Circular business models

Question 1

circular business models

Answer 1

focus on the long term environmental consequences and sustainability matters related to business activities.
- replace use of scarce resources with renewable resources

Question 2

Circular supply models

Answer 2

focusses on replacing scarce and natural resources with renewable , recyclable, and /or biodegradable resource inputs.

• waste minimisation, efficient use of resources, and reduction of the firms overall costs of production

Question 3

resource recovery models

Answer 3

focus on recycling waste into reusable raw materials, thereby diverting waste from final disposal. At the same time this puts less pressure on the economy’s scarce resources and reduces the need for the further extraction and processing of non-renewable natural resources.

Question 4

product life extension models

Answer 4

businesses try to extend the product life cycle of their goods. including repairing, reconditioning, refurbishing, renovating products

Question 5

sharing models

Answer 5

focus on allowing customers to share products that have a low ownership and or usage rate, instead of consumers having to purchase and own such items for themselves that are often used just once. sharing products helps them be used more efficiently.

e.g Uber, Airbnb, Lime bikes

Question 6

product service system models

Answer 6

focus on organisations providing a service instead of selling tangible products,