Answer to Question #229980 in Marketing for Natania

Question

you have been appointed Operations Manager in your organisation.
You are tasked to assess the organisation’s performance in terms of sustainability. Discuss the “triple bottom line” and propose how you will be simultaneously economically viable whilst being socially and environmentally responsible. (15)

Answer 1

Triple bottom line refers to the strategy that posits that firms should commit to measuring their social and environmental impact in addition to their financial performance rather than solely focusing on generating profit. Firms should seek to be environmentally viable while still ensuring that socially and environmentally responsible. In achieving such goals it can ensure it focuses on profit, people, and the planet.

Profit; for any organization in the business, seeks to make profits to sustain itself while reducing costs and mitigating risk.

People; Firms should embrace sustainability, which can be done by shifting their focus toward creating value for all stakeholders impacted by business decisions, including customers, employees, and community members.

The Planet; Firms are concerned with making a positive impact on the planet on matters such as climatic change or deforestation.