Elkingtons Triple Bottom Line Flashcards
1
Q
What is it
A
System assessing business performance in terms of • profit • people • planet 3 p’s
2
Q
What is the first P
A
• Profit
- foundation of the business = economic value based on difference between revenues and costs
3
Q
What is the second P
A
• people
- impact on employees, customers, local community
= equitable business
4
Q
What is the third P
A
• planet
- use of raw materials
- energy use
- recycling
- emissions
5
Q
What happens to growth when u merge all three
A
- growth becomes sustainable = find measures to measure impact on three P’s
6
Q
Two advantages of The triple bottom line
A
- recognises importance of profit but need for sustainable development
- used to improve reputation and brand image
7
Q
Two disadv of triple bottom line
A
- difficult to measure impact on People and planet
- may require change to corporate culture to adopt the approach = resistance to change
