MBA companies that aim to dominate the global market
Response to peer 2:
To dominate competition in the global marketplace, companies must consider several important global environmental trends, such as climate change, resource depletion and sustainable development, when making strategic decisions at the international corporate level strategies.
Climate Change
With the growing concern about climate change in recent years, it is important for companies to consider their carbon footprint and adopt sustainable practices to mitigate their environmental impact (Setzer & Higham, 2022). If the company neglects to take effective measures to control carbon emissions and environmental pollution, it may cause damage to the company’s reputation and result in regulatory penalties. Therefore, companies need to assess environmental risks and incorporate them into the decision-making process to minimize the negative impacts. Furthermore, the company needs to comply with ever-changing environmental regulations, which may require investments in pollution control, emissions reduction and environmental protection (Iqbal et al., 2013).
Resource Depletion
For companies that rely on natural resources such as water, forests and minerals, the lack or even depletion of resources can pose serious challenges to business operations. To avoid increased competition in the marketplace or rising costs due to resource scarcity, the company needs to adopt effective resource management practices to ensure the long-term sustainability of the supply chain (Judge, 2014). Moreover, the company also needs to assess environmental risks and mitigate the potential disruption of environmental shocks by diversifying its suppliers (Prior et al., 2012), as it can avoid cost increases and even supply chain disruptions due to resource scarcity.
Sustainable Development
Sustainable development is a viable solution to the ever-increasing environmental pollution and resource scarcity. With more and more consumers preferring to buy products from brands that promote the concept of sustainability, it requires companies to consider the environmental and social impacts of their supply chains and to create new business opportunities by adopting practices such as developing environmentally friendly products, reducing resource consumption, improving efficiency and complying with regulations (Wichaisri & Sopadang, 2018). Developing long-term sustainable development goals and strategic plans is critical to the success of a company, these strategies should be aligned with the company’s core values and business model (Abad-Segura et al., 2019). Only by doing this can the company succeed in the highly competitive global marketplace.
References
Abad-Segura, E., Cortés-García, F. J., & Belmonte-Ureña, L. J. (2019). The sustainable approach to corporate social responsibility: A global analysis and future trends. Sustainability, 11(19), 5382.
Iqbal, B. A., Hassan, M., Rawat, B., & Arslan, S. (2013). Business and climate change: Trends, issues and challenges. Business Review, 8(2), 42-57.
Judge, E. (2014). The natural environment: global warming, pollution, resource depletion, and sustainable development. The Business Environment: Themes and Issues in a Globalizing World, 199.
Prior, T., Giurco, D., Mudd, G., Mason, L., & Behrisch, J. (2012). Resource depletion, peak minerals and the implications for sustainable resource management. Global environmental change, 22(3), 577-587.
Setzer, J., & Higham, C. (2022). Global trends in climate change litigation: 2022 snapshot.
Wichaisri, S., & Sopadang, A. (2018). Trends and future directions in sustainable development. Sustainable Development, 26(1), 1-17.
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