READ:
The concept behind the triple bottom line is that companies are responsible to all their stakeholders. This includes everyone involved with the company, whether directly or indirectly. It also includes the planet on which we all live. This approach views shareholders as very important stakeholders. This approach also recognizes the need for companies to consider other important stakeholders in the company, including employees, customers, vendors, and the larger community.
Before writing this week’s discussion posting, review this MindTools article, The Triple Bottom Line: Measuring Your Organization’s Wider Impact, . https://www.mindtools.com/pages/article/newSTR_79.htm for more details on the triple bottom line
WEEK 4 DISCUSSION QUESTIONS: For this week’s discussion, please respond to the following:
1. How would you implement the triple bottom line (people, planet, profit) concept at your chosen company using the snack food company scenario or the company of your choice?
2. Prepare A brief description of your business (Sweet Relish Snacks), what you do, what products or services you are selling- a maximum of 3 sentences)
Keep the following format in mind as you complete this week’s discussion:
• Profit: When looking at profit from this theory’s perspective, the idea is that profits will help empower and sustain the community as a whole. Profits are more than just a benefit for shareholders. Briefly explain your approach.
• People: Describe your approach to caring about suppliers, customers, employees, and the community. For example, one way to care about employees is to provide a good working environment, training and development opportunities, and health care.
• Planet: Explain your approach to minimizing your company’s impact on the environment. For example, your company might develop a process to minimize waste or reduce energy usage, such as using recycled materials in its production process.
Notes
For the profit section, discuss specific strategies you can use to keep the company profitable (think about growing the company, reducing expenses, etc.)
For the people section, provide specific strategies to show you care about each category of stakeholders. You can use a subheading for each: employees, customers, community, and suppliers.
One of the benefits of this approach is that it brings visibility to the company in a less costly manner than other marketing efforts. Not to mention that communities are more likely to support companies who also care about them and the environment.
• Textbook Chapter 14, “Social Responsibility & Sustainability,” pages 259–270, provides additional detail on this topic.