MKTG 442 Quiz 2 Slides

What is Sustainable Development?

Meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Who defined Sustainable Development in 1987?

Gro Harlem Brundtland, former prime minister of Norway.

What does the Demand Side Focus of Sustainable Development involve?

Identifying and pursuing product-market opportunities for consumption elimination, reduction, and redirection to less harmful substitutes.

What is an example of Demand Redirection?

Substitution of a disposable product with a reusable product, such as using a permanent filter instead of a paper filter.

What three imperatives must be reconciled for sustainability?

Ecological imperative, economic imperative, and social imperative.

What is the Triple Bottom Line?

A framework that considers environmental performance (Planet), economic performance (Profit), and social performance (People).

Define the Regeneration Capacity Principle.

Rates of use of renewable resources should not exceed the capacity of the Earth to replenish them.

What concept explains collective degradation of shared resources?

Tragedy of the Commons.

Who is credited with the phrase 'tragedy of the commons'?

Ecologist Garret Hardin.

What is the Precautionary Principle?

Countries should employ a precautionary approach to protect the environment even in the absence of full scientific certainty.

What is an example of sustainable product innovation?

Development of a product or improvement that significantly reduces environmental impact during its lifecycle.

What is the IPAT Identity?

A formula that expresses the impact of population (P), affluence (A), and technology (T) on environmental impact (I).

What kind of innovation focuses on eliminating or reducing resource use?

Sustainable Innovation.

How can technology impact environmental sustainability positively?

Through innovations that reduce the resources needed for products or processes.

What challenges are faced in achieving sustainable innovations?

Consumer misperceptions, market readiness, and technological limitations.

What type of innovation replaces more harmful materials with eco-friendly options?

Resource use substitution innovation.

Give an example of a firm utilizing sustainable packaging.

Companies switching to biodegradable or fully recyclable packaging materials.

What is the primary goal of innovations for Base of the Pyramid markets?

To create affordable, scalable products that effectively address basic needs.

What is an example of a water innovation for low-income communities?

Water vending machines that dispense affordable, clean water.

What traditional product was innovated by creating a more affordable substitute?

Oral rehydration solution (ORS) for treating dehydration.

What is the significance of the Gini coefficient in sustainable innovation?

It measures income inequality and highlights the need for innovations targeting low-income populations.

What are the IHIP characteristics of services?

Intangible, Heterogeneous, Inseparable, and Perishable.

How is innovation for sustainability connected to corporate social responsibility?

Both focus on creating long-term value for the company and society while reducing negative environmental impact.

What is ecological sustainability?

The ability of natural systems and processes to remain diverse and productive over time without degrading the environment.

What role do stakeholders play in sustainable development?

Stakeholders contribute to decision-making in sustainability practices affecting social, environmental, and economic aspects.

What is a circular economy?

An economic system aimed at eliminating waste and the continual use of resources through reuse and recycling.

What is the purpose of life cycle assessment (LCA)?

To evaluate the environmental impacts associated with all the stages of a product's life from cradle to grave.

What is environmental justice?

The fair treatment and involvement of all people in environmental policies and decisions, regardless of race or income.

What is corporate social responsibility (CSR) in the context of sustainable development?

A business model where companies integrate social, environmental, and economic concerns into their operations.

What is greenwashing?

The practice of misleading consumers regarding the environmental practices of a company or the environmental benefits of a product.

What does sustainable supply chain management focus on?

Optimizing the supply chain to minimize environmental impact and enhance social responsibility.

What is renewable energy?

Energy that is generated from natural processes that are continually replenished, such as solar or wind energy.

How does biodiversity contribute to ecosystem services?

Biodiversity supports ecosystem functions, resilience, and the provision of services like pollination and clean water.

What is the concept of sustainable consumption?

Using goods and services in a way that minimizes resource use and reduces environmental impact.

What are some examples of renewable energy sources?

Solar energy, wind energy, hydroelectric power, and geothermal energy.

What is the purpose of sustainable agriculture?

To produce food while conserving resources, protecting the environment, and maintaining biodiversity.

What does lifecycle thinking involve?

Considering the environmental impacts of a product at every stage from production to disposal.

What is corporate sustainability?

A company's efforts to create long-term shareholder and societal value by integrating social, environmental, and economic factors.

What is an eco-label?

A certification that a product meets certain environmental standards.

What is waste hierarchy in sustainability?

A framework prioritizing waste management strategies: prevention, reuse, recycling, recovery, and disposal.

What is carbon offsetting?

Compensating for greenhouse gas emissions by investing in projects that reduce or sequester carbon elsewhere.

What is the significance of the Paris Agreement?

An international treaty aimed at limiting global warming and reducing greenhouse gas emissions.

What does the term 'biomimicry' refer to?

Designing products and systems based on the strategies and patterns found in nature