Assignment 2 Innovation The term innovation refers to the process that a person or organization goes through to develop totally different things, and ideas or to approach already-existing products, and ideas in different manners. According to Gibbons et al (1994), Innovation, in a specific corporation might be characterized as the implementation of a new concept that is new to the company, whether the concepts take the form of goods, services, processes, working practices, management, or marketing systems. Australia Bureau of Statistics (1996) in an innovation survey used the following definition before asking questions about innovation in Australia's largest innovation survey, any new or significantly better product or service that has been marketed, as well as any new or significantly enhanced method utilized in its manufacture, are examples of innovations. "New" refers to something that is new to your company. Innovation involves developing a new product, service, or process to improve the current product or service. Markets at all levels whether it is national or international are becoming more competitive and more competitive. Wider access to new technology and the expansion of e-commerce and the Internet has intensified competition further. Companies need to focus on innovating new technologies to stay competitive and maintain their competitive advantages to survive. Schumpeter (1950) stated that to maintain the value of their asset endowment, organizations need to innovate. Zara and Covin (1994) also mentioned that Innovation is frequently regarded as the key to organizational survival and expansion. A corporation may pursue various sorts of innovation in the business sector. These innovations frequently have a direct connection to certain items, internal procedures or workflows, or business models.. Apple is a superb example of a company that successfully embraced innovation at various pivotal periods during its history. For instance, in the 1990s, the business was on the edge of bankruptcy but was able to save it by forming a partnership with Microsoft, a business that had long been viewed as the enemy (Purcell, 2021). This action significantly changed Apple's entire corporate strategy and paved the way for the iMac's release, which marked a major turning point for the business. But for Apple, this was just the beginning. The company's alliance with Microsoft ushered in a period of creative risk-taking that gave rise to a number of technological innovations that are now considered standard items in many people's lives, including iPods, iPhones, Macbooks, and Apple Watches, iPads, and more (Purcell, 2021). It also gave rise to iTunes, which fundamentally altered the music business. Environment/sustainability As people are becoming more aware of the environment and climate changes, CSR and sustainability have become indispensable for companies or corporations. Environmental sustainability refers to deciding and taking actions that are important and in the best interests of safeguarding the environment, with a focus on conserving the ability of the environment to facilitate life. According to Morelli (2011) sustainability refers to satisfying human needs without endangering environmental stability. To put it another way, sustainability entails coordinating company operations without having an adverse effect on society, the environment, or the economy. Businesses that practice environmental sustainability may have an advantage over their competitors in drawing clients and investors. Modern customers are conscious of social and environmental concerns. they are also aware of companies that are doing their part by being a good corporate citizen. Shareholders are also aware of these problems, and a trend toward financing businesses practicing sustainability is emerging. Tiuttu (2022) mentioned that businesses that respond to customers' increasing demand for sustainable goods and services expand more quickly than their unsustainable counterparts. Moreover, Branco and Rodrigues, (2006) also stated that A sustainable business draws new employees, clients, and investors because of its beneficial social impact. Businesses are focusing on being sustainable nowadays to improve their brand, and image, reduce their carbon footpath, and reduce cost. For example, Adobe has undertaken sustainability objectives that support environmental sustainability. It has decreased packaging and set a net-zero energy consumption goal. The business is aware of the harm their plastic packaging has caused to the environment. It has therefore started the process of reducing its carbon footprint. 3R towards sustainability and innovation in a corporation The 3R is discussed below: Recyclability Recycling is the process of gathering waste materials, processing them into new items, buying those products, and then recycling those new products. Raw materials, iron and steel scrap, aluminum, wood, and plastics, as well as everyday items like cans and plastic bottles, are typical recyclable materials. Recycling helps to maximize the usage of the product’s potential. For recycled materials, they have already been refined into finished goods; therefore, when manufacturing the second time will be much simpler, will cost less energy, and less intensive. According to Johnston and Marshall (2013), the recycling process may require advanced technology and cutting-edge innovations, this investment could increase the overall wages and values of the local community as there will be more manpower willing to master skills and knowledge relating to recycling. Recycling aims to conserve nonrenewable energy, minimize air and water pollution, and reduce greenhouse gasses and natural resources. Energy and natural resources conservation, and lower greenhouse gas emissions can help preserve a living environment for generations to come. This action is expected to make a big impact not only on embracing the flourishment of natural habitats but also on creating a healthy living environment for human beings. Examples of companies using recycling. Uniqlo is one of the leaders in recyclable goods and aims to become a leading company to promote recycling clothing materials in the fast fashion industry, Uniqlo is starting with the “Down” collection by recycling 100% of the down padding and feathers from used products that customers donate to the store. One popular item of this project is the Recycled Down Jacket by Christophe Lemaire and his team of international designers. Reduce energy consumption Reduction in energy consumption or energy efficiency means the use of reduced resources or energy to carry out a similar task or achieve a similar goal. Energy and resources are a constant expense in business. Energy use in a business might include everything from lighting and air conditioning to powering equipment and assembly lines. Using more energy means burning more fossil fuels which have an adverse effect on society and the environment. That is why companies should focus on sustainable energy consumption. According to Schelly et al (2011), Organizations should start considering measures for lowering energy and resource waste for both social and economic reasons because of increased consumer consciousness of the environment. Reducing energy consumption also has positive effects on the corporation itself. As mentioned earlier energy is a constant expense for a company. By reducing consumption, a corporation can easily reduce its operating cost. Both big and small companies can reduce their operating cost by energy efficiency. According to Business View Magazine (2019), the price of sustainable and environmentally friendly energy systems has decreased significantly over time, and businesses of all sizes can switch to more environmentally friendly solutions for their energy use and reduce their ongoing energy expenditures. Businesses can also improve their brand image by saving energy. Consumers are being more cautious about environmental changes and are choosing the brands that are responsible for having fewer carbon footprints. By reducing energy consumption businesses can now attract new consumers as well as improve their brand image. The benefits of clean energy, pollution reduction, and environmental preservation are widely understood by the general people. Because of this, customers are becoming more aware of how the companies they deal with the affect the environment, whether this is for the better or worse (Allenby, 2000). For example, The New Belgium brew uses power grids to control electricity flow in their brewery. This helps them stop electricity flow in the parts of the brewery that are not being used and reduces energy consumption. Furthermore, they have a strict limit of using only barrels of water for producing wine while their counterparts use 3-5 barrels. Renewable energy Renewable energy is energies that are produced from natural sources such as wind, and sunlight which replenish themselves more quickly than they are used up. There are many different types of renewable energy available to us. According to Kahraman et al (2009) renewable energy, commonly known as green energy, is derived from renewable natural resources or processes. Renewable energy is viewed as the future of our energy demands. Renewable energy has numerous benefits and has an impact on the economy, the environment, and human health. The use of renewable energy can help a corporation to reduce their carbon emission, it also helps them to reduce dependency on fossil fuels. The recent war between Ukraine and Russia has shown us how vulnerable and dependable countries, industries and individuals are to fossil fuels. Renewable energy can improve our dependency on fossil fuels, at the same time help corporations to reduce their cost since renewable energy is much cheaper than fossil fuel. According to Yüksel (2010), the potential for renewable energy to offer a ready supply of power without utilizing natural resources makes it crucial. Additionally, there is a decreased requirement for imported fuels and a smaller likelihood of environmental difficulties like fuel leaks and negligible problems with emissions (Castillo & Gayme, 2014). Renewable energy could supply all of our energy demands in the future with consistent supplies and fuel variety. Walmart uses renewable energy to reduce its carbon footprint. Walmart has been the second-largest solar power installer after target in the retail business. Their goal is to reduce dependency on fossil fuels and be 100% dependent on clean energies. Conclusion Innovation and sustainability are becoming important for the survival of a company and to be competitive in the market. Customers are becoming aware of climate change and prefer companies that are taking a responsible step toward preserving society and the environment. Reference Australia Bureau of Statistics 1996. "Research and Experimental Development: Business Enterprises", ABS 8104.0(Canberra). Allenby, B. R. (2000). The fallacy of “green technology”. American Behavioral Scientist, 44(2), 213-228. Branco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of business Ethics, 69(2), 111-132. Business View Magazine. (2019, November 11). Why is Energy Efficiency Important to Businesses? https://businessviewmagazine.com/why-is-energy-efficiencyimportant-to-businesses/ Castillo, A., & Gayme, D. F. (2014). Grid-scale energy storage applications in renewable energy integration: A survey. 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