Sustainable Strategy to Sustainable Business: An Empirical Analysis on Energy-Efficient Light Bulb

Abstract

Energy Efficiency is one of the key elements of the Environment-Economic aspect of the three spheres of sustainability. To make any business sustainable in the light bulb industry, it could be applied as a strategy to gain competitive advantage in the functional level. This paper investigates the market awareness of environmentally friendly products such as the energy efficient light bulb (or energy bulb) and its market availability, demand, quality and brightness, low waste (e-waste), sustainable consumption (durability), warranty, commission rate, and profitability. It also finds that energy efficiency and low waste are valuable strategies to create market demand for energy bulbs to make sustainable profit and product stewardship eventually to contribute to the e-waste management. A 500 sample survey is conducted in Bangladesh to analyze the energy bulb buyers’ and sellers’ view about this product locally. After the results and interpretation through descriptive statistics and regression of the variables, this study finally draws a pathway model to show that sustainable energy definitely leads to sustainable business. From the buyers’ point of view, sustainable consumption and low waste as well as from the sellers’ point of view profit and sustainable product both support sustainable business backed by sustainable strategy, energy efficiency being the key. To make the competitive advantage enduring, ensure profitability and profit growth for the shareholders of the corporate world, especially the electrical and electronics industry; with the energy bulb in particular, an energy efficiency strategy could be implemented in businesses worldwide. As the COP26 (The 2021 United Nations Conference on Climate Change) limits the global warming rise by 1.5%, energy bulb has been the pioneer in promoting sustainable products to adopt the sustainable strategy to limit carbon emissions globally.

1. Introduction

Sustainability is balancing the present for the future. This very current term ‘sustainability’ is broadly defined as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. It can be traced back to 1980 in the Brundtland Commission report [1]. When applying it to the corporation, it is the development of a process or management system for profit maximization with respect to the need to sustain natural resources and protect the environment. The Sustainable Development Goals (SDGs), officially known as transforming our world: the 2030 Agenda for Sustainable Development are an intergovernmental set of aspiration Goals with 169 targets. It outlines the 17 goals; one is Affordable and Clean Energy with four targets. For this study the most related targets are:

• By 2030, double the global rate of improvement in energy efficiency
• By 2030, enhance international cooperation to facilitate access to clean energy research and technology, including renewable energy, energy efficiency, and clean energy technology.

In addition, reducing the carbon intensity of energy is a key objective in long-term climate goals because energy is the dominant contribution to climate change, accounting for around 60 percent of total global greenhouse gas emissions [2].

Among other factors of sustainability, energy efficiency is one of the most important aspects of climate change; the environmental-economic aspects of the three spheres of sustainability. In the interstitial space between the economic and environmental spheres we have all the viable economic activities that the environment can support; energy efficiency being the one [3]. According to [4], energy efficiency can be considered as a contributor to energy consumption and decreasing carbon emissions, mitigating climate change and obtaining economic development.

Electric lighting is responsible for up to 25% of the energy budget for domestic homes and the electricity used by incandescent lights costs 5 to 10 times more than the original price paid to purchase these bulbs. [5]. The energy-bulb (subsequently energy bulb, energy-efficient light-bulb) is well known for its energy efficiency feature compared to traditional incandescent energy-efficient light-bulbs such as halogen incandescent, compact fluorescent lamps (CFLs), and light emitting diodes (LEDs) and has the following advantages:

• Typically uses about 25–80% less energy than traditional incandescent, saving money;
• Can last 3–25 times longer.

While the initial price of energy-efficient bulbs is typically higher than traditional incandescent, newer bulbs cost less to operate, saving you money over the life of the bulb. Many of the newer bulbs last significantly longer than traditional bulbs. According to another study by the United States Office of Energy Efficiency and Renewable Energy, traditional incandescent bulbs are inefficient because about 90% of the energy is radiated as heat [6]. The energy efficient bulb is sold at a very high rate. The World Bank distributes this type of bulb in the rural area of Bangladesh to ensure electricity access. On 19 June 2010, a similar program announced in Bangladesh participated in replacing traditional Edison bulbs with CFLs to help to fill the demand-supply gap in Bangladesh’s power sector. They have set the record for distributing almost five million energy-efficient bulbs in the rural area of 27 districts [7]. Energy bulb represents the sustainable products crown for various reasons. A sustainability study conducted by Boston University [8] revealed that by converting to energy saving LED bulbs it is possible to save up to 80% of energy consumption. It also estimates that if it would require each American to replace only one traditional light bulb with an LED bulb then the energy saved could be enough to light up 2.5 million homes in the US and greenhouse gas emitted by approximately 800,000 cars [9]. In Malaysia, it is estimated at around 40% of greenhouse gasses are emitted by residential buildings and their consumption of energy that includes the use of lighting sources [10]. Light bulb producers such as Phillips claim that the environmental footprint of any product used for lighting is made up more than 90% by its energy consumption and therefore, by shifting to LEDs with the right brightness in the most effective time and place, more than 80% of electricity consumption can be reduced [11]. A Pakistan-based study suggests that the prices of bulbs are over exaggerated. The suggested results state that CFLs and LEDs consume only about 10% and 20% of power, respectively, and are overrated based on efficacies calculated for the three (3) types of lights and the lumens per watt for bulbs, tubes, and CFLs, respectively [12]. The study indicates the number of businesses, which are engaged in recycling, energy efficiency, responsible buying and selling, and efforts to reduce their carbon emissions initiatives [13]. Awareness has led the French people to replace traditional incandescent with energy savers to better the economic savings [14]. A study was conducted on documents related to LED lighting and bio-fuels in the Netherlands to find out institutional strategies of incumbent firms with regard to sustainable energy innovations that threaten their interests [15]. The study also suggests that where sustainability is concerned it is better to use LEDs or incandescent relative to CFLs. LEDs use less power, produce a more natural (and relaxing) light that is less yellow, do not burn out, are not toxic, do not produce harmful radiation, and they operate at a cool temperature, so that there is never a fire or burn risk. LED bulbs are simply a superior technology in every way [16]. The energy bulb industry seems to be in its growing phase. Consumers’ awareness, good quality and brightness, long lasting bulb’s performance and profitable business could make it a long lasting venture for electrical and electronics industry.

A Utility-led Efficient Lighting Program in Bangalore, India: The Bangalore Electric Supply Company (BESCOM) collaborated with the International Institute for Energy Conservation to execute a program to replace incandescent with CFLs to deal with power shortages and carbon dioxide emission [17]. As a densely populated country, Bangladesh has a population density of about 1300 people (UN data) per square and it is one of the highest in the world. Multinational and global companies focus more on gaining broader market and high sales volume as today Bangladesh imports around 20% incandescent, 80% CFLs, 40% fluorescents and 90% high-intensity discharge lamps (HIDs) [18].

As the business has enough power to bring in social and environmental changes [19] it is up to them (the corporations) to bring in those changes having positive impact upon the environment, considering sustainable development issues. In particular, electrical and electronics goods, ecological, ozone-friendly, eco-efficient, and environment friendly products are becoming popular. To be able to do that, an effective sustainable strategy must be constructed, eventually leading to an effective sustainable business. The businesses will have the ability to understand the customers’ perspective and needs. They will offer their customers better products through better business practice.

This leads the project to encompass some objectives in pursuing such a study:

• Market awareness and acceptance of sustainable products such as energy-bulb;
• Customers perception about sustainability with the key points such as energy-efficiency;
• The evolution of sustainable consumption in market development;
• Higher volume of sale, commission and profit concern for sellers;
• Low cost and low waste concern in eco-branding;
• Profitability in energy-efficient product;
• Developing a model linking sustainable strategy to sustainable business; and
• Attracting energy bulb or related electrical and electronics goods marketer to adapt sustainable strategy to be formulating into their business operations.

In the perspective of Bangladesh and also the light bulb industry, no empirical study is found to prove the viability and profitability of sustainable business practice through a sustainable strategy. However, this study endeavors to fill the research gap; the sellers’ and buyers’ viewpoint is included which often gets ignored. A side-by-side perspective of buyers and sellers about a sustainable business has never been done before. Against this backdrop, it has undertaken the present study to reduce the research gap. The paper also indicates the way for a sustainable business practice while protecting the environment through a sustainable business strategy.

The second section of this paper is to develop the theoretical framework for the sustainable strategy towards a sustainable business model through designated literature very much related to the model constructs. Section three (3), four (4), five (5) and six (6) will be dedicated to Research Methodology, Findings and Results, Overall Discussion with future research, Limitations and Conclusion, respectively.

2. Literature Review and Theoretical Framework

Sustainable strategy could help running a business for a long time; it will not only maintain profit and profit growth but also will ensure environmental and social sustainability in its operation. Some key aspects regarding sustainability and business strategies emphasized by experts are drawn from literature. These key points later will be considered as the study variables to develop the sustainable business model. Those are discussed below:

2.1. Sustainable Business

Businesses being very powerful institutions [19] having the responsibility to bring in changes and sustainable development throughout the society. Without sustainable development there will be downturn for the environmental and economic sector [20]. The word “sustainable” now goes hand in hand with current business practices. Even the word sustainability is referred to by a Zurich-based asset management firm as another business viewpoint which is about long-term shareholders’ value orientation and dealing with all the risks that come with the development in every sector [21] such as long-term challenges of environmental degradation [22] and dealing with different social problems [23]. There are many theories for implementing sustainability but a thorough procedure of any kind has not yet been implemented [24,25]. However, it does not indicate improbability as [26] has shown its gradual appearance in prevailing markets. Development of technologies blending in to the business competitive environment [27] and innovativeness are some of these reasons for a sustainable business to work, while earning profit remains the primary motivation. The rapidly changing business and innovative environment [28] are pushing for increased investment in sustainable innovation across industries to establish successful sustainable business.

2.2. Sustainable Strategy

As the countries are facing a growing demand of merchandise and limited resources, businesses need to pursue a sustainable growth and ensure maximum efficient resource usage for their own benefit. Despite being fairly expensive, customers are now accepting the energy bulb for its nature of energy efficiency [29]. The issues regarding sustainability should also be incorporated in formulating a strategy against the competitors [30,31] whereas a strategy is a specific ‘maneuver’ intended to outfit an opponent or competitor [32]. Study [33] referred to sustainable strategy as the means to counter the environmental issues and to have a responsibility of the products’ environmental impact along the products’ life cycle. To formulate sustainable strategy, short-term orientation should be avoided [34] and focus should be given on the triple bottom line; economic, environmental and social goals [35].

Energy efficient technology can be stated as the result of sustainable strategy. This technology contributes to lower energy consumption and low level carbon-di-oxide emission [36]. Unless different aspects of sustainability are integrated properly, the whole strategy will ultimately become a burden to the business [37]. As energy consumption in the commercial and residential sector is now higher than ever [38], different countries have taken steps to make the people more susceptible to energy efficiency through different projects [39]. Countries such as the United States, India [40], China [41], the United Kingdom, Germany [42] and many others have already taken several strategies to prove their prioritization of sustainable products.

2.3. Sustainable Product

With the growing concerns among customers about the environment and among the companies regarding the scarcity of non-renewable resources, the term “sustainable product” is getting fairly common. Normally, product means anything that can be “touched, stored and owned” and there must be other criteria such as quality, price, materials etc. to be a product [43]. Besides all these, a sustainable product also incorporates the concept of sustainability; such as including environmental factors [44]. Sustainable product is a means to bring sustainable development to the “existing dynamics” [45].

The energy bulb is a great example of sustainable product and is consistently in great demand for its multiple advantages. One of the reasons for its being popular is not having any significant changes in the structure and other characteristics [46]. A household with comparatively younger generations seeks environmental advantages through the energy bulbs. On the other hand, comparatively older generations seek financial or monetary benefit through sustainable products and benefit is ensured to both the parties (buyer and seller) as well as to the environment [42,43,47].

2.4. Sustainable Consumption

The trend of consumption does not follow a universal pattern and depends on different socio-economic and psychological factors [48]; like monetary value, conveniences, norms, and even takes into account customers’ resistance to change [49]. Consumption thus creates a distinctive social identity [50] which often acts like a barrier. Sustainable consumption breaks that barrier and represents a larger community. Sustainable consumption was defined by [51] as utilizing the products and services to fulfill the need, maintaining a standard lifestyle without wasting the valuable resources and keeping the waste and toxic byproducts to the lowest level possible. It can be used as an effective “policy tool” for the government to promote sustainable products [52], as only 10% of the 40% sustainable consumption supporters are actually active in real life [53].

Sustainable consumption such as using energy bulbs on a daily basis is eco-friendly and saves hugely on resources. It meets all economic, social and environmental factors required by consumers [54]. Switching to LED bulbs ensures higher luminous efficiency; higher (3 years) warranty period [55], a wide range of alternatives and about 80% energy conservation [56] which would otherwise be doubled in 4 to 5 years [57]. So, all these factors weigh in the effectiveness of sustainable consumption through energy bulb.

2.5. Profit

Profit is an essential part of any businesses and the core incentive of any businessperson. There are many aspects embedded in the whole concept of profit; such as in the form of economic, social and environmental aspects [58]. Profit is defined as surplus over the cost of production [59]. Anything which is proven to be profitable is valuable [60]. Every business concept is about earning profit and sustainability is not that different. Experts emphasized profit matters such as volume of sales [61], large volume and profit margin and globalization in relation with profit and volume [62]. This increased profit margin and commission rate act as the incentives to the sellers to focus more on the energy bulb.

2.6. Low Waste

Waste, the unwanted byproducts generated from the production process and the discarded human materials after consumption are the main subject matters. The waste around us produces malodorous odors and deadly diseases. Additionally, waste negatively affects the aesthetic appeal of our precious environment [63]. Although there are multiple reasons for these waste generations, uncontrollable resource usage is hugely responsible for it. Now, the total resource usage is about 7 times more than the usage back in 1950 according to [64]. Switching to a more efficient sustainable product would reduce more waste [65]. The efficient use of the resources, such as using the LED bulbs, would ensure a higher quality standard, lower overhead cost and minimum waste generation [66]. This progression towards sustainable products would reduce the waste as well as the materials required for production from 4 to 20 times [67]. E-waste is also a great concern in today’s technology world. Thus, sustainable and environment-friendly products such as the energy bulb would thus keep the waste to a minimum level.

Several business and sustainability factors are identified from this literature review. They are Sustainable Business, Sustainable Product, Sustainable Strategy, Sustainable Consumption, Profit, and Low Waste. Strategies are shaped by distinctive competencies (the core activities a company performs using resources and capabilities) in value creation through low cost and differentiation which eventually achieve superior profit. [68]. Likewise, sustainable business is facilitated by sustainable products and sustainable consumption whereas profit and low waste are shaped by sustainable strategy. Therefore, this literature review for particular factors must support this project to develop hypotheses and the pathway model.

3. Research Methodology

Here, in this section, research questions with hypotheses development, data collection and processing with model development is discussed.

3.1. Research Questions

The research will focus on finding out the driving factors which are influencing the business sustainability of energy bulb both from the buyers’ and sellers’ side. The research will address the following research questions and they are:

• What is the market demand and availability of energy bulb?
• What is the number of complaints sellers get on energy bulb?
• What is the profitability of energy bulb for sellers?
• What are the features customers look for in an energy bulb?
• What is the level of awareness for energy efficiency among customers?
• What is the people’s perception of energy bulb in term of waste reduction, and
• What is the public opinion on energy bulb business in Bangladesh?

3.2. Hypothesis Development

To conduct the research, six hypotheses have been developed (Figure 1) based on project objectives, introductory discussion and literature review and they are:

H₁: 

Sellers are interested in selling energy bulb because of its market availability.

H₂: 

Sellers sell energy bulb because of the higher demand from customers.

H₃: 

Sellers sell energy bulb because of its higher profit margin.

H₄: 

Customers buy energy bulbs because of energy efficiency.

H₅: 

Customers get warranty benefits from energy bulbs.

H₆: 

Customers buy energy bulbs for their environment-friendly feature.

3.3. Data Collection and Model Development

The research is mainly quantitative in nature in finding correlations and test hypotheses. It is based on primary data collected from both surveys and interviews as these allow for a combination of numerical measurement and in-depth exploration. The data were collected through a questionnaire survey during February–March 2019 and the questionnaires were distributed in a hand-to-hand approach to the respondents. Primarily 600 questionnaires were distributed for data collection. Because of missing and incomplete information, finally, the sample size was 500 individuals (250 individuals were sellers and the other 250 individuals were buyers from two major cities named Dhaka and Chittagong of Bangladesh). That is why there are two parts in the questionnaire (one part focuses on evaluating the seller’s view and another focuses on evaluating the buyer’s view on energy bulb). As a result, the survey aimed at identifying the significant factors from the seller’s point of view as well as the buyer’s point of view.

The survey comprised ten close-ended questions and then the respondents were asked to rate each factor in a Likert Scale, which ranged from 1 to 5 (1: Strongly Agree, 2: Agree, 3: Neutral, 4: Disagree, and 5: Strongly Disagree). However, to keep the survey convenient for the respondents, there is a list of relevant factors that was used in the questionnaire and these factors for business sustainability were selected from the literature review. Semi-structured interviews were conducted at the end of data collection to fine-tune the survey findings. The summary of collected data has been presented with the graphical representation and descriptive statistics and then the proposed model has been developed through profound quantitative analysis, such as two-layer multiple regression through SPSS for both buyers and sellers.

The model is developed using the following equation:

Y_i = β₀ + β₁x₁ + β₂x₂ + β₃x₃ + β₄x₄ + β₅x₅ + β₆x₆ + ϵ_i

(1)

where,

Yi = Sustainable business	x1 = Market availability
βi = Slope coefficient	x2 = Customers’ demand
β0 = Intercept coefficient	x3 = Commission rate and profit margin
ϵi = Error terms	x4 = Energy efficiency
	x5 = Longevity and warranty facility
	x6 = Environment-friendly

Two-layer multiple regression has been used to determine whether the sellers are happy or not with the commission rate and profit margin of energy bulb as well as if the buyers are pleased or not with the environment-friendly feature of energy bulbs. Profit is the main target for any seller. If the energy bulb does not produce a comparatively better profit margin, they will not be interested in selling energy bulbs and as a result, energy bulb business cannot be sustainable. Besides, at present, buyers are more concerned with the environment. If the energy bulb cannot satisfy the customers with its environment-friendly feature, eventually, energy bulb business cannot be sustainable enough.

4. Findings and Results

This section is describing the statistical findings: descriptive statistics, graphical presentation, regression model summary and coefficient for various models with dependent variables. Finally, the results depict the sustainability business model with its link to sustainable strategy.

4.1. Statistical Data Analysis

Table 1. Descriptive Statistics.

Variables	N	Minimum	Maximum	Mean	Std. Deviation
Sellers’ Strategy (SsR*): Market Availability	500	1.00	3.00	1.8600	0.63341
Product (PrdR1): Customers’ demand	500	1.00	4.00	2.400	1.11467
Product (PrdR2): Compliment	500	1.00	2.00	1.400	0.49039
Product (PrfR): Commission and Profit Margin	500	1.00	5.00	2.1300	1.28702
Sellers Business (SbR): Lucrative Business	500	1.00	3.00	1.800	0.67891
Buyers’ Strategy (BsR): Energy Efficiency	500	1.00	3.00	1.7600	0.61900
Consumption (CmpR1): Longevity, Warranty	500	1.00	2.00	1.1000	0.30030
Consumption (CmpR2): Brightness	500	1.00	2.00	1.0400	0.19616
Waste (WstR): Environment friendly	500	1.00	3.00	2.1000	0.94434
Buyers’ Business (BbR): Durable/Sustainable	500	1.00	3.00	2.1600	0.64438
Valid N (listwise)					500

* ‘R’ means related in all variables.

shows the descriptive statistics of the variables which are used in the study. The mean market availability of energy bulb is 1.86. It means that most of the respondents (where N = 500) have agreed to market availability of energy bulb. The mean of compliment is 1.40. It means that energy bulb has both longevity and warranty facility.

The mean of commission rate and profit margin is 2.13. It means that there is a higher amount of profit and respondents have agreed to this issue. The mean of lucrative business is 1.80 with a standard deviation of 0.679. The mean energy efficiency of energy bulb is 1.76. It means the respondents are satisfied with the energy efficiency of energy bulb. The mean of environment-friendly is 2.10, and it means that energy bulbs have features of environmental friendliness and respondents are happy with it. The mean of durable business is 2.16 with a standard deviation of 0.644.

4.2. Graphical Representation

Figure 2 represents the number of sellers of energy bulb responding to the questions of the survey questionnaire. In case of responding related to strategy, over 85% of the respondents have agreed that they are influenced by the manufacturers (sales agents) for selling energy bulb over the traditional bulb. Most of the respondents have stated that there are almost no complaints in the case of energy bulb. They have also informed that nowadays, most of the time, customers demand energy bulb rather than the traditional bulb because of its longevity in nature. The respondents are very satisfied with the profit level by selling energy bulb. They have stated that they earn around five times the profit by selling energy bulb compared to the traditional bulb. It can be seen that most of the respondents are happy and fully satisfied with their energy bulb business.

Figure 3 represents the number of buyers of energy bulb responding to the questions. Most of the respondents have been influenced by energy efficiency. They prefer brighter light, warranty card benefits and most importantly energy efficiency of the energy bulb over the traditional bulb. The respondents have notified that they are satisfied with the longevity (the energy bulb does not have an easily damaged wire filament issue unlike traditional bulb) and warranty benefits of the energy bulb. They are also delighted with the brightness of the energy bulb over the traditional bulb. Around 50% of the respondents remain neutral and they are not sure about its environment-friendly feature while the remaining 50% agree to the issue of environmental friendliness as there is a common conception that energy bulb is environment-friendly. Around 70% of the respondents would buy energy bulb repeatedly while the other 30% of the respondents are interested in buying the bulb made of advanced technology (if available) in future, though, at present, they are satisfied with the energy bulb over the traditional bulb.

4.2.1. Two-Layer Multiple Regression (Seller)

• With Commission rate and profit margin as the criterion and Market availability, Customers’ demand as the predictors
• With Sustainable Business as the criterion and Commission rate and profit margin, Market availability, Customers’ demand as the predictors

4.2.2. (A) ‘First-Layer’ Multiple Regressions

Table 2. Model Summary (Seller).

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	0.896 *	802	0.801	0.57353

* Predictors: (Constant), Market Availability, Customers’ Demand.

shows the multiple linear regression model summary and overall fit statistics. Here, the R²: 0.801 and it means that the linear regression explains 80.1% of the variance in the data.

Table 3. Coefficients * (Seller).

Model		Non-Standardized Coefficient		Standardized Coefficient	t	Sig	95.0% Confidence Internal for B
		B	Std Error	Beta			Lower Bound	Upper Bound
1	(Constant)	−0.816	0.080	-	−10.234	0.000	−0.972	−0.659
	Customers’ Demand	0.728	0.035	0.630	20.512	0.000	0.658	0.798
	Market Availability	0.645	0.062	0.317	10.322	0.000	0.522	0.767

* Dependent Variable: Commission Rate and Profit Margin.

shows the multiple linear regression estimates including the intercept and the significance levels. After forcing all variables into the multiple linear regressions, it is found that all the independent variables are significant enough. Demand from customers has higher impact (beta: 0.630), and availability of energy bulb has comparatively lower impact (beta: 0.317). The “e” value (roughly error variance, ε_Profit) for profit is 0.446.

4.2.3. (B) ‘Second-Layer’ Multiple Regressions

Table 4. Model Summary (Seller).

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	0.987 *	0.973	0.973	0.09899

* Predictors: (Constant), Commission Rate and Profit Margin, Market Availability, Customers’ Demand.

shows the multiple linear regression model summary and overall fit statistics. Here, the R²: 0.973 and it means that the linear regression explains 97.3% of the variance in the data.

Table 5. Coefficients * (Seller).

Model		Non-Standardized Coefficient		Standardized Coefficient	t	Sig	95.0% Confidence Internal for B
		B	Std Error	Beta			Lower Bound	Upper Bound
1	(Constant)	0.391	0.015	-	25.829	0.000	0.361	0.421
	Market Availability	0.298	0.012	0.311	25.083	0.000	0.275	0.321
	Customers’ Demand	0.156	0.008	0.287	18.760	0.000	0.140	0.172
	Commission Rate and Profit Margin	0.214	0.008	0.454	27.604	0.000	0.199	0.229

* Dependent Variable: Sustainable Business.

shows the multiple linear regression estimates including the intercept and the significance levels. After forcing all variables into the multiple linear regressions, it is found that all the independent variables are significant enough. Commission rate and profit margin has the highest impact (beta: 0.454) and availability of energy bulb has comparatively higher impact (beta: 0.311) while demand from customers has the lowest impact (beta: 0.287). The “e” value (roughly error variance, ε_{Sustainable Business}) for sustainable business is 0.164.

4.2.4. (C) Statistical Significance

The overall regression model for sellers (using alpha: 0.05) is significant and shown in Figure 4. Besides, all the three independent variables are also statically significant. Therefore, it can be concluded that first three alternative hypotheses (H₁–H₃) are accepted.

4.2.5. (D) Practical Significance

The business will be more sustainable (increased by 1%) if:

➢

Availability of energy bulb increases by 3%

➢

Demand from customers increases by 3.5%

➢

Commission rate and profit margin increases by 2%

4.2.6. Two-Layer Multiple Regressions (Buyer)

• Environment-friendly as the criterion and Longevity and warranty facility, Energy efficiency as the predictors
• With Sustainable Business as the criterion and Environment-friendly, Longevity and warranty facility, Energy efficiency as the predictors

4.2.7. (A) ‘First-Layer’ Multiple Regressions

Table 6. Model Summary (Buyer).

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	0.846 *	0.715	0.714	0.50508

* Predictors: (Constant), Longevity and warranty facility, Energy Efficiency.

shows the multiple linear regression model summary and overall fit statistics. Here, the R²: 0.714 and it means that the linear regression explains 71.4% of the variance in the data.

Table 7. Coefficients * (Buyer).

Model		Non-Standardized Coefficient		Standardized Coefficient	t	Sig	95.0% Confidence Internal for B
		B	Std Error	Beta			Lower Bound	Upper Bound
1	(Constant)	0.607	0.087	-	7.004	0.000	0.437	0.777
	Energy Efficiency	1.607	0.049	1.053	32.726	0.000	1.511	1.704
	Lengevity and Warranty	−1.214	0.101	−0.386	−11.996	0.000	−1.413	−1.015

* Dependent Variable: Environment- friendly.

shows the multiple linear regression estimates including the intercept and the significance levels. After forcing all variables into the multiple linear regressions, it is found that all the independent variables are significant enough. Energy efficiency has a positive beta coefficient (beta: 1.053) while warranty card facility has negative beta coefficient (beta: 0.386). The “e” value (roughly error variance, ε_{Low Waste}) for low waste is 0.535.

4.2.8. (B) ‘Second-Layer’ Multiple Regressions

Table 8. Model Summary (Buyer).

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	0.945 *	0.894	0.893	0.19824

* Predictors: (Constant), Environment friendly, Longevity and warranty, Energy Efficiency.

shows the multiple linear regression model summary and overall fit statistics. Here, the R²: 0.893 and it means that the linear regression explains 89.3% of the variance in the data.

Table 9. Coefficient * (Buyers).

Model		Non-Standardized Coefficient		Standardized Coefficient	t	Sig	95.0% Confidence Internal for B
		B	Std Error	Beta			Lower Bound	Upper Bound
1	(Constant)	−0.031	0.036	-	−0.868	0.000	−0.101	0.039
	Energy Efficiency	0.298	0.034	0.304	8.700	0.000	0.231	0.365
	Longevity and Warranty	0.505	0.045	0.250	11.189	0.000	0.416	0.593
	Environment-friendly	0.346	0.018	0.539	19.648	0.000	0.311	0.381

* Dependent Variable: Sustainable Business.

shows the multiple linear regression estimates including the intercept and the significance levels. All the independent variables are significant enough. Environmental friendliness has the highest impact (beta: 0.539) and energy efficiency has comparatively higher impact (beta: 0.304) while warranty card facility has the lowest impact (beta: 0.250). The “e” value (roughly error variance, ε_{Sustainable Business}) for sustainable business is 0.327.

4.2.9. (C) Statistical Significance

The overall regression model for buyers (using alpha: 0.05) is significant and shown in Figure 5. Besides, all the three independent variables are also statistically significant. Therefore, alternative hypotheses (H₄–H₆) are accepted.

4.2.10. (D) Practical Significance

The business will be more sustainable (increased by 1%) if:

➢

Energy efficiency increases by 3%

➢

Warranty card facility increases by 4%

➢

Environmental friendliness increases by 2%

All the findings are summed up in a pathway model to easily depicting the causal relationship among the identified factors used as variables. Thus, Figure 6 represents the whole project that can be explained from two perspectives and they are seller-oriented as well as buyer-oriented. Sustainable product and sustainable strategy both lead to higher profits and then the three factors (sustainable strategy, sustainable product, and sustainable profit) make the business sustainable. Likewise, sustainable consumption and sustainable strategy both lead to lower waste and then three factors (sustainable strategy, sustainable consumption, and low waste) make the business sustainable. This satisfies the findings stated in their article that to be a sustainable business it is mandatory to have some measures which will prove the business sustainable. Similar studies are also found to investigate Sustainable Performance Measurement (SPM) in electrical and electronics companies [69] and mandatory measures to prove business sustainable [70].

5. Overall Discussion and Future Research

The world needs to halve emissions over the next decade and reach net zero carbon emissions by the middle of the century if we are to limit global temperature rises to 1.5 degrees. This involves protecting communities and natural habitats through protecting and restoring ecosystem as well as building defense to adapt with the climate already in a changing trend with devastating effects. These two points are the first two goals; Mitigation and Adaptation of COP26 (Conference of the Parties) from UN Climate Change Conference 2021. Being at the door of Industrial Revolution 4.0, massive exchange of world merchandise such as electrical and electronics goods such as light bulbs, once invented by Thomas Edison in 1879, can now also be the one of the important steps of carbon emission reduction. The global smart LED bulbs market is expected to grow from $7.28 billion in 2020 to $9.13 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. This is expected to reach $18.85 billion in 2025 at a CAGR of 20% by overcoming the COVID-19 impact in global business [71]. Thus, this project must attract even the global marketer along with academia in pursuing inventing energy efficient solutions.

From a Bangladesh-based study, it is seen that 90% of the consumers are aware of green products and 65% of consumers expect the green products promotion as well as packaging along with other mixed marketing [72]. As green products, the availability of energy-efficient light-bulbs in the market has created its demand and was appreciated by local consumers and people concerned about climate change. Longevity, brightness, warranty and replacement features facilitate its high price seeming reflect the demand of many customers. On the other hand, sellers experience this bulb as a lucrative product to earn better commission and superior profit, and find it durable. Eco-friendly, environmentally friendly and eco-branding products light-bulbs and related products are also gaining popularity for low waste and feasible investment criteria eventually help the community, and other local and global developing countries to be responsible for the product, people and planet; the triple bottom line.

To develop a sustainable business model the study [73] reveals nine main aspects to consider, including sustainability, information technology, circular economy, value chain, core values, value creation, organizational values, performance management, and stakeholder engagement. The current study supports that as well. Sustainable strategies create sustainable business model—the context and factors, sustainable strategy and business cases etc. are also supported by the Sustainable Business Strategy book of [74]. Sustainable business model and strategy are also addressed in a study on smart phone business [75] to cover the life cycle of the products and emphasized on a combination of pattern, value creation, delivery etc. So, the current study on energy efficient light bulbs would definitely enhance the insight on the sustainable business strategy model encompassing profit, low cost and low waste.

If the light bulb industry implements this sustainable strategy, that would be a great initiative in pioneering sustainable technology in global electronics business. The electrical and electronics market is expected to reach $3935.6 billion in 2025; one of the major sub segments is electrical lighting [76]. Pressure from stakeholders and globalization are the driving forces for electrical and electronics companies to be more proactive in sustainable practices. The rapidly growing e-waste management through energy-efficient light bulb can also be exemplary in adopting other electrical goods. Considering all these, it is high time for academic research on the techniques to mitigate and adopt carbon reduction strategies. For global marketers this is to adopt sustainable products in practice for consumers to become responsible citizens and it is for marketers to implement sustainable strategy to positively impact the globe. Thus, this study might provide key insight into light bulb or electrical goods manufacturing and its global marketing.

6. Limitations and Conclusions

The sample for this research is taken merely from Bangladeshi buyers and sellers of energy-efficient light-bulb. Foreign products are very popular and available here and the local light bulb brands are in competition with the global manufacturers. Hence, along with light bulb industry and its customers, the global electrical and electronics industry as well as some generalized perspectives are discussed to develop the conceptual framework. This is to attract broadened readership, global companies and academia, to make their concern in adopting and projecting sustainable strategy to sustainable business model.

Product stewardship is a product-centered approach to environmental protection. Also known as extended product responsibility (EPR), product stewardship calls on those in the product life cycle—manufacturers, retailers, users, and disposers—to share responsibility for reducing the environmental impacts of products. As the sector with the closest ties to consumers, retailers are one of the gateways to product stewardship. From preferring product providers who offer greater environmental performance, to educating the consumer on how to choose environmentally preferable products, to enabling consumer return of products for recycling, retailers are an integral part of the product stewardship revolution. Energy-efficient light-bulb is the evidence in educating consumers in this process of environmental protection through warranty and replacement facility here in Bangladesh. Along with energy efficiency, the excellent and reliable quality such as brightness generates demand as well as longevity and ensures low waste, and as a result, low e-waste too. Electrical and electronics goods must implement those features to reduce costs, retain customers, and earns better profit for sustainable business. This project brings that message to the strategic research and corporate stakeholders.

Sustainability is the most important part of any kind of business practice. To build the competitive advantage for any business to last longer, it must adapt sustainable strategy. This is not only increases the profit growth and profitability of their businesses but also increases the sales volume by reflecting demand. The study here confirms the legitimacy of all the hypotheses and establishes the factors from both sides of the transaction in building the model pathways. Once the energy-bulb sellers are satisfied with the increasing customer demand and higher commission along with profit margin from selling the product, the buyers, on the other hand, are also happy with the sustainable feature of the product as well as with its environmental and economic benefit. Finally, energy efficiency, one of the key factors of environmental-economic sustainability, of the three spheres of sustainability, perform the key element in developing sustainable strategy to build a sustainable business model for energy-bulb eco branding not only for lighting the globe but also to protect the planet.