By reaching this objective, the company can also attract a larger number of investors, and increase its investment capital. In addition to this, the company can use this strategy in order to market its innovative products and services. Stonyfield Farm is another company that uses life cycle thinking and assessment techniques (Schatsky, 2012). This is intended to help the company identify packaging systems with improved environmental performance. The company managed to find bioplastic packaging materials that determine fewer greenhouse gas emissions in comparison with other materials, at reduced costs (Deloitte, 2009). Companies mostly use life cycle thinking and assessment in order to improve their product development process. In addition to this, such practices are used when companies want to build production plants and want to establish the environmental impact of their production process.
b) the need for improving environmental sustainability practices has determined companies to use life cycle thinking and assessment techniques. Such techniques are intended to better determine and evaluate the effects that companies' activities have on the environment. This increased interest in life cycle assessment is determined by the pressure exerted by stakeholders, like customers, employees, governments on companies towards improving such practices and improving their use of natural resources.
There are numerous companies that have requested the help of specialists in the field when developing strategies based on life cycle assessment. Daimler is one of these companies. The car maker has clearly stated its intentions towards environmental sustainability. The company has developed an integrated approach to sustainability. Therefore, Daimler considers that it is best to address economic, environmental, and social responsibility together. In addition to this, the company is continuously working towards improving the production process. Daimler's sustainability program focuses on several issues: sustainability management, product responsibility, industrial environmental protection, employees, and the social environment. This complex approach to environmental sustainability reflects the company's intensified efforts in reducing the impact of its activity on the environment (Daimler, 2012). The company focuses on promoting environmental sustainability, so that its example is followed by other companies also.
c) the sustainable business development strategy of numerous companies includes life cycle thinking and assessment techniques. These tools are used by companies in their attempt to improve their image as environmentally responsible companies. They use life cycle assessment when trying to determine the effects that their products and services have on the environment (PepsiCo, 2011). This technique is also used in order to develop efficient product development processes that help reduce the effects on the environment.
PepsiCo is one of the companies that take environmental sustainability very seriously. In order to prove this, the company has launched an innovative program that is intended to reduce carbon footprint of Tropicana. The impact of the program is even more important because the Tropicana orange juice is expected to significantly influence production aspects of orange producers, but also of other agricultural products. The importance of this program relies on the fact that PepsiCo has identified the source of most important carbon emissions. This finding can be used by other companies that want to reduce their activity's effects on the environment. These studies also help the company improve its relationships with suppliers. Therefore, it is important that companies develop such strategies that improve sustainability efforts and help companies develop innovative products.
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