In the business world, there are four forces of change. These are innovation, customer focus, globalization, and sustainability. Innovation involves technological and non-technological advances that create new value for a company. Customer focus entails directing an organization’s efforts towards increasing the value given to customers as opposed to the value kept in the organization. Globalization has lead to integrated markets and has exposed businesses to new risks, such as pol...
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It is evident that sustainability is becoming a strong force in the business world. Environmental issues, such as greenhouse gas emissions, and corporate social responsibility are becoming increasingly important to internal and external stakeholders. Companies can no longer focus solely on financial measures, but must incorporate the triple bottom line into their performance metrics. This will give a company a long-term focus that supports future growth and profitability through sustainable development.
Adoption of sustainable initiatives is varied in the market. While companies such as TELUS Corporation can be labeled as a sustaining corporation, others remain in a state of non-responsiveness or compliance due mainly to costs. However, as environmental and social awareness increases, the market will naturally progress towards a sustainable state.
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