SUSTAINABLE ECONOMIC DEVELOPMENT Research

Current Context 9 1. Objectives of the Study 10 1. Primary Objective 10 1. Secondary Objectives 10 1. Research Questions 10 1. The Enhancement of Company Reputation and Its Brand Value 19 2. Customer Attraction and Retention 19 2. Differentiation 20 2. Generation of Increased Revenues and Lowering Of Operational Cost 20 2. Reduction of Management Risks 20 2. Research Methodology 25 3. Key Phases In the Research Project 26 3. Data Collection Methods That Were Adopted For the Study 27 3. Sample Design 29 3. Data Collection Tools 30 4. With the advent of modern technology, concerns have been raised by relevant stakeholders about its impact on the natural environment. As such, different research studies continue to be conducted concerning coming up with development that has minimal negative effects on the environment. The need of coming up with relevant strategies that are likely to combat the negative effects of development on the natural environment lies behind the very changes that occur now and then.

For instance, the impacts of greenhouse gases natural resource depletion, the diminishing biodiversity, as well as the extinction of species all indicate some of how human economic interactions could negatively hinder the survival of the environment. As time passes, researchers continue to share thoughts on how the various resources provided by nature could be effectively controlled, monitored and protected through the convenient use of the same resources. Development of Sustainable Development The first official recognition of the need for coming up with sustainable development strategies can be traced back to 1987. It is during this time that the World Commission on Environment and Development was held. As the name suggests, the sole purpose of the commission was to mainly assess the various economic factors concerning the existing natural environmental resources.

This formal event was attended by key government officials from different countries with the hope of addressing the environmental problems as a result of the various economic activities being carried out across the world. Some of the key risks that were pointed out in the event include risks related to climate change and the depletion of natural resources (Rogerson 34). As such, the company was selected to study some of the various ways in which manufacturing operations could be controlled to ensure that future generations are capable of enjoying an environment with minimal pollution levels. As such, this may also act as a way of reducing the negative effects of pollution as a result of industrial pollution. The Concept of Sustainable Development As indicated earlier, the term sustainable development was first introduced in the World Commission on Environment and Development.

According to the Brundtland report presented during the commission, sustainable development was defined as the very need of current generations to meet their economic need without necessarily having to endanger the chances of future generations from doing the same. The report was mainly aimed at highlighting the need for focusing on a common future based on the resource endowment available to the people. This, therefore, led to the need for coming up with relevant ways of conductively economic operations without compromising the natural resource base (Duchin 43). Owing to the introduction of sustainable development strategies, more leaders from across the world begun to showcase their support. This involved leaders in the political field, the business sector as well as those involved in the running of non- governmental organizations (NGOs).

Following this acceptance, the leaders continued to push for the application of sustainable development concept in organizational setups. Additionally, this led to the introduction of notions such as corporate sustainability which was mainly focused on advocating for the introduction of business strategies that are likely to allow for the business owner to meet his/her various economic needs as well as those of the immediate stakeholders keeping in mind the need of enhancing and protecting the natural and human resources that may be of use in the future by the same sector. This, therefore, means that employers should always ensure that the needs of the employees are adequately met to enhance their productivity. Also, a company is also mandated with the task of ensuring that it can sustain its overall social capital which is often composed of human and societal capital.

Employees are responsible for forming the human capital through their attitudes, skills, knowledge, and values. The success of any organization may also be guaranteed by these attributes provided that they have utilized abundantly (Duchin 78). Current Context Different organizations throughout the business sectors have been able to embrace the importance of practicing sustainable development fully. Additionally, different countries have also been able to sign international laws aimed at regulating the overall emissions in an attempt to prevent adverse effects as a result of global warming (Singla 89). Objectives of the Study This study is mainly aimed at assessing the current economic situation facing LEGO Company as well as pointing out the need for adopting relevant sustainable development strategies to ensure substantial economic and social benefits.

The main aim of this study is therefore to highlight the benefits of adopting a sustainable development model. As such, the study analyzes the concept of sustainable development to understand what is required to enhance the integration between the economic, social and environmental pillars of development. The objectives of the study were as follows: 1. Importance of the Study The importance of this study is mainly based on the understanding of the manner in which sustainable development models are likely to benefit business operations. The study also highlights the roles played by different stakeholders in a given societal level to promote the adoption of sustainable development measures. As such the awareness of this research study lies in the potential paradigm shift of companies towards adopting various principles of sustainability (Leal Filho 67).

Literature Review Although sustainable development continues to gain enormous popularity across the world, studies indicate that very few organizations are willing to adopt relevant measures to ensure that they comply o the expected standards. According to contemporary research, the whole concept has merely been perceived as a fashionable way of doing business mostly because it requires the investment of adequate capital to implement the strategies. Viable Bearable Figure 1. pillars of sustainable development (Abrahams 55). Social Perspective The main goal of achieving sustainable development is mainly aimed towards ensuring that the basic human needs of all people (more so the poor) have been adequately met, keeping in mind the limitations of the various limitations about social organizations and the technological impacts to the natural environment.

Such needs should be met in a manner that does not hinder future generations from meeting their own (Singla 99). In the case of developing countries, population control methods are often advised since such countries may experience difficulties while reducing their per-capita resource use. This may also work towards the development of skills that are essential in building capacities and competencies amongst community members. Through participation, community members may also enjoy democratic benefits where issues of inequality are redressed. Community participation may also be used in promoting an environment where innovative planning and creative thinking is encouraged in the development process (Zaman 109). As a result, relevant bodies should be willing to promote proper training on sustainable development to help the local people to develop their knowledge, skills, and attitudes in coming up with informed decisions.

This is crucial as it may allow them to carry out activities that are likely to benefit them as well as other people both today and in the future. Regardless of the sustainable infrastructure implemented, relevant stakeholders should ensure that they control the manner in which the supply of water is both consistent and safe at all times. This is necessary as it prevents the contamination of water resources which would otherwise render the resource unsafe to use hence hindering sustainability. To implement this, proper plans should be introduced to promote sustainable practices by trained personnel (Hammer 26). According to Agenda 21 of the Rio Declaration, the environmental pillar of sustainable development should always be focused on preventing environmental pollution and promoting the conservation of natural resources.

The main objective of the pillar is to; achieve sustainable agriculture, combat desertification, and drought, combat deforestation, enhance the conservation of biodiversity, and promote the protection of freshwater, oceans, and the atmosphere. The social system should, therefore, be capable of meeting the needs of the overall society (Kutan Ali M et al. Sustainable development is also tailored in a manner that meets the needs of a wider market range. Research indicates that more the market for sustainable products has gained exponential growth in the recent past as compared to the market for conventional products. If this continues to be the case, the chances are high that more manufacturers would be inclined towards producing goods that promote sustainable development hence reducing stress on the available natural resources.

The economic pillar of sustainable development also plays an important role towards promoting cost-saving strategies. This may only be achieved if companies are flexible to adapt by ensuring that they can review their business models constantly. They should also be willing to question their behavior and practices so that they may be able to analyze their activities and interrelationships in a systematic manner (Leal Filho 34). Application in the Modern Context The adoption of the more sustainable solution has proven to be a significant challenge for a majority of companies in the contemporary world. As the economic world continues to gain immense demand, more business enterprises find the need of adopting strategies that are likely to enable them to meet their overall organizational objectives.

To do so, firm owners continue to integrate their economic activities with relevant sustainable development techniques. Some of the key benefits that accrue companies which implement such strategies include the following (Callens 47). The Enhancement of Company Reputation and Its Brand Value In the contemporary world, the performance of a company plays a critical role in influencing its interrelationships with other firms. More specifically, the environmental performance of a company is often used to come up with clear judgment of what has been established to enhance sustainable development. Companies that have been able to effectively integrate sustainable development strategies often gain the advantage of displaying a good social image to the general public as well as to other key stakeholders in a given economic setup.

By doing so, the company in question also gets to improve its respective brand value which could prove to bear great economic benefits in the long run (Welford 82). The latter is often used as a measure of the success of a business. The strategies decision of a company is also likely to be affected by the actions of a firm on its reputation. Some of the most sensitive areas in this key include pollution levels, integrity, and human rights. For instance, a company may be able to safeguard its corporate image by incorporating environmental concerns and through the enhancement and protection of human rights. This is necessary as it reduces the risk associated with such liabilities (Spangenberg 33). Additionally, the company could do so by adopting the use of cleaner technologies to regulate the number of pollutants being produced (A.

I. Singla 142). The Use of Sustainable Energy Sources The main aim of adopting sustainable development procedures is mainly inclined towards the protection of the environment. Similarly, LEGO Company could do so by adopting the use of renewable energy sources to minimize the stressed imposed on nonrenewable energy sources such as fossil fuels. By doing so, the company would be adequately promoting sustainable development as future generations will be left with sufficient resource base (Vachon 34). Assessment and Measurement of the Impacts of a Business to the Ecosystem The degradation of the natural environment bears significant impacts on the productivity of any business enterprise. For instance, the deterioration of the natural resources could adversely affect the health of individuals hence affecting the productivity of the labor force, increased costs of operation as a result of coming up with remedial actions, and the reduction in the intrinsic value of the production chain.

As such, companies should be willing to come up with relevant assessment schemes to ensure that they can monitor the impacts of their various operations on the natural environment. Such practices are likely to regulate the rates of pollution hence promoting sustainable development. The adoption of the above-stated techniques by organizations is particularly essential as it works towards improving its overall corporate behavior. This behavior is often referred to as corporate social responsibility. This can be defined as a scenario where companies engage in the integration of their environmental and social concerns into their various business operations to improve their interactions with stakeholders. The company is therefore expected to ensure that it protects a social image as this may significantly affect its operations.

One of the various social requirements that companies are required to take into consideration include the following: Promotion of Safe and Healthy Working Conditions Companies should be willing to prioritize the welfare of its employees from the various risks likely to accrue them at the workplace. Literature review: this section introduces the reader to the conceptual and theoretical framework of the sustainable development concept. The purpose of doing so was mainly to showcase the basic idea of what sustainable development stands for and how it is likely to enable business firms to move towards achieving development that is sustainable. Company survey: in the course of the study, an online survey was conducted in a conventional business organization to analyze some of the various operations being undertaken to look into the practicability of sustainable development practices.

The survey entailed the use of online websites to look into the organizational structure as well as the operational modules adopted by the control companies in question. Also, this was also aimed at assessing the companies’ concept of sustainable development to look into whether they would be willing to adopt it or not. For this specific research study, the researcher chose to use secondary data collection method as a result of the conveniently available data from the internet. To ensure that relevant answers would be obtained about the study’s research questions, the study made use of the online survey method to collect data. This involved obtaining information from peer-reviewed literature conducted by the American management association among other scholars. The reasons behind the reliance on online survey method were based on the fact that this method was the most suitable in coming up with descriptive information.

Additionally, this method was utilized owing to its low cost and ability to save on resources. The collection of information from secondary sources may be conducted in a variety of ways. For instance, a researcher may choose from using methods such as reviewing peer-reviewed literature from the internet or merely use printed materials such as book or business journals about a given business franchise. For this specific research study, the researcher saw the necessity of making use of the internet to review available literature about the operations of LEGO Company in general. Additionally, this method allowed the researcher to save on relevant resources such as time and money. In addition to this advantage, this data collection method proved to be the most suitable mostly because the researcher did not require to visit the actual site to obtain information about the target company’s business operations.

These two companies were key to the study mostly because they both played a critical role in the service industry. To obtain the relevant data about the adoption of sustainable development strategies by the LEGO company, online materials and publications were obtained for review. An example of such materials includes the responsibility report of 2016 released by the LEGO Company about its efforts and commitment to meeting the United Nations Sustainable Development Goals. More research data was selected from the LEGO Company main website because it was the case study for this research. According to the Triple Bottom Line (TBL) concept, the economic performance of a company may not be used to measure its level of sustainability. Similarly, the wellbeing of the business may also be jeopardized as a result of lack of social responsibility and unsustainable values.

The latter may lead to a decrease in reduced profit levels (Leal Filho 34). Data Collection Tools As discussed earlier, the study incorporated the use of an online survey to collect data. This was done through the review of information from electronic publications regarding the current scenario as to what firms are doing to promote economic development. Also, the online research also looked into issues on the challenges as well as opportunities for sustainable development. This is also essential as it allowed the researcher to rank the various problems presented in a systematic manner ranging from the least important to the most important. This was also the method utilized by the American management association to rank their problems. Each question was presented in a separate table.

The tables provided also showcase the results obtained from the study’s target companies as well as the results obtained by the American management association. To present information that is easier to understand, the study came up with figures presented in the form of percentages. million tons of carbon dioxide produced by operations from the supply chain. As such, the company has embarked on actins inclined towards working hand-in-hand with suppliers to reduce the rate of CO2 production (Fan 67). Discussion of Findings As a major issue affecting the world at large, the LEGO Company has laid efforts inclined towards controlling the rate at which its various economic actions are likely to affect the rate of climate change. The company aims at coming up with strategies that are more geared towards becoming a carbon neutral firm by investing substantially in the use of renewable energy to increase the efficiency in energy use.

Additionally, research indicates that the company is also increasingly advising its suppliers to do the same. This is particularly essential as it allows the company to improve its economic ties with other stakeholders. For instance, partners become more willing to invest in the company’s operations hence enabling it to improve its overall operations effectively. This may, on the other hand, enable the company to experience economic growth as a result of the resultant success (Callens 55). Additionally, the company’s Engage-to-Reduce program has also worked towards encouraging its various partners to take part in the climate change control initiative. This also includes the engagement of key stakeholders such as suppliers and parties involved in the manufacture and transportation of raw materials to the company.

An increase in consumer base, on the other hand, means that the company will be able to experience overall economic growth which is essential to the business (A. I. Singla 56). Viable relationship Viability can only be achieved in a state where the economic and environmental pillars of sustainable development have been able to reach a harmonious relationship effectively. The aspect of viability is mostly witnessed in the company’s efforts to come up with more sustainable practices in its line of production. As a result of reduced environmental pollution, the environment may be able to offer ecological services to people in the current generation as well as those in the future ones without a strain (Callens 78). Recommendations To ensure that the company can meet the overall sustainable development goals as an economic entity, it is essential for the relevant authorities in the company to ensure that it can adopt relevant measures that are geared towards promoting sustainability.

This section issues clear recommendations on what could be done to solve the problem at hand. The following are some of the key issues that may enable the company to achieve sustainable economic development (triple bottom line) (Bocken 89). Through active participation approach, the company should adopt the following as a result: 1. Summary and Conclusion This study based its focus on matters of sustainability about operations of the LEGO Company. The objectives, limitations, benefits, as well as requirements of achieving sustainable development, were comprehensively discussed in the literature review section. Relevant data was then collected about the state of sustainability of the LEGO Company. Two further companies were used in the data collection phase to compare the different scenarios in companies in the contemporary world.

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