Meeting the Challenge of Sustainable Business Essay

Meeting the Challenge of Sustainable Business - Essay Example tly, the paper recommends that the NIOC would respond through prioritized strategies: increased environmental preservation programs, building technological capabilities, expanding programs for socioeconomic concerns, monitoring Iran’s geopolitical status as well as adjusting operations to cope in a stringent legal environment. This approach would ensure sustainability by minimizing unfavourable uncertainties. The global business environment is very dynamic and present trends that could lead to the failure of the business. Analysis of the recent trends could give insight on future trends in the business environment and enable planners develop long-term sustainable strategies for their company. This is important to ensure the businesses do not experience undesired difficulties that may lead to failure or decreased profits. The current business scenario for the oil industry could provide rich information on the anticipated scenario in the long future and enable oil firms such as the National Iranian Oil Company (NIOC) develop effective sustainable strategies. The present oil business environment experience changes in geopolitical, technological, socioeconomic, legal and environmental factors useful in developing sustainable response strategies for a firm. Current trends include increased environmental concerns due to pollution of oil products and practices of cutting costs to increase compe titiveness. There are global politics on Iran’s oil supplies associated with involvement in the manufacture of nuclear weapons as well as support for terrorism. This paper will discuss about the present oil business scenario for NIOC to project the scenario in 2055 and develop sustainable response strategies for the company’s future scenario. The global oil industry experience huge concerns over the negative impacts of oil on the environment. Oil is the main source of pollution through emissions of carbon dioxide gas, which the main contributing factor in global warming