ABSTRACT
Sustainability is defined as considering the short-and long-term environmental, social, and economic impacts of organizational decisions and actions. Sustainability is a megatrend impacting the way in which successful business currently is and will continue to be conducted in the future. Increasingly, management is tasked with steering their operation through a world of environmental, social, and economic constraints while seeking new opportunities to create value for stakeholders. Sustainable initiatives and policies are changing product design, material selection, resource allocation, supply chain management, logistics, waste management, and product disposal. A reminder of the importance of management addressing megatrends is the bankruptcy of Kodak, the one-time market leader that failed to adapt to the rise of digital film. Kodak’s management was unable to adapt in a timely manner and the end result was bankruptcy, with significant losses for investors, employees, and the community. Sustainable strategy is the new paradigm for global business.
