CREATING GREEN VALUE THROUGH SUSTAINABILITY
5th International Conference on Recycling and Reuse (R&R2024), İstanbul, Türkiye, 5 - 06 Temmuz 2024, cilt.1, sa.1, ss.176-177, (Özet Bildiri)
- Yayın Türü: Bildiri / Özet Bildiri
- Cilt numarası: 1
- Basıldığı Şehir: İstanbul
- Basıldığı Ülke: Türkiye
- Sayfa Sayıları: ss.176-177
- İstanbul Üniversitesi-Cerrahpaşa Adresli: Evet
Özet
In the contemporary business landscape, the imperative to merge innovation with sustainability has become a central strategic priority. This paper explores the concept of Value Innovation, originally coined by W. Chan Kim and Renée Mauborgne in their landmark book "Blue Ocean Strategy," and redefines it within the framework of sustainable business practices. Value innovation is the cornerstone of strategic innovation, which emphasizes both innovation and value. Focusing only on value creation (for example, by reducing costs) can create value without changing old habits. However, this value will not achieve the goal of differentiation. Innovation without value often tends to be technology-based, market-leading, or ahead of the curve, aiming at what buyers are willing to accept and pay for. Blue ocean creation is achieved by creating new market areas, avoiding competition, prioritizing value innovation, implementing strategic planning, and expanding the target audience.
This paper proposes a model that integrates value innovation with sustainability, in which companies not only seek to differentiate themselves through unique value propositions but also commit to environmental stewardship and social responsibility. This model emphasizes the creation of 'green value' that benefits consumers, the environment, and society at large. The study assesses how industry leaders have adopted sustainable practices and how innovative initiatives are pushing the boundaries of the market with sustainable solutions.
In this study, the sustainability reports and annual reports of companies operating in different sectors in Turkey, which have been at the forefront in terms of sustainability activities in their industry and also stand out with their innovation efforts, were examined. In this context, the data obtained from the reports, sustainability initiatives, and value innovation impacts of the enterprises were determined and in line with these determinations, it has been tried to reveal which key factors created green value. According to this, a model proposed that how companies are not only committing to sustainability but are also using it as a core element of their value innovation strategies. They create new market opportunities and competitive advantages by integrating environmental and social considerations into their business models, products, and services.
Our findings show that the combination of value innovation and sustainability leads to improved economic and environmental performance in an interdependent manner. Companies that adopt this integrated approach achieve higher consumer satisfaction, increase market share, and report improved environmental outcomes. This paper contributes to the theoretical discourse by providing a conceptual framework for sustainable value innovation and provides practical implications by highlighting strategies and best practices that can be adopted by companies aiming to achieve sustainability and competitive advantage simultaneously.
The findings of this study are profound and suggest a shift towards a more holistic view of innovation that includes sustainability as a key component of value creation. The research opens avenues for further exploration into how businesses can leverage technological advancements, stakeholder engagement, and regulatory frameworks to foster an ecosystem where value innovation and sustainability are inextricably linked.