2.3 How has technology helped businesses to be more innovative/2.4 Triple Bottom Line

Question 1

what is the triple bottom line

Answer 1

The triple bottom line = financial, social and environmental.​

Financial: concerned with profit and loss.​

Social: concerned with how people (within and outside) the business are affected by the business.​

Environmental: concerned with how the business impacts the natural environment.

Question 2

how can a business improve their social performance

Answer 2

A business can improve its social performance by:​

Providing safe working conditions​

Providing sufficient training​

Paying above minimum wages​

Allowing employees to have a healthy work-life balance ​

Treating employees and members of the community with respect and fairness​

Purchasing supplies from local and/or socially responsible suppliers

Question 3

what are social Enteprises

Answer 3

Social Enterprises are businesses that trade to intentionally tackle social problems, improve communities, provide people access to employment and training, or help the environment.

Question 4

what is environmental performance

Answer 4

A business can improve its environmental performance by:​

Reducing the wastage of resources​

Provide greater protection and/or restoration to the natural environment ​

Using renewable energy (wind power, solar energy, etc) ​

Using recyclable materials / resources​

Purchasing resources from eco-friendly suppliers

Question 5

what is the introduction of innovation

Answer 5

Innovation is the process of adding a new product to an existing product line or significantly improving an existing product or process.

Question 6

what is big data and how do businesses use it?

Answer 6

Data allows businesses to tailor their products to suit the needs and wants of consumers.

Big data is used to​

• create appropriate marketing strategies​
• improve customer service​
• improve product development​
• improve business processes​
• improve supply chain management​
• improve human resources