................................................................................1
Reflective Journal- sustainable business..........................................................................................1
REFERENCES................................................................................................................................4

BUSINESS SOCIETY
Reflective Journal- sustainable business
I believe that growth is an essential requirement for every organisation. In this society
people expects a great goodwill and great consumer support from the market. As per my
perception, this may lead to a challenging state of competition. The number of organisations and
competitors giving equal challenged to each other. I think as to be great and successful,
organisation make strategies of for influencing maximum number of consumers, but in this long
run, the owners of these organisations have started exploiting or damaging the environment for
being prosperous (Bocken & et.al. 2014). I have observed in this context; the sustainable
business is helping the society or the environment to a great extent. This kind of enterprises are
known to create environmental friendly products which are manufactured by using natural raw
materials with no use of any artificially created materials. Though these organisations are also
making profit but without harming the nature. Firms are making strategies about how they can
design products which are beneficial for environment and have profitable advantages in
consideration.
Socio-culture and environment variations makes difference in the strategies undertaken
by the organisation. I have concluded that to be successful in this competitive world,
organisations adopt various techniques like Triple bottom line (Bocken & et.al. 2014). This is an
accounting framework which consists of three basic parts namely social, environmental and
ecological. These concepts refer to the bottom line whether profit or loss can be recorded beyond
the traditional methods of accounting. I believe that many corporations use it as their managerial
tool.
In my point of view, I think organisations must make planning or strategies to make good
relationship with the consumers and their other stakeholders. All type of stakeholders are
investors in the firm who have some sort of contribution behind its success and thus mandates
the organisations to maintain a favourable relationship with them. I will suggest that to generate
a good financial strength of the companies, there must be adequate amount of capital (Boons &
et.al. 2013). A strong financial support can help the administration at the time of crisis.
Organisations make great amount of reserves just to be able to give payments to the stakeholders
even if at the time when organisation faces the down fall like losses.
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As per my past experiences I believe that manufacturers of the ozone-friendly products
are very conscious about the required raw material. It includes the decision making of the
professionals about the physical distribution of the products, the supply channels, the amount of
expenses to be required to spend, duration of the production process. I think this part of an
organisation needs the maximum amount of capital invested. The prices of products must be
adequate and very cheap (Boons & et.al. 2013). It should be affordable for every person who
belongs to any economic category.
Organisational value can be raised through reputation or goodwill generated from market.
I believe that a firm can earn through it like as the intellectual capital which involves trademarks,
brand equity, patents this can be with the help of licensing agreements, extension of the brand,
extension of product lines and helping hand from the joint ventures (Marcus, Kurucz & Colbert,
2010). This helps in creating the intangible assets. As per the race of being successful in this
competitive environment, firms need to focus on its relationship with the consumers or within
the organisations. I think workers of the entity need to be satisfied with their jobs. For ozone-
friendly companies, the employees must be interested and talented in developing various new
products and they should be tended to discover new products. Employee retention will bring the
promptness and quality in the productivity and the organisation will earn efficient amount of
capital in consideration.
I feel that the changing climate conditions which is unhealthy for the society. Day by day
there is reduction in the resources which is harmful to the environment and resultantly it affects
the climate conditions (Marcus, Kurucz & Colbert, 2010). This is approaching the organisations
to make changes in their methods of producing goods. optimum utilisation of the natural
resources and recycle of the wastage produced by them. At the time of uncertainty, I can suggest
that society have to look forward to overcome with the crisis and discover ways to face the risks
and manage to fight the challenges. The dynamic, flexible nature can be helpful in solving the
problems. I advised that there is need to upgrade ourselves in the field of technology, software
and the use of digital books of accounts in spite of following the traditional way of learning the
things.
I believe that there must be openness in expressing thoughts to others. Many a times new
ideas cannot be shared to the people due to the communication barriers (Steurer & Konrad,
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2009). Development of new ecological products can be made as per the discussion took place
between the two parties, the cultural barriers to be avoided and people of various locations and
climates should share their views ideas on making a qualitative or healthy product. I think many
crossed- culture businesses make products with the particular local small-scale industries it helps
in adopting the new techniques of developing any product and the ways or allocating resources
in the optimum use.
As I go for the Arup Group Limited, this is a multinational organisation which provides
the professional services. The organisation helps in providing engineering, design planning,
project management and professional consultancy to the organisations as to build a healthy
environment. Entity is best known for the developments made with the engineering consultancy
which is contributed in the construction of Sydney Opera Hose. This structure used the large
credit but helps Arup in the launching at premier league of engineering consultancy. This MNC
is owned by trusts and they are beneficial in the earning of operational profit per annum. This
organisation is sustainable in nature as it serves the environment without harming it (Suki, 2013).
I consists that Individuals should be individual should be conscious about the
environmental changes like rise in the temperature, the decreasing consistency of ozone layer. I
must say people should use the products or promote the ecological industries. I think that if we
should motivate these industries to make more valuable products to us which can reduce the
pollution in the environment. I must say there should be installation of recycling plant so the
wastes from the various organisation can be recycled and can be reused. I think there must be
implementation of rules and punishment to the individuals and also make them aware about the
amount of plastic consumption should be reduced or band (Wolniak & Sȩdek, 2009). The
production of fictile should be stopped and there must be use of the mouldable which is already
exist by recycling it time to time. I believe the government will take necessary steps as to
promote the sustainable industries and helps in reducing the pollution by implementing laws and
rules.
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REFERENCES
Books and Journals
Bocken, N. M. P. & et.al. (2014). A literature and practice review to develop sustainable business
model archetypes. Journal of cleaner production. 65. 42-56.
Boons, F. & et.al. (2013). Sustainable innovation, business models and economic performance:
an overview. Journal of Cleaner Production. 45. 1-8.
Marcus, J., Kurucz, E. C., & Colbert, B. A. (2010). Conceptions of the business-society-nature
interface: Implications for management scholarship. Business & Society. 49(3). 402-438.
Steurer, R., & Konrad, A. (2009). Business–society relations in Central-Eastern and Western
Europe: How those who lead in sustainability reporting bridge the gap in corporate (social)
responsibility. Scandinavian Journal of Management. 25(1). 23-36.
Suki, N. M. (2013). Young consumer ecological behaviour: the effects of environmental
knowledge, healthy food, and healthy way of life with the moderation of gender and age.
Management of Environmental Quality: An International Journal. 24(6). 726-737.
Wolniak, E. R., & Sȩdek, A. (2009). Using QFD method for the ecological designing of products
and services. Quality & Quantity. 43(4). 695-701.
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