Business Research Methods Assessment 1

BUS5008 Business Research Methods - 2024S2

Assessment 1

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Key Challenges and Opportunities in Implementing Sustainable Business Practices in Australian Companies

Citation 1: Mio, C., Costantini, A., & Panfilo, S. (2022)

Mio, C., Costantini, A., & Panfilo, S. (2022). Performance measurement tools for sustainable business: A systematic literature review on the sustainability balanced scorecard use. Corporate social responsibility and environmental management, 29(2), 367-384.

The study under review by Mio et al., Analysing the sustainable business performance using the Sustainability Balanced Scorecard (SBSC), aims to develop the SBSC as a performance measurement tool for sustainable business practices. Having identified discrepancies in previous papers assessing the applicability of SBSC in estimating environmental, social, and economic performance, the authors review the literature. To some extent, this source is useful when looking at the difficulties that Australian organizations experience in evaluating sustainability performances. One specific issue is, therefore, the ability to incorporate sustainability measures alongside other financial measures where companies commonly fail to reconcile the strategic and long-term sustainability objectives with rapid financial results. Further, there is the possibility of new work creativity that may better address the lack and need for increased transparency and accountability by developing better reporting structures. However, the research has two major limitations, including the exclusion of small enterprises and the fact that the research only covers large listed firms. Thus, one is to apply for the work when it comes to identifying what tools such as SBSC can be employed to overcome obstacles to the measurement of sustainability performance and recommendations for enhancing the general sustainability profiles of organizations.

Citation 2: Thakkar, R. (2021)

Thakkar, R. (2021). Green marketing and sustainable development challenges and opportunities. International Journal of Management, Public Policy and Research, 1(1), 15-23.

Thakkar discusses the trends and issues associated with green marketing and sustainability in his article. This leads to the first of the key challenges of implementing green practices, which pertains to the cost implications of going green, particularly in small firms in Australia that may not be able to afford to invest in green technologies. Furthermore, consumers’ trust in real green claims (greenwashing) can harm the campaigns. There is also revealed an array of threats, where, at the same time, there are vast opportunities for the end consumers given the increased focus on environment-friendly products. The study shows that the marketing/organization should be aligned with the sustainability criteria since this will help the business organizations enjoy better brand loyalty and competitive advantage. The study gives companies a direction on applying green marketing as both a threat and a possibility for enhancing sustainability. The limitation is that they are mainly conceptual and not backed by empirical findings to support that of the theory. Nonetheless, it helps identify the link between marketing initiatives and sustainability performances in Australian organizations.

Citation 3: Averina, E., Frishammar, J., & Parida, V. (2022)

Averina, E., Frishammar, J., & Parida, V. (2022). Assessing sustainability opportunities for circular business models. Business Strategy and the Environment, 31(4), 1464-1487.

In their work, Averina et al. pay special attention to the circular business models and the two-fold character of their sustainability prospects. The author of the research notes that one of Australia’s primary issues is the shift from linear to circular systems, which means that companies need to radically change their processes and supply chain management, as well as customer relations. Managing resources and reducing waste are some of the challenges that firms undergo because the processes involved in adopting circular models are challenging. There is however increasing opportunity in increasing resource use efficiency and ideas that can enable cost reduction and new business opportunities. The work presents the necessary conceptual tools to discuss the possibilities of circular business model implementation in Australia, sharing the experience of how such models may contribute to the sustainability and competitive advantage of related businesses. One of the limitations of this study is that it is only based on large MNCS and not necessarily may apply to Small Australian firms. That said, it provides a good idea of the potential that results from the use of new business models that are based on sustainability.

Citation 4: Wong, D. T., & Ngai, E. W. (2021)

Wong, D. T., & Ngai, E. W. (2021). Economic, organizational, and environmental capabilities for business sustainability competence: Findings from case studies in the fashion business. Journal of Business Research, 126, 440-471.

In this paper, Wong and Ngai aim to analyze the Arm’s length capabilities that support business sustainability with references to case studies in the fashion industry that are appropriate to Australia. It lists quite a number of them; these are; They list the following; Organizational status quo and culture and Resistance to change. Further, similar to the social factors, lack of financial resources has great impacts, especially in industries where the profit margins are not very large thus hampering the chances of putting capital into sustainability. The article, however, looks at the effects as well as the opportunities that include brand differentiation and competitive advantage by implementing sustainability initiatives. In this respect, sustainability must be picked from the numerous options that fashion businesses can employ to formulate unique selling propositions (USPs). Some of the lessons learned that can be gleaned from this case study include: This paper aims at identifying the major internal and external constraints that can hinder sustainable practices in Australian industries, particularly fashion industries, and how these can be overcome. The useful feature of the research is the choice of the fashion sector as an object, but the conclusions may be made for other industries as well. This research is important in a way that it seeks to establish internal organizational factors in Australian companies that affect sustainability initiatives.

Citation 5: Peterson, M., Minton, E. A., Liu, R. L., & Bartholomew, D. E. (2021)

Peterson, M., Minton, E. A., Liu, R. L., & Bartholomew, D. E. (2021). Sustainable marketing and consumer support for sustainable businesses. Sustainable Production and Consumption, 27, 157-168.

Consumer behavior for sustainable business is the focus of Peterson et al. It emerges from the research that one of the major problems for Australian companies is the absence of consumer awareness and concern for sustainability crises. This may lead to fewer consumers backing Companies that aim to embrace sustainable business practices. However, the present study also points to the potential of consumer campaigns and increasing the overall clarity of communication initiatives stressing the environmental and social costs and, therefore, gains of sustainable business. The authors argue that those organizations that are most successful in creating a customer base that is conscious of sustainability issues are more likely to be future-oriented. The study is useful in identifying external threats in the form of consumer perceptions and providing ways through which businesses can better interact with their customers. One of the biggest weaknesses of this study is that the data gathered is in the form of self-reports and thus might not tally with the actual consumer behavior. However, it serves a unique purpose by giving a glimpse of the consumer perspective of sustainability strategies.

Citation 6: Abhayawansa, S., Adams, C. A., & Neesham, C. (2021)

Abhayawansa, S., Adams, C. A., & Neesham, C. (2021). Accountability and governance in pursuit of Sustainable Development Goals: conceptualizing how governments create value. Accounting, Auditing & Accountability Journal, 34(4), 923-945.

More in detail, accountability and governance are further explained by Abhayawansa et al., where the authors pay special attention to the engagement of governments when it comes to sustainable development. Some of these are the existing and proposed regulations in Australia which most people regard as a major hurdle to the promotion of sustainable business practices. The authors therefore stress that while the ball is firmly in business’s court when it comes to sustainability, it is government support and regulation that can foster the right climate. It also proves that the topical field of sustainable development represents potential prospects for the formation of public-private partnerships. This research is important in establishing the way that external governance structures can act as a barrier or an enabler of business actions toward sustainability. One of the main limitations of the research is that it concentrated the analysis on the governmental activities however it can be helpful to identify the major regulatory issues and opportunities for the businesses in Australia.

Conclusion

The nature whereby sustainable business practices in Australian companies have implications that are easy to say but difficult to perform illustrates that the subject is complex. These are difficulties in comparing sustainability with the traditional business approach, the high cost of implementing sustainability models, resistance to change, and low consumer awareness of sustainability. However, it is possible to achieve much through the concept of circular business models, green marketing, and enhancing brand credibility through the use of sustainable strategies. In addition, there is encouraging maintenance of the law and proper functioning of the institutions of power, which can shape the necessary conditions for the economic activity of enterprises and organizations. Collectively all the research offers a broad view and analysis of the internal and external drivers of sustainability in Australian firms.

Reference

Abhayawansa, S., Adams, C. A., & Neesham, C. (2021). Accountability and governance in pursuit of Sustainable Development Goals: conceptualizing how governments create value. Accounting, Auditing & Accountability Journal, 34(4), 923-945. https://durham-repository.worktribe.com/preview/1246289/32622.pdf

Averina, E., Frishammar, J., & Parida, V. (2022). Assessing sustainability opportunities for circular business models. Business Strategy and the Environment, 31(4), 1464-1487. https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/bse.2964

Mio, C., Costantini, A., & Panfilo, S. (2022). Performance measurement tools for sustainable business: A systematic literature review on the sustainability balanced scorecard use. Corporate social responsibility and environmental management, 29(2), 367-384. https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.2206

Peterson, M., Minton, E. A., Liu, R. L., & Bartholomew, D. E. (2021). Sustainable marketing and consumer support for sustainable businesses. Sustainable Production and Consumption, 27, 157-168. https://nscpolteksby.ac.id/ebook/files/Ebook/Journal%20International/Marketing/Volume%2027%2C%20July%202021%2C%20Pages%20157-168.pdf

Thakkar, R. (2021). Green marketing and sustainable development challenges and opportunities. International Journal of Management, Public Policy and Research, 1(1), 15-23. https://www.researchgate.net/profile/Rikita-Thakkar/publication/360808759_GAP_GYAN_A_GLOBAL_JOURNAL_OF_SOCIAL_SCIENCES_GREEN_MARKETING_AND_SUSTAINABLE_DEVELOPMENT_CHALLENGES_AND_OPPORTUNITIES/links/65eec7d5b7819b433bf53f22/GAP-GYAN-A-GLOBAL-JOURNAL-OF-SOCIAL-SCIENCES-GREEN-MARKETING-AND-SUSTAINABLE-DEVELOPMENT-CHALLENGES-AND-OPPORTUNITIES.pdf

BUS5008 Business Research Methods - 2024S2: Assessment 1

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