+ 44 20 8144 3706Executive Summary
The change in the business environment is related to adopting effective procedures that would lead business to act smarter in the competitive market. Sustainable practices of business are related to achieving competitive advantage in terms of working for the future generation. With this, the business practices are aligned with minimizing the negative impact on the environment and adopting positive strategies that would positively effect on local environment, society, community, etc (Clinton and Whisnant, 2019). This means the business is able to meet the Triple Bottom line with its business practices. Also dynamic perspective on sustainable business is concerned with improving the use of resources of the organization. With effective use of resources, the business would be able to build its competencies to fight in the competitive environment.
The overall report is based on evaluating the dynamic perspective process for achieving the success of the sustainable business strategies. In addition, report will lead to develop effective understanding of the business practices to deal with the changes in the environment. And also strategic actions would be recommended to achieving sustainability in 2020 and further years. Moreover, relevant theoretical framework would be applied and its association with the leadership practices in the case of BMW. Further, benchmarking practices would be analysed that shows the comparison between BMW and Mercedes Benz. At last, report would conclude about enhancing profits of the business with meeting the targets of sustainability.
Introduction
In the organizational context, Dynamic perspective is related to capabilities of the organization that will adopt the resource base. This is concerned with building internal and external competencies that would help business to change rapidly as per the business environments. The dynamic capabilities of the organization would help business to compete with the external changes that help in reacting quickly within the competitive environment. Dynamic capability theory is concerned as development of strategies for the managers of the organization to adapt radical changes and ensure competitive survival (Bollig, 2017). This enables organization to meet with new challenges in the growing environment. With the dynamic perspectives, business uses processes concerned with decision making, change management and improving managerial capabilities.
In the current report, evaluation and analysis of sustainable business is done considering the case study of Bavarian Motor Works (BMW). This is one of the leading German multinational that manufacturers automobiles & motorcycles. BMW is public limited company that also sells several sub brands with overall revenue of €97.48 billion and generally targets high class customers with selling premium range products. Also the business operates with the trained employees around 129,000. The business is able to maintain competitive advantage with offering quality of product, design, features and also holds highest position in terms of providing online services to the customers (Clinton and Whisnant, 2019).
Report gives the clear review of the dynamic perspectives concerning the sustainability of the business. The review is presented in the form of literature review that is conducted with the help of peer reviewed articles, journals, online business reports, etc. After that clear evaluation of the benchmark is done by comparing performance of BMW with Mercedes Benz that is one of the critical competitors of BMW in the automotive market. The literature review covers relevant topics concerned with dynamic perspectives, discussion of leadership, business sustainability, etc for achieving competitive position in the market. Further, report will critically evaluate recommendations for the business in terms of leading and managing the sustainability of the organization.
In the report, theoretical framework is being done to develop effective understanding related to sustainability of the business. Also with this, the framework is linked with the leadership practices and effective management of the sustainable business practices of BMW. The report will be conducted will the support of relevant statistical data and in the real context of BMW. The overall report will provide effective understanding of the dynamic perspectives and the sustainable practices of BMW in achieving competitive goals. Two of the automotive companies would be compared in the report that represents the critical evaluation of benchmarking. Therefore, the report will provide recommendations regarding achieving sustainability for long term profitability in the business environment.
Literature review:
Concept of Dynamic viewpoint on sustainable business:
Dynamic viewpoint on sustainable business is the key criteria that business follow to achieve sustainable goals of the future. Christiansen and Strobel,( 2019) claimed that dynamic perspective is defined linked with improving the capabilities and competencies of the business that would help in reaching sustainable goals Jones and Wynn, (2019). The criteria business follow for achieving sustainability is concerned with improving operations, supply chain, adding innovations, adopting new business models, etc. Mareski et.al. (2017) argues dynamic competencies as the systematic process by which sustainability is achieved. With this, business take strategic actions towards improving efficiency, reducing waste and also relying on triple bottom line.
Conclusions:
From the conducted report, it can be concluded that BMW is one of the leading automotive company that have clear direction and a well designed framework to achieve sustainable goals of 2020. According to the sustainability report 2018, BMW have clear direction and each process in detail that will help business to operate on the triple line framework. BMW contributes directly towards achieving sustainable goals of society and environment and is also leading to achieve sales and revenues. Apart from the clear sustainable goals, it is recommended for BMW to keep in consideration regarding the growing aspects of competition in the market.
Moreover, the future of BMW along with sustainability is concerned with maximising profits for the business. It is necessary for working on reduction of cost by focussing more on research and development areas so that production cost can be minimised and it would affect on its pricing strategy. Sustainable goals would be managed by increasing manufacturing of hybrids and standards combustion engines vehicles and business will double its sales by 2021. It is expected that electric cars would grow by 30% up to 2025 (Jones and Wynn, 2019). Many of the models would be launched in coming years with advanced technological features and the vehicles would emit lesser carbons and mostly would be electrified. Overall report concludes that working towards sustainability will double sales, profitability and brand reputation of BMW in coming years.
References
Books and Journals
Biswas, T.K., Stević, Ž., Chatterjee, P. and Yazdani, M., 2019. An Integrated Methodology for Evaluation of Elec
Bollig, M., 2017. Electric mobility–sustainably into the future. In Grid Integration of Electric Mobility (pp. 3-4). Springer Vieweg, Wiesbaden.
Christiansen, N. and Strobel, E., 2019. Chance or burden? A study of sustainable business models within the automotive industry: An empirical analysis of BMW Group and Volvo Cars Group.
Clinton, L. and Whisnant, R., 2019. Business Model Innovations for Sustainability. In Managing Sustainable Business (pp. 463-503). Springer, Dordrecht.
Hąbek, P. and Villahoz, J.J.L., 2018. Analysis of Sustainable Production Practices Implemented by Car Manufacturers. Multidisciplinary Aspects of Production Engineering, 1(1), pp.837-843.
Hiß, S., 2018. Work and Sustainability. Capitalism and Labor: Towards Critical Perspectives, 16, p.335.
Jones, P. and Wynn, M., 2019. The Sustainable Development Goals: Industry Sector Approaches.
Kim, H.J., Kim, J.D. and Abidin, S., 2017. BMW i Story: Revolutionizing Sustainable Mobility in Korea. In The Role of Corporate Sustainability in Asian Development (pp. 87-117). Springer, Cham.
Liu, Z. and Stephens, V., 2019. Exploring Innovation Ecosystem from the Perspective of Sustainability: Towards a Conceptual Framework. Journal of Open Innovation: Technology, Market, and Complexity, 5(3), p.48.
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