SM important ques

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Conestoga College *

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8120

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Management

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Feb 20, 2024

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docx

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Uploaded by UltraMoon13370

What is a positive and negative business case? A positive business case is when a project or idea is expected to bring in more benefits than costs. It means that investing time, money, and effort into that project is likely to pay off and make the business better off in the long run. For example, if a company invests in a new technology that increases efficiency and saves money, that's a positive business case. On the other hand, a negative business case is when the costs outweigh the benefits. It means that investing in that project or idea is likely to result in losses for the business. For instance, if a company decides to expand into a new market but the costs of entry are too high and the expected returns are low, that would be a negative business case. So, in simple terms, a positive business case is like a good investment that brings in more benefits, while a negative business case is like a bad investment where the costs are too high compared to the expected benefits. What is an ecological overshoot? Ecological overshoot happens when people use up Earth's resources faster than nature can renew them. It's like spending money faster than you earn it. This can lead to problems like deforestation, pollution, and loss of animal habitats. It's important to use Earth's resources wisely so we don't harm the planet or run out of things we need to live. What are the four main events that caused sustainability realizations? Explain the effects of each event. Industrial Revolution : During the Industrial Revolution, there was a boom in technology and production, which led to economic growth and improved living standards for many people. However, it also brought about increased pollution, deforestation, and exploitation of natural resources. Economic Prosperity : Economic prosperity, or when a country's economy is doing well and people have more money to spend, can lead to increased consumption and resource use. This can put strain on the environment and lead to issues like pollution, habitat destruction, and depletion of natural resources. Population Growth : As the global population has grown, there has been increased demand for food, water, energy, and other resources. This has put pressure on ecosystems and led to issues like deforestation, loss of biodiversity, and pollution.

Globalization : Globalization, or the interconnectedness of economies and societies around the world, has led to increased trade, travel, and communication. While globalization has brought many benefits, such as access to new markets and cultural exchange, it has also contributed to environmental problems like pollution and habitat destruction. Define business drivers. Name at least three examples of it. Business drivers are the key factors or motivations that influence a company's decisions and actions. They are the things that drive a business forward and help it achieve its goals. Here are three examples of business drivers: 1. Revenue Growth : Revenue growth is a business driver that focuses on increasing the amount of money a company earns over time. This can be achieved through strategies like expanding into new markets, introducing new products or services, or improving customer retention. 2. Cost Reduction : Cost reduction is another business driver that aims to decrease the expenses associated with running a company. This can involve finding ways to streamline operations, negotiate better deals with suppliers, or invest in technology to improve efficiency and productivity. 3. Customer Satisfaction : Customer satisfaction is a business driver that emphasizes the importance of keeping customers happy and meeting their needs. Satisfied customers are more likely to make repeat purchases, refer others to the business, and provide positive reviews, which can help drive revenue growth and improve the company's reputation. Compare and contrast week and strong sustainability. Weak Sustainability:  Weak sustainability focuses on the idea that human-made capital can substitute for natural capital.  In weak sustainability, economic growth is often prioritized over environmental concerns. Strong Sustainability:

 Strong sustainability emphasizes the idea that natural capital is irreplaceable and should be preserved for future generations.  In strong sustainability, economic development must be balanced with environmental protection to ensure the well-being of both current and future generations. In simple terms, weak sustainability believes that human-made solutions can replace natural resources, while strong sustainability says that natural resources are unique and must be protected for the sake of the planet and future generations. Explain one framework through which you can integrate sustainability into a hospitality business. One framework for integrating sustainability into a hospitality business is the "Triple Bottom Line" approach. This approach focuses on three main areas: people, planet, and profit. 1. People : This aspect of the framework involves considering the social impacts of the business on employees, guests, and the local community. It includes things like fair treatment of workers, providing opportunities for local employment, supporting community initiatives, and ensuring guest satisfaction and safety. 2. Planet : This part of the framework involves reducing the environmental impact of the business operations. It includes efforts to conserve resources such as water and energy, minimize waste generation, use eco-friendly products and materials, and implement sustainable practices like recycling and composting. 3. Profit : While the first two aspects focus on social and environmental concerns, the profit aspect ensures the business remains financially viable. This involves implementing cost-effective sustainability measures, attracting environmentally conscious customers, and capitalizing on opportunities for innovation and efficiency improvements. By adopting the Triple Bottom Line approach, a hospitality business can integrate sustainability into its operations by considering the well-being of people, the planet, and profitability simultaneously. This helps create a business that not only benefits financially but also contributes positively to society and the environment.

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What are the early challenges in the move towards sustainable development? Explain in depth. Moving towards sustainable development faces several early challenges, which include: 1. Resistance to Change : One of the main challenges is resistance to change. Many industries and individuals are comfortable with the status quo and may be hesitant to adopt new practices that prioritize sustainability. This resistance can stem from concerns about increased costs, disruptions to existing processes, or simply a lack of awareness about the importance of sustainability. 2. Short-Term Cost vs. Long-Term Benefits : Another challenge is the perception that sustainable practices are expensive or require significant upfront investment. Businesses and individuals may prioritize short-term cost savings over long-term benefits, making it difficult to justify the initial costs associated with sustainable development initiatives. However, in the long run, sustainable practices can lead to cost savings through increased efficiency, reduced resource consumption, and improved brand reputation. 3. Lack of Regulation and Enforcement : In some cases, there may be a lack of regulation or enforcement mechanisms to incentivize or require sustainable practices. Without clear guidelines or penalties for non-compliance, businesses may prioritize profit over sustainability, leading to environmental degradation and social inequality. Governments and regulatory bodies play a crucial role in creating and enforcing policies that promote sustainable development. 4. Limited Access to Resources and Technology : Access to resources and technology can be a barrier to implementing sustainable practices, particularly for small businesses and developing countries. Limited access to renewable energy sources, eco-friendly materials, and sustainable technologies may hinder efforts to adopt more environmentally friendly practices. Addressing these challenges requires investment in research and development, as well as initiatives to make sustainable technologies more accessible and affordable. 5. Lack of Awareness and Education : Many people may not fully understand the concept of sustainable development or the importance of taking action to address environmental and social issues. This lack of awareness and education can hinder efforts to mobilize support for sustainable initiatives and drive meaningful change. Increasing public awareness through education, outreach programs, and communication campaigns is essential for overcoming this challenge.

Overall, addressing these early challenges requires a concerted effort from governments, businesses, communities, and individuals to prioritize sustainability, invest in innovative solutions, and work together towards a more sustainable future. Mention five reasons why companies do not embrace sustainability. 1. Too many metrics, too confusing : Sometimes, there are too many different measurements and standards for sustainability, making it confusing for companies to figure out what they should focus on. 2. Government policies need to incentivize outcomes : Companies may feel that government policies should offer more rewards or incentives for businesses that adopt sustainable practices. 3. Consumers do not think sustainably when making purchases : Many consumers don't prioritize sustainability when buying products, so companies may not see the immediate benefit of investing in sustainable practices. 4. Don't know how to motivate employees for sustainability initiatives : Companies might struggle to get their employees excited and motivated about sustainability efforts, which can make it harder to implement them successfully. 5. Sustainability still does not fit neatly into the business case : Some companies find it difficult to see how sustainability initiatives directly contribute to their bottom line or overall business strategy. 6. Cannot see difference between most important opportunities & threats : It can be challenging for companies to distinguish between the most pressing sustainability issues and opportunities for improvement amidst a sea of information. 7. Have trouble communicating : Companies may struggle to effectively communicate their sustainability efforts to customers, investors, and other stakeholders. 8. Better guidelines are needed for engaging key stakeholders : There may be a lack of clear guidelines or best practices for involving important stakeholders, such as suppliers, communities, and advocacy groups, in sustainability efforts. 9. No common set of rules for sourcing sustainably : Companies may find it difficult to ensure that their products and materials are sourced sustainably without clear, standardized guidelines.

10. Companies who try leading often end up losing : Some companies may fear that taking a leading role in sustainability efforts could put them at a competitive disadvantage compared to other businesses that prioritize short- term profits over long-term sustainability. Overall, these factors can create barriers to adopting sustainability practices, but with clear guidance, incentives, and communication, companies can overcome these challenges and embrace sustainability for the benefit of both their business and the planet. What is capitalism, and how does it impact sustainability? Capitalism is an economic system where private individuals or businesses own and control the production of goods and services. In capitalism, the goal is to make profits and grow wealth through buying, selling, and investing. When it comes to sustainability, capitalism can have both positive and negative impacts: Positive impacts: 1. Innovation: Capitalism encourages competition, which drives businesses to find new, more efficient ways of doing things. This can lead to innovations that help reduce waste, conserve resources, and minimize environmental impact. 2. Investment in green technologies: In a capitalist system, there is often investment in technologies that promote sustainability, such as renewable energy, clean transportation, and eco-friendly manufacturing processes. Negative impacts: 1. Focus on short-term profits: Capitalism tends to prioritize short-term profits over long-term sustainability. This can lead to practices that exploit natural resources, pollute the environment, and disregard social impacts in pursuit of immediate financial gain. 2. Overconsumption: Capitalism relies on constant economic growth, which can drive overconsumption of resources and lead to environmental degradation. This can result in depletion of natural resources, habitat destruction, and pollution.

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Explain how integrating SDGs into hospitality businesses can benefit them. Marketing & Communications:  Enhance brand name: Making the brand more well-known and respected.  Better market standing: Improving the company's reputation in the market.  Increased transparency: Being more open about how the company operates.  Address global trends: Meeting current trends like sustainability to get better ratings from customers on platforms like TripAdvisor. Procurement:  Form new partnerships: Building relationships with important markets.  New products: Coming up with fresh ideas and products.  Reduce waste: Cutting down on unnecessary materials and resources. Operations:  Operational efficiencies: Making day-to-day work smoother and more efficient.  Informed decisions: Making choices based on good information.  Cost savings: Finding ways to spend less money while still getting things done. Finance:  Cost savings: Saving money wherever possible.  Increase ROI: Making more money from investments.  Strengthen investor confidence: Making investors more confident in the company's success. Administration/Management:  Stakeholders engagement: Building better relationships with people affected by the business.  Protecting longevity of industry: Making sure the industry lasts a long time by taking care of natural and cultural resources.  Manage risks: Dealing with potential problems like climate change. Human Resources:  Drive fundamental internal changes: Making big changes inside the company.  Furthers Gender Equality: Making sure men and women are treated fairly and equally.  Increased employee engagement: Getting employees more involved and happy with their jobs, so they stay longer.

Overall, integrating SDGs into hospitality businesses can lead to a range of benefits, including improved reputation, cost savings, enhanced guest experience, access to new markets, risk reduction, and increased employee engagement. By embracing sustainability, hospitality businesses can not only contribute to global development goals but also position themselves for long-term success in an increasingly conscious market. What is neoliberalism, and how does it impact sustainability? Neoliberalism is an economic and political ideology that emphasizes free-market capitalism, deregulation, privatization, and reduced government intervention in the economy. In simpler terms, it's the idea that the economy works best when businesses are left to operate with minimal interference from the government. When it comes to sustainability, neoliberalism can have both positive and negative impacts: Positive impacts: 1. Innovation: Neoliberalism encourages competition and entrepreneurship, which can drive innovation and technological advancements that may contribute to sustainable solutions. 2. Economic growth: Neoliberal policies aimed at promoting free-market principles can lead to increased economic growth and prosperity, which may provide more resources and opportunities for addressing environmental and social challenges. Negative impacts: 1. Exploitation of natural resources: Neoliberalism's emphasis on economic growth and profit maximization can lead to the overexploitation of natural resources, environmental degradation, and pollution as businesses prioritize short-term gains over long-term sustainability. 2. Widening inequality: Neoliberal policies often result in deregulation and privatization, which can exacerbate income inequality and social disparities. This can make it harder for marginalized communities to access essential resources and contribute to environmental justice issues. 3. Lack of government intervention: Neoliberalism's aversion to government regulation and intervention can hinder efforts to address environmental and social issues through policy measures such as emissions regulations, pollution controls, and social welfare programs.

Explain Malthusian Catastrophe in relation to sustainable development. The Malthusian Catastrophe is an idea proposed by Thomas Malthus, an economist, in the late 18th century. It is the idea that if the population keeps growing unchecked, we'll run out of food and resources, causing a disaster. It highlights the need to balance human needs with the capacity of the planet to support those needs in the long term. By addressing issues like overpopulation, resource depletion, and environmental degradation, sustainable development aims to prevent the scenarios envisioned by Malthus. It focuses on finding ways to meet the needs of current generations without compromising the ability of future generations to meet their own needs. The Malthusian Catastrophe reminds us of the importance of sustainable practices to ensure a healthy and prosperous future for both people and the planet. Explain Three lenses framework for integrating sustainability. Strategy Integration: Making good decisions and setting goals is important for making a business unique. There are many ways to make a business more sustainable, but it has to be a big part of the main plan. It's like deciding what matters most and what doesn't. Sustainability can't just be something extra; it has to be a major focus for the future plan of the company. Operational Integration: Once a business has a good plan, it needs to put it into action. These are the everyday tasks and activities the business carries out. Everyone in the company should understand what they're supposed to do and why it's important. The company should measure success by how well it's doing in being sustainable, and employees who do a good job should get rewarded for it. Culture Integration: Culture is all about how a company does things and the attitudes everyone shares. To make a company sustainable, the bosses need to be super dedicated and make sure everyone knows why it matters.

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Explain Adam Smith's Invisible Hands and Forster Lloyd ‘Tragedy of the Commons’. Sure, let's break down these concepts: 1. Adam Smith's Invisible Hand :  Adam Smith was a famous economist who talked about how markets work.  He said that when everyone tries to make the most money for themselves, they end up helping everyone else too, without even realizing it.  It's like an "invisible hand" guiding things in the right direction. For example, when companies compete with each other to make better products at lower prices, consumers benefit because they get more choices and lower prices. 2. Forster Lloyd’s Tragedy of the Commons :  This idea comes from William Forster Lloyd, who talked about what happens when everyone shares a common resource, like a field or a pond.  He said that when everyone tries to get as much as they can from the resource without thinking about the future, it can lead to problems. For example, if everyone grazes their cows on a shared field as much as they want, eventually the field will get overgrazed, and no one will be able to use it anymore.  This is called the "tragedy of the commons" because it's a sad situation where everyone's selfish actions end up hurting everyone in the long run. In simple terms, Adam Smith's Invisible Hand is about how people acting in their own self-interest can unintentionally benefit society as a whole, while Forster Lloyd's Tragedy of the Commons warns about the dangers of everyone selfishly exploiting shared resources without thinking about the consequences. Compare and contrast GDP and GPI. GDP (Gross Domestic Product):  GDP is a measure of the total value of all goods and services produced within a country's borders in a specific period of time, usually a year.  It's like a big number that shows how much money a country is making from everything it produces.

 GDP only looks at the economic side of things and doesn't consider other important factors like the environment or people's well-being.  So, while GDP can show if a country's economy is growing or shrinking, it doesn't tell us much about whether people are actually better off. GPI (Genuine Progress Indicator):  GPI is a different way of measuring a country's progress that takes into account more than just money.  It looks at things like income distribution, pollution, crime, and the value of unpaid work like caregiving.  GPI tries to give a more complete picture of how well a country is doing by considering factors that affect people's quality of life.  Unlike GDP, GPI takes into account both positive and negative aspects of life, like the cost of environmental damage or the benefits of volunteering.  So, GPI helps us understand not just how much money a country is making, but also how well people are actually living.

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