MD4210 Sustainable Management Assignment Sample

Sustainability

Sustainability means meeting the needs of multinational organizations without compromising the ability of future generations. As per the view of Bardos et al. (2018), sustainability is the concept that represents three pillars which are “economy, society, and environment”.

The principles are informed that are used as “profit, people and planet”. Sustainability development focuses more on a “long-term vision”. It will help in encouraging people, politicians, and businesses to make better decisions in the long term.

Technology is growing every day and providing new advantages to support businesses and effectively complete their work. Sustainability in business refers to company strategy and reducing a negative impact on the environment. It impacts the environment for their operations in specific markets.

It is needed in a multinational company for doing international business and earning more money and boosting business growth. As per the view of making business more sustainable will help the multinational company in reducing business costs and provide a more innovative strategy.

It can result in improving reputation and help the organization in getting more new customers. The MNC needs to be more sustainable and it’s the best way to move together even among “competitors and follow steps to increase industry-wide sustainability standards”.

As per the view of Obamen et al. (2019), one of the effective ways to increase sustainability is to create opportunities to increase the global community. Sustainable leadership plays an essential role in engaging in “triple bottom line concepts through developing sustainable business practices”. It will help the respective organization in enhancing social responsibility and increasing employee satisfaction.

Prior concern for business for the next 10 years

Over the next ten-year the priority concern of the business is to expand the business worldwide and increase brand name. Creating a good mission or vision statement needs to provide clear information to employees in increasing the brand and helps in building more connections with customers.

The prior concern of business is by showing the organization’s purpose, increasing brand value, and providing brand goals.

Figure 1: Important external factor

(Source: Statista.com, 2022)

The above figure presents the importance of external factors or forces which can create an impact on multinational companies and their businesses in the next three years. In this global survey, 57% of respondents say that technology is a very important force that can impact an organization in future.

It is important for making a vision for ten years as without technological factors the business has to face many problems such as planning, management, and storing data. According to respondents, 50% of respondents say that regulatory concern is important in managing the business efficiently for ten years. Market factor presence shows a 50% response.

Macroeconomic factors show 44% and employees’ skills are showing 44% response. This shows that in managing a business efficiently the prior concern of the business needs to include employees’ skills, market factors, technological factors, and regulatory concerns.

Customer experience is one of the priorities of business for the next 10 years as it helps in reducing churn and increasing revenue”. As per the view of Lasloom and Grigorieva (2021), some risks should be considered such as “Cyber security, Economic and Political Instability, and Data Privacy”.

 Reference list

Journals

Bardos, R.P., Thomas, H.F., Smith, J.W., Harries, N.D., Evans, F., Boyle, R., Howard, T., Lewis, R., Thomas, A.O. and Haslam, A., 2018. The development and use of sustainability criteria in SuRF-UK’s sustainable remediation framework. Sustainability, 10(6), p.1781.

Ion, A.E., 2020. Ethics and Sustainability in Small and Medium-Sized Enterprises Public Policies. LUMEN Proceedings, 11, pp.74-85.

Lasloom, N.M. and Grigorieva, E., 2021. Risk management and strategic improvement of corporate sustainability for multinational companies. The Business & Management Review, 12(2), pp.45-54.

Obamen, J., Solomon, O., Gabriel, O.O. and Eluka, J., 2019. Environmental management practices and sustainability of multinational companies in South-South, Nigeria. Journal of Business and Retail Management Research, 13(3).

Website

Statista.com,2022. What are the most important external forces that will impact your enterprise in the next two to three years? Global CEO perspective on future impacts of external forces on enterprises in 2020. [Online] accessed on 08.11.2022. Available at: https://www.statista.com/statistics/1218492/ceo-future-business-priorities-enterprises/