What are the stages that a company goes through to attain a sustainable competitive advantage?

Question

What will be an ideal response?

Answer 1

Companies go through the following stages when they recognize that sustainability is a key to innovation, success, and competitive advantage:
Stage 1: Viewing compliance as an opportunity: The challenge in this stage is to see compliance as an opportunity. The first step in the move to sustainability is frequently a new law setting standards for environmental regulation.
Stage 2: Making value chains sustainable: The challenge in stage two is to increase efficiencies and reduce harmful environmental impact throughout the value chain. In order to ensure that this kind of initiative is successfully implemented, it is necessary for the company to develop competencies in determining what is possible and in helping suppliers reduce the harmful environmental impact of their operations.
Stage 3: Designing sustainable products and services: The challenge is to design sustainable offerings or redesign existing ones to reduce harmful environmental impact.
Stage 4: Developing new business models and practice platforms: The challenge is to recognize that sustainability can lead to new ways of creating value for customers and lowering the harmful impact of operations on the environment. One of the advantages of the global company is that a global presence provides more opportunities for experimentation and innovation. A global company with the goal of increased global sustainability must identify and learn from global experience in order to minimize environmental damage and maximize efficiency.