STRATEGIC MANAGEMENT
Executive Summary
Here in this report, the three business approaches are discussed. The sustainable business approach, the stakeholder business approach, the dynamic abilities of the business organisations are discussed here. The benefits of these business approaches and limitations of these approaches are explained here. The different companies, which have these several various approaches in them, are named here. For strategic business management the three distinct business approaches are important.
Table of Contents
Executive Summary    2
Introduction    4
Sustainable Approach    4
History    4
Benefits    5
Limitations    6
Example    6
Stakeholder Approach    6
History    6
Benefits    7
Limitations    8
Example    8
Dynamic Capabilities    8
History    8
Benefits    9
Limitations    9
Example    9
Conclusion    10
References    11
Introduction
In this report, the business approaches are described by choosing the companies. In strategic management, the sustainable business management approach is very much important. The sustainable business approach helps the organisation to protect the environment as well as the people of the organisation from the harmful effects of pollutants. The sustainable business approach helps the lives of the environment, which are interacting with the company. The sustainable business approach means using renewable power from the environment such as solar energy, wind energy in the firm. The stakeholder approach helps the firm to strengthen the bonding the relationship of the business organisations with its different kinds of stakeholders (Trigeorgis & Reuer, 2017).
Dynamic capabilities of a firm help to address the changes in the internal and external changes of the firm. These dynamic capabilities help the organisation to cope up with the changed resources. The firm can expand its business through these changes. The sustainable business approach has its own benefits and limitations. The advantages and problems that face this approach are thoroughly explained in this report. The limitations and benefits of the stakeholder approach are explained here. The advantages of the stakeholder approach in the company are explained here in detail with example.
Sustainable Approach
A sustainable approach is important for the benefits of a business company. Sustainability is an approach for the business that can create long-term values of the shareholders by taking the opportunities and risks by managing them. These risks and opportunities can be derived from the economic development of the country and the organisation. These can also come from the environmental development of the areas of the company. The risks and opportunities can also be derived from social developments. A sustainable approach is taking good care of the environment at the time of providing a number of profits to the company.
History
Sustainable business strategy is important for the business. For business purposes, sustainability is a strength and power that can help the organisation as well as the environment to sustain in the world for so long. If a company applies sustainable business strategy in it, then the company can be benefitted in different numerous numbers of ways. A sustainable business approach is a great idea, which holds power to gain long-term profits. A sustainable business management can create profits for shareholders of it at the same time of protecting the environment. A sustainable approach to the business can happen while protecting the environment by gaining profits for the company.
The sustainable business approach also improves the lives of the people who are related to the company and the environment. The interacting lives of the environment can be saved at the time of running the organisation by applying sustainable business approach in the organisation. For these reasons, a business organisation needs a strategy that can apply sustainable business approach perfectly in the business organisation (Noe et al. 2017). A sustainability approach or strategy is a set of practices that can provide a compact agreed framework to work in the company. This set of actions of strategy helps the employees of the business organisation to focus on the work and the benefits of the organisations. This can also work as a driving force to enhance the power of work performance among the employees of the organisation. This sustainable business approach engages the internal and external stakeholders in them. Therefore, it also provides benefits to internal stakeholders as well as the external shareholders.
Benefits
There are a number of benefits to the sustainable business approach. Sustainability has several business benefits. This can protect the environment. This business approach also helps the lives of them who are directly related to the business organisation. The sustainable business approach is integrated into different business operations. The business advantages that can be got by applying sustainable business approach are
Improvement of the brand image
Maximum customers consider a company as trustworthy, which can impress them by applying a sustainable business approach to the company. The sustainable business approach can help the environment to be good. The company, which has good impacts on the environment by applying sustainable business approaches, can get attention of the customers (Baumgartner & Rauter, 2017). This can help the company to grow its brand image among the customers. The customers are more likely to buy products and services from the...