What motivates firms to develop sustainable products?
Chapter5: Ethics, Corporate Responsibility, And Sustainability
Section5.6: Corporate Social Responsibility (csr)
Problem 1CC: How do sustainable business practices benefit consumers?
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Question
What motivates firms to develop sustainable products?
Expert Solution
Introduction:
Sustainable Products are those items that give ecological, social, and financial advantages while securing general wellbeing and climate over their entire life cycle, from the extraction of crude materials until the last removal.
Explanation:
The various reasons of a firm to develop sustainable products are:
- Alleviating business hazards from expected interruption of tasks, supplies, or reputational harm. These issues acquire significantly more money in the creating scene, where a large part of things to come market development dwells.
- Clinging to industry standards of straightforwardness, discernibility, ecological duty, and other acknowledged principles. These issues acquire significantly more money in the creating scene, where a large part of things to come market development dwells.
- Winning offer in current business sectors and set up a foothold with future clients and building generosity with key partners.
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