Tripple Bottom Line Aproach

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The implications of the use of the Triple Bottom Line approach in the events industry: A case study of ‘Dubai pet show’ Every business just focuses on how they could achieve their economical, social and environmental success in today’s scary era of environmental and social responsibility, before organizations just thought about profit, profit and more profit but now they have realized that they also need to focus on the social and environmental values, so every business is trying to go green, therefore they use the Triple bottom line approach to have a sustainable future. Triple bottom line approach was first used by ‘John Elkington’ who was the co-founder of the business consultancy sustain ability, in his book Cannibals with Forks: The Triple Bottom Line of 21st century business. This approach is about the People (social), Planet (environment) and Profit (economic). It joins the social, environmental and economical impacts of the organization. It demonstrates strategy to the organizations, which helps them to have a sustainable future. In the events industry they practice the triple bottom line approach during their planning process, so that they could restrict their negative impacts of the event and promote the positive ones- from green living tips website, 19th January 2010, by Michael Bloch, URL: http://www.greenlivingtips.com/articles/264/1/Triple-bottom-line.html The key concepts of The Triple Bottom Line approach is co-operate social responsibilities (CSR), stakeholders, economical and social cultural aspects of environment. Co-operate social responsibilities is about how the organization’s development creates a positive impact on the society- form Mallen baker website ,URL: http://www.mallenbaker.net/csr/definition.php Organizations voluntary themselves and get involved in the society and the environment to give positive impacts to them such as employing the local people and increasing the employment rate. Co-operate social responsibilities is essential for the survival of a sustainable business. ‘A stakeholder in an organization is (by its definition) any group or individual who can affect by the achievement of the organization’s objective’ (Freeman, 1984, p.25) R. Edward Freeman”strategic management” (1984). URL: http://www.youtube.com/watch?v=vdP6mgegn3U&NR=1. To run the business successfully communicating with the stakeholders often can guarantee that they know what the business is doing and this would help them understand the project fully which would later benefit the organizations projects by supporting them whenever required. The environment is to some measure affected by the economic and social impacts of a business. There are various pros and cons to this, some of what are as follow, impact on the social culture of the community, increase in traffic due to events, noise and air pollution because of tourist coming in and moving around the city, it also helps in improving the infrastructure of the city, for example, common wealth games held in India, Delhi was helped to improve its infrastructure and also helped it in getting employment and economical benefits to the community. Due to many tourist arrivals it also causes destroy to the cultural heritage. Business that execute triple bottom line approach increase their accounting as they appear to be more responsible towards the community socially and the environmentally than their competitors. TBL makes the company work ethically, they don’t give unfair wages, no use of child labor, and they have safe work conditions. It helps organizations to go green and gave a sustainable future. TBL approach also helps in increasing employment and helps the community to gain economical benefits. TBL also benefits the community around the event as TBL helps them go green and decrease all types of pollution. It also helps the company to stay away from bad publicities and other issues, as they company is in concentrate on the community and environmental aspects and...
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