Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Triple Bottom Line (TBL) framework explains why there should be three bottom lines instead of one, i.e., profit, people, and planet. It focuses on
The Triple Bottom Line (TBL) framework explains why there should be three bottom lines instead of one, i.e., profit, people, and planet. It focuses on social and environmental issues. John Elkington coined the expression in 1994. TBL frame work entails incorporating social and ecological performance into traditional framework. 1. In the manufacturing sector The People-TBL framework offers a structure in which the interests of people, including corporate, labour, and other stakeholders, are independent. It is your duty to give them greater satisfaction. Business utilises societal resources, hence it is their duty to protect the environment and embrace sustainable environmental practises by reducing their negative environmental impacts, according to the Planet - TBL framework. Profit is a necessity for every business, but it shouldn't come at the expense of social and environmental considerations, according to the PROFIT - TBL framework. 2. in the service sector The TBL framework in the service sector differs from that in the manufacturing sector since the latter offers services rather than producing items. Additionally, the industrial sector absorbs societal resources, whereas the services sector offers services to customers. Consequently, in the service sector. People - This industry employs stakeholders, labour, etc. Customer feedback is more significant
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started