Assignment task:
In your replies to at least two peers, contribute to the discussion by sharing the potential repercussions of not taking risks to prioritize sustainability. Examples of how you could contribute to the discussion include the following:
Provide examples of organizations that experienced the repercussions of not prioritizing sustainability.
Reflect on how you or people you know might react to organizations and products that don't prioritize sustainability from a consumer perspective. Consider how factors such as age, geographic location, and finances might affect consumers' reactions.
Name some specific impacts of not remaining competitive in the market based on what you learned from your reading in the Resources section.
Provide other reasons to justify prioritizing organizational sustainability.
1) L'Oreal Group sustainability concerns are on their packaging. They are reducing plastic making the material lighter, and they are also using cartons instead of bottles. Another one is that the Group is recycling and using recycled products. The business risk they take on is to establish a process that will not impact the environment to achieve this goal. I think they are worthwhile because a lot of other companies are following that initiative. It will show corporate responsibility and attract more customers to increase revenue.
2) Nike has created a new material they call "Nike Forward." This material has reduced their carbon footprint by 75% compared to traditional fleece and the way the products are designed, they are made to last long.
Nike has been working on sustainability for decades. With the technology we have in today's world, they are making the push to zero carbon and zero waste. They call it "Bloom over Doom." They have the risk of the production costs increasing or products not lasting as long as they say. However, with the success they have had so far, they are already on the right track.
The business risks are worthwhile. Although initial costs may be high, it will pay off in the long term. It is also incredibly beneficial to the environment. Today's society is very aware of environmental issues and is making efforts toward sustainability. A business prioritizing sustainable operations will attract more consumers.