Topic 4 Flashcards
What is sustainability seen as in modern industries?
A multi-dimensional concept crucial across all industries.
What does a sustainability strategy help achieve in business?
Lays the groundwork for integrating sustainability into various business functions.
How do other business functions like accounting and marketing help in sustainability?
Help integrate cornerstone concepts of sustainability across the organization.
What percentage of businesses do SMEs represent in Singapore?
99% of all businesses.
How do SMEs contribute to Singapore’s GDP?
Contribute to almost half of the GDP.
Why is sustainability important in entrepreneurship?
Helps manage risks, cut costs, and increase efficiency.
How does sustainability help SMEs align with larger companies?
Opens up new markets and opportunities by aligning with larger companies’ sustainability values.
What are the key concepts in sustainable entrepreneurship?
Development of sustainable business models and importance of a sustainable supply chain.
What does a sustainable business model address?
Addresses economic viability along with social and environmental challenges.
What is important in marketing sustainable products?
Effective marketing of sustainable products is crucial.
What does the Sustainable Business Model Canvas focus on?
Focuses on customer segments, value propositions, distribution channels, and more.
What challenges do entrepreneurs face in maintaining sustainability?
Balancing economic goals with social and environmental objectives.
What are the current trends in sustainable entrepreneurship?
Rise of social entrepreneurship, sharing economy, and circular economy.
What dual role do marketers play in sustainability?
Promoting and combating unsustainable consumption.
What is crucial in sustainability marketing?
Identifying target audiences, understanding their values, and communicating benefits.
What challenges exist in sustainable marketing?
Balancing cost with sustainability, maintaining credibility, and ensuring departmental integration.
How can companies avoid greenwashing?
By focusing on honesty, transparency, and responsible communication.
What strategies can be used in sustainable marketing?
Transparency, purpose-driven messaging, collaboration, product innovation, and consumer education.
What does entrepreneurship focus on in terms of sustainability?
Identifying and exploring new business solutions to address sustainability.
What role does accounting play in sustainability?
Building systems and strategies to meet sustainability targets, providing crucial data.
How does economics help businesses engage in sustainability?
Influences mechanisms allowing companies to internalize societal costs.
What role does finance play in sustainability?
Sends signals about the value of investing in sustainable practices.
How does strategy contribute to sustainability in business?
Chooses and implements the right approaches, mobilizing towards sustainability.
How does marketing contribute to sustainability?
Designs and promotes sustainable products, driving market change.
