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Encouraging Sustainability through the Implementation of Green Business Practices |
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PP: 2511-2529 |
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doi:10.18576/isl/120627
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Author(s) |
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D. A. Alkhodary,
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Abstract |
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| This study explicitly examines the effects of energy efficiency, waste reduction, and environmental management systems in order to better understand the connection between greening practices and competitive advantage in the pharmaceutical business. The study asserts that implementing greening practices will positively impact a companys competitive advantage by increasing market share, customer loyalty, and innovation. It does this by drawing on a conceptual framework that positions greening practices as the independent variable and competitive advantage as the dependent variable. 426 Jordanian pharmaceutical company employees participated in the survey for this study, which provided information on their greening initiatives and competitive edge. The findings show a statistically significant positive association between the adoption of greening methods and competitive advantage, with businesses that adopted sustainable practices reporting increased market share, customer loyalty, and levels of innovation. A general competitive advantage in the market is a result of these events. The findings of this study have significant ramifications for pharmaceutical firms and other sectors looking to strengthen their market positions through environmentally friendly business practices. The findings highlight how important it is to adopt long-term sustainability measures and to appreciate the advantages of making investments in greening activities. Businesses can lessen their impact on the environment and gain a competitive edge by strengthening their market position by putting sustainability first and supporting environmentally friendly practice.
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