A recent blog post on http://www.sustainablebusinessonline.com/ addressed the need for ethical products to be more competitively priced in the marketplace, to gain mass consumers.
“Sustainable business is about delivering the required quality at a competitive price using sustainable processes.”
All of this brings up the question: are competitively priced, high quality sustainable products realistic?
In our opinion, it is possible but it requires a lot of ingenuity, innovation and the willingness to make long-term investments. There are so many processes and stakeholders to consider in a sustainable business, summarized in the following questions:
- Is the process to making the product – sustainable? Is the process to making the product affordable?
- Is the product sustainable? Is the product high-quality?
- Is the product priced competitively? Is this price covering the cost it takes to produce the product including fair wages?
- Can this product sell? Can this product fit into mainstream consumer practices?
If the answer to all of these questions is yes, then yes it is a sustainable business. However, if some of these answers are no – there is still much to be done. Do you think such a business is realistic? What other criteria do you see being necessary to determining how sustainable a business is?
If you want to discuss sustainable business and ethical products further with others interested in this space, definitely check out our first event taking place on June 16th in Toronto: Ethical & Fair Trade Products in the Marketplace – A discussion & networking evening.