Implication Of The Use Of The Triple Bottom Line Approach In The Events Industry - Essay Example

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Implication of the use of the Triple Bottom Line Approach in the Events Industry The Triple Bottom Line Approach All over the world, businesses are judged based on how well they are doing in terms of the profits and revenue they are able to generate for themselves and their stakeholders…
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Implication Of The Use Of The Triple Bottom Line Approach In The Events Industry
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Download file to see previous pages This led to the formation of the Triple Bottom Line Approach. The Triple Bottom Line Approach is also known as the ‘people-planet-profit’ approach. As the name suggests, this approach says that a company must have three different bottom lines (or net earnings). 1. The People Bottom Line: This is meant to show how socially responsible the company has been towards the people it is associated with. Its employees, stakeholders and any other person that comes in contact with the organization in its operations. (economist.com 2009) 2. The Planet Bottom Line: As the world is more environment conscious right now and all know that our resources are coming to an end, a lot of focus is given on how much effort the company put into trying to give back to the environment. Recycling, rainwater harvesting, treating waste water, sensible disposal of harmful chemicals, and so on are some of the ways in which companies today are trying to reduce their carbon footprint. (economist.com 2009) 3. The Profit Bottom Line: This is the traditional corporate bottom line of a company’s monetary profit or loss in the financial year. It is usually in the form of a Profit and Loss Account and is easier to judge than the other two aspects of the Triple Bottom Line Approach since it is numerical. The other two are not so simple to judge in comparison. (economist.com 2009) If we think about it, the Triple Bottom Line Approach is a very good way to judge the actual profit of an organization because it even judges the humane aspects of an organization’s functioning. Having a big figure in the profits column does not mean that the company has prospered. In today’s day and age of environmental crises, it is essential to give back to the planet. Also, it is essential to make sure that all the people associated with the organization’s success are able to say they are happy to be a part of the organization. Event: Spanish Bullfighting Spanish Bullfighting is an event that has met with a lot of opposition in the past. It was started in 711 A.D. to celebrate the crowning of King Alfonso VIII. The sport was originally played on horseback, but when King Felipe V banned it in 1724 citing it was a bad example to set on the public, people started fighting bulls on foot, for the simple reason that they could not afford horses. (spain-info.com) Spanish Bullfighting takes place mainly in three stages. 1. Stage 1 - Tercio de Varas or third of lances This is the first stage that is mainly a testing stage. In this, the matador and his team mainly do many passes to check on the mood of the bull so that they can plan the rest of their strategy. One must note that that matador doesn’t enter the bullfight alone. (donquijote.org). He is accompanied by a team of people on foot and horseback that assists him. Here they try various ways to weaken the bull and also test to find out what is the bull’s favorable side and so on. They also try various means to ensure that the bull is weakened enough to hang his head down for the rest of the fight. (donquijote.org).This is a very essential step in a bullfight. 2. Stage 2 - Tercio de banderillas or third of flags In the second stage, the matador’s helpers try to stab the bull in its shoulders. This not only weakens the bull but also angers him very much and makes him charge with all his might at the bullfighters. (donquijote.org).This stage is designed to weaken the bul ...Download file to see next pagesRead More
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