Sustainable Business Practice in a Dynamic Global Environment Case Study

Sustainable Business Practice in a Dynamic Global Environment - Case Study Example etting is often understood as the voluntary integration of social, environmental and economic concerns in business operations and stakeholder relations†. There is a link among these factors since they interact when a business carries out its activities. Corporate social responsibility (CSR) is a concept that mainly focuses on the business’s relationships with social values, responsibilities and the earth that sustains it (Kotler & Armstrong, 2010). This concept suggests that businesses are part of the whole meaning that they are supposed to be responsible for their actions rather than just being concerned about generating profits. In other words, they should plough back to the communities in the environment in which they are operating. Businesses must be accountable for their activities and they must also engage in charity activities as a sign of showing goodwill to the disadvantaged members of the community in particular. The other important concept is sustainable development that has a bearing on the sustainability of the organization in its operations. Sustainable development is concerned with utilization of natural resources in such a way that the future generations can also enjoy the same resources (McNeely, 1992). In order for organizations to be in a position to sustain their operations in the long run, there is need to create a fine balance between the needs of the stakeholders and protection of the environment. This goes hand in hand with the concept of eco efficiency which is concerned with utilising ecological resources in an efficient way such that there are no unnecessary wastages recorded. Holistic Risk Management refers to the process of implementing effective measures that are specifically meant to deal with uncertainties that are often encountered by the business in its operations (Josler & Burger, 2005). The other important concept related to corporate sustainability strategies is sustainable innovation. This refers to a process of