As far as leadership is concerned, the leaders will be forced to not only place greater emphasis on external stakeholders such as communities but may also have to change their business model. The leaders may review the entire product life cycle in order to determine opportunities for reducing waste by using less product material and/or using recyclable material. The leaders will also increase communication with external stakeholders to learn about their concerns and identify opportunities to reduce the impact of production activities on the environment. The leaders will also increasingly emphasize their green credentials in marketing activities to improve quality perceptions of their products/services and to differentiate their companies from the competition. In fact, we are already seeing evidence as many media campaigns tout the marketers’ initiatives to reduce harm to the environment.
This once again proves that the definition of quality changes with changing consumers’ preferences and leaders will increasingly adopt sustainable business practices to advance their quality credentials. And those who do will see both greater consumer loyalty and higher profits.