Business Issue Theoretical Review And Evaluation Practices Criteria And Examples

Choice of Theory

This report purposes to assess the environmental sustainability practices of Princess Yachts company in its general operations. Companies ought to adopt measures that ensure a healthy environment and hence solving the global problem of environmental pollution. Environmental sustainability encompasses an indefinite continuation of rates of pollution creation, a harvest of renewable resources as well as depletion of non-renewable resources. Emission of wastes by companies has been known to be a major contributor to environmental pollution with the results of the latter leading to adverse global situations (Tilman and Clark 2014, p.517). Air, water and soil pollution poses a threat to nature by creating a sickening environment which turns to be unfavourable for existence and survival of all living things.

Background of Princess Yachts

Princess Yachts is a manufacturing company which deals with design, manufacture, and sale of luxurious motor yachts. The company was founded in the year 1965 with its headquarters being at Plymouth in the United Kingdom (Boote et al. 2017, p.5). Its production design encompasses a diverse series. For instance, Princess M Class series includes; Princess 40M, Princess 35M and Princess 30M which are quite competitive in the market for mega yachts and superyachts of over 100 feet. It boasts a high labour force of approximately 2600 employees with it operating in 119 different countries. On the other hand, their shipyards cover a collective area of more than 1.1 million square feet. Anyone who wishes to purchase a yacht from the company is usually open to do so. They also partner with CGI Finance to offer payment services to their customers. 

Theoretical Review

The Environmental Imperative

Business activities are known to have an impact on the ecosphere and that their negative consequences are expected to have an adverse impact on the natural environment (Holden, Linnerud and Banister 2017, p.214). An economic growth that happens to be seriously exploitive on available resources and pollutes the environment intensively will be recorded as environmentally unsustainable. This kind of environmental aspect is what leads to this report. Environmental sustainability advocates for a long-term perspective that ensures economic activities which are not detrimental to the natural environment.

Areas that need to be considered include the use of renewable natural resources and a sustainable development; knowing and understanding soil, water, and atmospheric pollutions; protecting biodiversity which entails endangered species as well as sensitive ecosystems; prevention of pollution and minimization of wastes; control of pollution; chemical and solid waste management. In the case of Princess Yachts, this report assesses how it incorporates a plan that is not detrimental to the environment, especially marine life, as its products are used in oceans, seas, and rivers.

Critical Evaluation

Neoclassical Sustainability of Growth

The stated goal of neoclassical economics vision is the maximization of people’s welfare in that a vast of consumption opportunities are offered to a large number of individuals (Van den Berg 2016). Princess Yachts produces different varieties of their brand with a wide range of prices at the disposal of different classes of people. The neoclassical approach assumes that technological advancement is correspondent to endless substitutions between the different forms of capital, self-regulation of free markets’ capacity is not bound, and that the restrictions inflicted by the scarcity of resources don’t affect sustainable growth declining the level of consumption in the process.

Environmental Sustainability of Princess Yachts

Princess Yachts was recognized for the exemplary environmental management of its business and awarded ISO 14001. This marked it to be the very first European boat building company to gain such a stringent global standard. ISO 14001 standard ascertains the environmental impact that a company poses internally and to the local community (Yeroshkina 2017, p.103). A broad investigation was carried out on all aspects of Princess Yachts’ manufacturing activities, services, and products. Every department included in the company’s manufacturing offices and sites assessed all processes which were known to exhibit an impact on the environment. This process entailed an analysis of material use, emissions, noise, and waste. A thorough inspection was conducted on lamination process, painting, dust extraction in GRP as well as carpentry workshops.

A rigorous survey was also conducted on the management and usage of energy in all the companies. The company adopted installation of inverter controllers to minimize usage after identifying where energy usage was high. This resulted in a reduction of the overall carbon footprint of the company.

The company has also invested in the production of efficient yachts whereby a weight reduction programme has been in play to improving vessel performance and consumption. Most of these latest technologies in the line of production have been beneficial to the product as well as ISO 14001 standard’s criteria. Massive manufacture and resin infusion have been in the forefront in a reduction of odour and emissions together with the weight reduction of the final product.

Princess Yachts has continuously advocated for initiatives like awareness training and instructions in initiation into new technology and processes. This strategy has ensured environmental management system’s acceptance company-wide. In his speech, Chis Gates (Managing Director) assured Princess’ customers that the yachts’ production has met an environmentally friendly way which would ensure minimum wastes, noise, and emission. The process took a period of 12 months to complete but its correspondent results turned to be advantageous to the firm at large.

Illustrative Examples

In 2017, Princess Yacht registered a sale of 180 yachts of over 30 meters. 149 yachts of the same length were completed and 443 yachts were still under construction. A 30% of the yachts which were under construction happened to be available for sale. 20% of the yachts were purchased by clients from the USA.

Conclusion

Sustainability is a necessity rather than a choice. Many people will prefer sustainable products because they tend to be more efficient and convenient in fulfilling the expected task in comparison to products made through conventional methods (Wong and Zhou 2015, p.158). These sustainable products are even cheaper and better than the latter ones due to use of advanced technology in their production. However, there exist technical disabilities in the process of initiating new methods by various companies. Adaptation to these new methods may include difficulties or may turn out to be unprofitable.

Additional cost may be experienced by the companies in the event of purchasing new materials and equipment. It follows that a company ought to outline an effective system that is environmentally sustainable, one which would meet minimum cost and achieve maximum benefit. On the contrary, continuous adoption of conventional methods would reduce to a great degree the competitiveness of a firm in the market for its goods and services as people tend to disregard them. 

Recommendations and Benefits

So as to achieve environmental sustainability, companies should follow the footsteps of a company like Princess Yachts. An environmental action doesn’t necessarily need to be costly or rocket science but what matters is its effectiveness in increasing profits. Environmental sustainability not only helps the planet but also improves an organization’s reputation and competitiveness. This will become a reality if only some of the following aspects are put into consideration:

Ascertain a commitment to the firm’s environmental sustainability. A person who is an environmental champion should be appointed to incite competent working practices. This individual should have a 100% consent of the Board of Management. Contact one of the bodies that are hinged to environmental sustainability for advice (Tilman and Clark 2014, p.517). For instance; Carbon Trust, Department for Environment, Zero Waste Scotland, Department for Energy and Climate Change or Food and Rural Affairs (Defra). Invite suggestions from employees within the organization thus encouraging them to come up with ideas on how to improve the company’s environmental performance. Materials used in the organization’s processes should be reused to reduce wastage. Recycling policy for plastic, paper and ink cartridges should be adopted. Use of videoconferencing and teleconferencing would greatly reduce business travel costs.

Households should also be in the forefront to actualize environmental sustainability from within. The following precepts should be adhered to;

Recycling of old trash from one’s households would lead to a cleaner house and acquisition of extra cash. Making of informed choices where one should consider buying items that they need to avoid wastage. A choice should be made from an existing variety of sustainable goods and services. Products used in cleaning should be environmentally friendly to avoid pollution. Products that use excessive package should be avoided as they are expected to increase wastage. Bulk buying would act as a solution to the reduction of packaging waste.

Everyone should purpose to minimize wastage. A lot of energy is used in the production, distribution, and storage of foods. Reduction in food wastage significantly helps the environment and helps reduce personal bills on grocery. Efficient waste management promotes environmental sustainability through reduction, reuse and recycles which are known to reduce pollution, conserve the available natural resources and reduce carbon footprint. Conservation of utility bills and minimization of wastes helps in reduction of personal utility bills and thus promoting sustainability. Insulation of your house and replacement of faulty appliances and fittings would save energy bills. Simple things, like turning off lights and air-conditioning as well as unplugging appliances which are not in use, will have a long run effect on efforts to save and conserve energy. One should join non-profit organizations in their locale that aims to promote environmental sustainability. Taking part in tree planting forums helps in improvement of the environmental quality of the designated area as trees are a source of fresh air, food, and shade (Wong and Zhou 2015, p.160). 

References

Boote, D., Pais, T., Vergassola, G., Tonelli, A. and Gragnani, L., 2017. On the damping coefficient of laminated glass for yacht industry. International Shipbuilding Progress, (Preprint), pp.1-16.

Holden, E., Linnerud, K. and Banister, D., 2017. The imperatives of sustainable development. Sustainable Development, 25(3), pp.213-226.

Tilman, D. and Clark, M., 2014. Global diets link environmental sustainability and human health. Nature, 515(7528), p.518.

Van den Berg, H., 2016. Economic growth and development. World Scientific Publishing Company.

Wong, J.K.W. and Zhou, J., 2015. Enhancing environmental sustainability over building life cycles through green BIM: A review. Automation in Construction, 57, pp.156-165.

Yeroshkina, S., 2017. Technical features of rigged yacht by categories and classes. The actual problems of regional economy development, 2(12), pp.98-111.