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CIRCULAR BUSINESS MODELS - Coggle Diagram
CIRCULAR BUSINESS MODELS
Functions
Serve to reduce the extraction and use of natural resources and the generation of industrial and consumer wastes.
Represent the key activities required to transition to a more resource-efficient and circular economy.
Aims to develop an approach where materials are constantly cycled back resulting in less energy and less resource consumption.
By adopting: Business,
is doing less damage to the environment, acting in a socially responsible way; this may be reward enough in itself.
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may be able to attract better staff as increasingly employees are concerned about the environmental stance of the business they work for.
may be able to attract investors who are looking to support businesses that care about the environment
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may be ahead of other businesses and gain a competitive advantage; may also be in a better position if legislation changes in future meaning other businesses adopt a more circular approach.
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Evaluating
Important to consider the costs that may be involved in developing new processes and new business models and the time and resources required.
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May create threat for others such as car manufacturers if the result is fewer new cars are sold. This could then create social issues wit unemployment in some areas, which must be considered alongside the benefits of a circular model.