Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Responding to this post: Downstream activities are the reasons customers chose one brand over another and provide the basis for customer loyalty. The shift is

Responding to this post: Downstream activities are the reasons customers chose one brand over another and provide the basis for customer loyalty. The shift is now, what can businesses do for their customers instead of before, when businesses concentrated on what other products they could make (Dawar, 2013). The focus has changed from having the better product to what the needs of the customer are and how a businesses position is relative to their purchase criteria. A circular economy is an economic model that provides companies with an alternate resource use pattern by creating increased value through resource recovery and regeneration once a product lives its useful life (Cheng et al., 2022). It minimizes the use of virgin materials, reuse and closed flow of materials, avoiding energy leaks, reducing emissions and pollution prevention. It has a sustainable supply chain. It means making decision for efficient management of resources under their control. Currently the world is paying more attention to waste. Clothes end up in landfills and will sit for up to 200 years before they can decompose fully. They generate greenhouse methane gas and toxic chemicals and dyes that go into the groundwater and into our soil (Musyl, 2023). With a circular economy the theory is that these clothes do not end up in a landfill, instead they would be recycled or reused or resold. Consumers are looking at what businesses are doing to be socially responsible with the environment. Companies who were once focused on making the next best product are now focusing on how they can contribute to keeping waste out of our landfills. The competitive advantage lies in creating sustainable supply chains and showing their customers that the products they purchase will last longer and can be recycled. It's not about how great the product is, it is now about what happens to the product once I am done with it. It's about using tools to tackle climate change and biodiversity loss together, while focusing on important social needs (2022)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essential Quantitative Methods For Business Management And Finance

Authors: Les Oakshott

7th Edition

1352005697, 978-1352005691

More Books

Students also viewed these General Management questions