GREEN BUSINESS- Way to achieve globally sustainable competitive advantage
Abstract
Green business refers to sustainable business that meets customers needs in ways that solve rather than cause environmental and social problems. Green businesses operate across all business sectors from production of conventional goods/services to developing new breakthrough technologies. This model of socially and environmentally responsible business does not assume sacrificing of corporate profits. On the contrary, sustainable businesses show financial success in long-run, benefit many stakeholders while exploiting none. This paper explores the tremendous impact the green movement is having on marketing and business strategies. It explores the possibilities that green technologies and products have on sustainable competitive advantage in the competitive environment.
This paper takes an active approach and proposes to turn business green. Potential benefits of such an action are provided as arguments to support the decision.
In this paper, three factors were identified as crucial for achieving a so-called green sustainable competitive advantage: entrepreneurship, commitment to the environment, and corporate social responsibility. As the competitive arena is constantly being shifted by institutions towards ecology through new regulation, utilization of those resources enables firms to better respond to the changes and gain a favorable position in the market. Green business also provides an opportunity to expand through substituting products or by entering new geographical areas.
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