Explain the importance of shared value as a means to attain sustainable competitive advantage

What will be an ideal response?

Shared value is a big new idea for many global marketers and a very old and accepted idea for others. The capitalist system in many countries is failing to meet the needs of society. In other countries, it is alive and well. This is good news: the companies and countries that understand and practice the application of this concept have proven that it works in today's global economy.
Companies that are not committed to shared value are trapped in an outdated and obsolete approach to value creation. These companies view value creation as something that happens in a bubble that includes only top management and shareholders. In this view, whatever is good for the bottom line is good for society. This view is justification for overlooking the well-being of employees, customers, and suppliers and the economic collapse of entire communities. It is this view that leads companies to the myopic conclusion that shifting activities to locations with lower wages is a sustainable solution to competitive challenges when it is, in reality, a short-term move that does nothing to create sustainable competitive advantage. Ignoring the concept of shared value enriches management and shareholders at the expense of society.