A Functional Service Economy Essay example

Businesses who participate in environmentally friendly practices will become more profitable. There are difficulties and costs that a business will face and profit takes time but is proven to positively impact a business. “The reluctance to address the forces that are polluting the planet always comes down to money (Smith, “6 Reasons Nations Don't Go Green.”). Implementing environmentally friendly practices within a company “will win them customers, and increase profits” (McDonald, “Why Do (or Don’t) Companies Go Green?”). Many global companies today carry out environmental management tools to adapt to environmentally friendly practices, which helps gain customers, and in turn becomes more profitable. In this paper, I will go into further detail explaining why businesses should be more environmentally friendly, the benefits to be gained, costs that come with being environmentally friendly, and management ways that help a company become environmentally friendly.

Sustainability from a strategic business perspective is the potential for the long-term well-being of the natural environment, including all biological entities, as mutually beneficial interactions among nature and individuals, organizations, and business strategies. (O.C Ferrell, Fraedrich, Ferrell, 2015). Business sustainably is often defined as managing the triple bottom line – a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet. (Business sustainability definition from financial times lexicon, no date). This essay will discuss the idea of sustainability being an important element within a businesses and its core strategies and the importance of it within different businesses. Secondly, this study will look at how different stakeholders are affected and influenced by sustainability as this could be seen as a catalyst to improving the environment as a whole and. Then this study will look at how businesses not focusing

The new service economy has positive and negative aspects. The United States labor was once based on agriculture, then manufacturing and has now turned into an economy based on services (Hodson & Sullivan, 2008). Over the years, Americans have gained more capital and with that capital services such as education, health and entertainment have increased. (Worldbank, n.d.) Because service jobs are not based on the use of machines like manufacturing, jobs are continuing to grow in the

The concept of eco-efficiency includes environmental impacts and costs as a factor in calculating business efficiency. The WBCSD considers the term eco-efficiency to describe the delivery of competitively priced goods and services that satisfy human needs and enhance the quality of life while progressively reducing ecological impacts and resource intensity throughout the products’ life cycles to a level commensurate with the earth’s estimated carrying capacity.

Three general principles will guide the move towards sustainability. Firms and industries must become more efficient in using natural resources; they should model their entire production process on biological processes; and they should emphasize the production of services rather than products. Versions of the first principle, sometimes called eco- efficiency, have long been a part of the environmental movement. "Doing more with less" has

I decided to do my research at Lowe’s Home and Improvement. Lowe’s Home and Improvement is a hardware store that sales everything from your basic household appliances to minor cleaning supplies. Lowe’s believes that in order to maintain great customer service they feel that they must follow these simple rules: Provide customers with environmentally-responsible products, packaging and services at everyday low prices, educate and engage employees, customers and others on the importance of conserving resources, reducing waste and recycling, review and communicate progress made toward achieving established goals and objectives, and to engage on public policy issues related to sustainability. In this report I will discuss how I observed two

In the manufacturing company of Wrangler Jeans (manufacturing environment), the output is better described as goods. These goods have a tangible sense to them. These goods to a consumer can be felt, seen, touched and manipulated as desired. However, with the services environment consumers are more of an intangible product offered. Plainly put these explanations give us the distinct difference between these two environments with regards to how the consumer is able to see these products. As an example with these companies Wrangler Jeans manufacturers pants that are worn by a consumer, whereas Verizon provides services for consumers including television and cell service.

The shift towards a service-oriented business environment in the UK has been influenced by several economic, ideological and political changes that took place during the 1980s and the 1990s.

As we can see , environmental challenges in recent years have increased the trend of “going green” in businesses like never before. There are two main factors that are currently pushing toward environmental-friendly business practices, harsher international and local regulations, and the high fluctuations of fossil-fuel prices.

Tangible goods, or rather manufactured goods, have been the dominant medium of exchange for centuries. However, recent decades have proved that it is no longer the case as there has been a prevalence of being service oriented (Vargo and Lusch, 2004:1-2). Services, as defined by Vargo and Lusch (2004), are  “the application of specialized competences (knowledge and skills) through deeds, processes, and performances for the benefit of another entity or the entity itself (p.2).” Utilizing services gives businesses an edge, a competitive advantage, particularly in an evolving competitive market, something which Metalfrio is definitely part of (Vargo and Lusch, 2004:9).  Those businesses that learn to adapt tend to do well. In addition, Vargo and Lusch (2004) write this shift to services is also a shift from producer perspective to a customer perspective (p.2). Thus, it leads to more of a collaborative effort where co-creation leads to adding value to the service rather than a product having value (Vargo and Lusch, 2004:6). Also, customers rather develop relationships with those that can provide a range of related services over an extended period of time, thus allowing businesses retain their clients for the long term (Vargo and Lusch, 2004:13). Overall, service oriented marketing is a direction that businesses should be headed towards to ensure that they can remain relevant and competitive in the

Additionally, on a socio-cultural level, many consumers feel that restaurants partaking in green initiatives and operations are doing their part to not only help sustain the earth but also to conserving natural resources (Hu, Parsa & Self, 2010). “Going green” is not simply a trend in the food service industry but around the world and in all forms of business. Corporate companies consider “going green” as a sensible business strategy in building recognition for corporate social responsibility among consumers concerned with environmental conservation efforts. Lastly, technological initiatives such as Energy Star appliances (dishwashers, refrigerators, ice machines, etc.) and faucets that use less water must also be analyzed in their ecological conservation capability and weighed against their financial costs (University of Notre Dame, 2014).

One positive implication capitalism has to the natural environment is industrial ecology, a system of chain production and consumption, serving to the lowest environmental impacts in a most environmentally sustainable economy as the main goal of operation (Richards & Pearson, 1998). The Companies in a like to operate in such way because of four major reasons. The most important factor is known as the corporate well-being, for it is determined by higher profits and growth provided by innovations in an industry. Profits are increased from recognizing the production ineffiency costs that comes from wasted inputs and energy losses; this allowing cost savings to increase and ineffiency to decrease. compliance with cleaner technology alternatives such as ones that produce less waste and less energy will provide long term savings which are both beneficial to the environment and the business at hand. A real world example freight company changes their salvaged driving equipment to hybrid vehicles. Money is temporarily lost, but the gasoline and maintenances cost savings will compensate in a long run period of time.

In a culture based on consumption and consumerism businesses are the forefront of society providing every good and service imaginable. Although, in today’s society there has been an increase in significant issues concerning the ecology of our planet that have come along with this consumer culture. With issues such a lack of clean water, lack of food, lack of energy and a rapid decline in biodiversity. This rapid decline in natural resources is due to mostly to the over consumption and alteration of the planet and its resources. Where do we start though in the process to protect and preserve our resources? It starts with the very businesses that we all buy from; a major part of our everyday lives and the largest consumers of resources businesses can play a large role in sustainability and climate action. Increasing pressure is being put on businesses to create a more sustainable society, this is being done through many business sustainable business efforts.

As people get more educated about “green” issues, and scientific knowledge offers better solutions to the problems the world is facing, we feel that a business that tries to ensure financial profitability and therefore sustainability as well as a low risk venture for investors is most likely to have a positive impact on society as a whole.

Services are economic activities offered by one party to another. Often time-based, performances bring about desired results to recipients, objects, or other assets for which purchasers have responsibility. In exchange for money, time, and effort, service customers expect value from access to goods, labor, professional skills, facilities, networks, and systems; but they do not normally take ownership of any of the physical elements involved.