The it focuses on redesigning products, procedures, supply

The following segments comprise the brief literature review on our objectives
and circular economy (section 2), methodological procedures (section 3) and our
expected outcomes (section 4).

3.     View practical applications of a circular economy in the
industries and its relation with supply chain performance.

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2.     To come up with a template for applying the circular economy and
rebuild business models. 

1.     To understand the linear model of the product usage and distinguish
between a linear and circular economy.

Objectives of our research:

Therefore, studying and analysing the functioning
of a circular economy can help contribute to a better understanding on the
topic. Hence, this paper aspires to conduct a practical analysis of the intricate
details and applications of the circular economy structure.

In a linear economy, at the end of the product’s
life, the product is dumped in a landfill or incinerated – in this way, value
is leaking out of the system. However, in a circular economy instead of leaking
value, it focuses on redesigning products, procedures, supply chains and
business prototypes to generate
more value. (Weetman, 2017), As far as businesses
are considered, it creates additional revenue through existing products,
reduces operating costs, increases creativity and spikes innovation, brings
about a paradigm shift and is also engaging for customers and employees. It
aims to bring about a resource-conscious
business conduct.

However, adapting a circular economy is
important is today’s time, it helps reduce waste, greater resource
productivity, smarter use of resources can low carbon dioxide emissions, helps
use dependence on other countries for materials. With increase in our population
in the future, there is a considerable amount of pressure on our environment
and resources, so it only makes sense to focus on longevity of products. (WRAP and the circular economy).

For the longest of time our economy has been
“linear”. Linear in the sense raw material are processed and converted into a
product and after it is used and has exhausted its shelf life, it is thrown
away. In this economy value is created by getting the most out of the number of
products produced and sold where as a circular economy is more focused on value
retention. (Houten, 2014). Built on the backbone of these principles, the circular economy
has proved to have concrete benefits and viability to address the socio-economic
and environmental challenges of the present and what is to come. (Sariatli,
2017)

A circular economy is an alternative to the
linear economy where products and services are operated in closed loops or
‘cycles’. It is regenerative by design, the aim of a circular economy is to
elongate the life of a product to its maximum extent and then redesign,
regenerate the product at the end of its life. This can be achieved by
refurbishment, redesigning, recycling, reusing and remanufacturing of the
product.

Introduction