The sustainable development is one of the most significant social movement in every country. There are many voluntary initiatives which are related with sustainable development are adhere by the companies in different sectors. Sustainability is the way to generate the innovation ideas for resolving the issues of companies. Sustainability and innovation are derive form each other and in collaboration they increase the competitiveness. In present report Primark company has been taken who offers a wide range of products 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 the problem which are attach by the collision of economic growth or natural system. Further, sustainability stakeholders has been explained of Primark company. Along with this the recommendation for manager has been describe for the improvement of their services.
Sustainability development is that concept to fulfil the current needs of customers without giving harmful to future generation needs. Circular economy refers to the industrial economy which promotes the resources of productivity and aim to reduces the waste and pollution. The circular economy is wider term as compare to the circular economy which encompasses the more consumption 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 Primark company it is important to marination environmental wastage. In circular economy the organisation have to regenerate and restorative the products and services in design. In consumer society it is important for the to maintain both sustainability and to improve the growth of economy. In circular economy this model is based on linear process that no attention is given to the pollution which are generated at the each step of producing the products and services for customers.
When Primark company is producing any goods and services that it is not important that to give attention on the that how much it causing the pollution. If company does not pay attention then it will directly effect on society. But in sustainable the company have to analyse environmental issues which does not effect on economy. In circular economy the company aims to distinguish the prosperity form the resource consumption that the customer will consume products and services and yet they are not depend upon the extraction of virgin resources which ensures the adjacent loop. It is important for the organisation to understand the both the concepts of sustainable and circular so that it does harm the life style of society. The circular economy encourage the production of products and services. The circular economy and sustainable development are bottom-up and top-down approaches. The circular economy is used for sustainable purpose which put the environmental sustainable forward for the improvement of environmental wastage. The organisation have to use proper raw materials and resources so that it will improve the general welfare of society. The concept of circular economy is difficult which faces some practical challenges and requires the advice of expertise. Both the sustainable and circular economy, internalize the cost of environment which are damaging to productive activities and does not cause the lifestyle of society. In modern era the needs of customers are changing from time to time so company have to provide those products and services which are highly in demand and does to produce so much environment wastage which can harm the economy.
Primark is major a retailing group with a employing people of 68000. In sustainability innovations the cited company earn the profits. The products and services which are offer to customers should be environmental friendly. The organisation has earn the lots of profits during the year. These are the approaches through which company can ear the more an more profits through the sustainability.
The company have to start with much expensive investment which generate lower long-term yield. Through this the company retain in competitive market and can sell the desires products and services to customers. The profitability of organisation will also maintain.
Through bootstrap sustainability there will be small changes and the organisation can save the lots of money, which can be bigger fund initiatives. The wastage of money will cause the environmental issues.
Third approach is, the organisation have to share the sustainability efforts with suppliers and customers so that through this it will create new ideas and specific business models.
The company has diversified their business operation in approximately 48 countries and operational decisions are made by the local people form the best knowledge of their in the markets. The company year by year increasing their profits by applying the approach of sustainability. While operating the business operations properly the company has generate good revenue and maximize the growth. When the company prevent physical waste as it increase the energy efficiency of employees and it will the improve resource productivity. Through this organisation can save the money and improve profitability which enhance the competitiveness. For achieving the profit the environmental waste is best procurator to identify and eliminating the economic waste.
There is rapidly increasing the developing of economies which often the portrayed as sustainability laggards. They mainly focus on raising the citizens form the poverty which are protecting from the environment. There is one also organic approach through this the company can improve average yields by approximately 30%.
According to Boons and Lüdeke-Freund it is depicted that, the primary objective of the organisation is to build the trust with customers so that the company can beat their competitors in competitive market. After that they will concentrate on the sustainability activities. Primark company is focusing on their customers to maintain the strong relationship. For this the initiatives is not just an issue about the transparency and accountability of customers.
As per the view of Bos‐Brouwers it is reserved that sustainability is the concept of to protect the economy form environmental wastage so that the company can provide the proper products and services without effect on environment.
As stated by Coenen and López it is inferred that the sustainability innovations is finding of new applications for providing the proper products and services which are changing from the business existing process, for the development of new products and services and using the new technologies and all these thing should ensure about the best results of social and environmental benefits for the organisations.
According to Donnellan, Sheridan and Curry it refers that there should be a communicating business. Innovations means the members are thinking differently for the innovation of products and and services but many people are not feeling comfortable with all these changes.
From the view point of Eccles, Perkins and Serafeim it is depicted as sustainability innovation dose not only mean that to focus on the overhaul of the entire organisation. If Primark company is having the small idea regarding the sustainability can save environment and give the big impact on organisation.
As stated by Ellis and Goodyear it is inferred that the organisation should focus on the ethical sourcing which are offering by Primark company. Through this there will be increase in the sustainability around the ethical sourcing and according to this the people can take the informed decisions for their benefits.
According to Gaziulusoy, Boyle and McDowall it is reserved that the organisation have to provide the proper products and services which contain some sustainable resources and not to harm customers. Primark company is offering fair trade thumbs up so that they can listen the issues of customers properly.
As per the view of Henry and Stiglitz it is reserved that the organisation are mainly concerns with the environmental issues on priority basis. The forerunner within the suitability is having the large scale conferences with green profile. The environment is becoming friendly at lower cost due to companies are reducing the inputs as they use.
Sustainability stakeholders are individuals or a group of person with their interest in organisation to achieve the objectives. There are major groups which include in the sustainability stakeholders of Primark company are business and industries, local authorities, government, workers and trade unions and many more.
The customers satisfaction are derived from brand awareness which are leading to increase image and market share of the company. The company have to follow the proper guide lines which are made by the government so that organisation can offer appropriate products and services to customers which will not harm environment. The coordination of the different stakeholders will give the proper output of the resources for the sustainable development which has been lead by the government of country. The stakeholders have to participate in the activities of organisation for the achievement of business goals. Another stakeholders of Primark company is social media, it is important way to increase the engagement of stakeholders in manner. Now a days twitter is very helpful and trying to promoting and linking communication which is including the media articles, corporate blog post etc. On other side, employment engagement is difficult to success which is need to be empowered by employees.
Sustainability help the companies to derive their business upside and initiatives the reputation risk and mitigate environment which includes the business models. The sustainability benchmarking of Primark and Mark & Spencor company have to make proper strategies corporate sustainability for the achievement of business objectives. It will improve the performance of the the company in order to supply healthy products and services. Benchmarking is the tool to measure or compare the performance of two organisation in relation to their products and services which are offering to customers.
The competitors of Primark is Mark & Spencer who offer the different products to customers. These both companies are very conscious about the environmental issues. The composite of Primark is 6% and M&S is 10%. these both organisation is trying to sell the environmental products and services to customers which does effect to country also.
The key factors which are related with the environmental sustainability are which are facing by both the companies (Melville, 2010). These issues affect the companies objectives and it includes the supply chain management, corporate social responsibility and other challenges are describes as below.
Overseas of sourcing and CSR
The both retail companies have to are facing the sourcing of funds and these funds should be invested in new markets. Moreover, the stakeholders also put pressure on the organisation to manage their social, environmental and ethical risk through the supply chain.
Consumer and demographics trends
These companies have to adjust the efforts of the internet which are now using by new customers for doing the online shopping. They have to provide those goods which are highly in demand to fulfil the needs of customers.
These both companies are making lot of efforts to get more sustainable which can meet the ongoing demands of customers and the changing needs of stakeholders. There are some sustainability programmes which is cost saving opportunity for Primark as well as for Mark & Spenser. On other side it enhance work force commintment of the business entity and it reduce the greenhouse gases, energy and chemical wastage.
The manager of Primark company have to ensure that those raw material which are using by the organisation should be used in appropriate manner so that it does not create the environment wastage. The manager should have proper knowledge about sustainability development and for the innovation of new products and services which can satisfy the customer needs. So that the company can lead in the market and retain the customers for a long period of time. The manager have to apply proper strategies of sustainability which can protect the environment from the wastage resources.
From the above assignment it can be concluded that for every organisation it is necessary maintain the sustainable activities to offer the eco friendly products. For the manager some recommendation has been taken for the development of sustainable activities. As both the companies Primark and M&S are leading and they maintain the environmental issues for the achievement of objectives.
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