Triple Bottom Line Approach Essay Example | Topics and Well Written Essays - 2500 words

Triple Bottom Line Approach - Essay Example A firm must pay particular attention to social, environmental and also economic effects of the operation which is referred to as corporate social responsibility or sustainability. Sustainability is a concept which aims to address all the required aspect of an organisation which takes into consideration the research and development of a new product that does not use non renewable resources; creativity and innovation, organisation tries to figure out the ways of minimizing waste; marketing the concept of sustainability as well as advertising in support of some local issues or social cause. Thus, sustainability has become a fundamental market force which is ignited through shareholders, customers, and stakeholders. A framework which helps operate the sustainability is the Triple Bottom Line Approach (TBL). The Triple Bottom Line just do not focuses on the economic value of an organization but also on the environmental as well as social value the add to an organization and also destroys it. The TBL represents the economy, society, and the environment. The three systems are interrelated with each other; society depends on the economy and economy on the ecosystem, which represents the bottom line (Quinn & Baltes, 2007, p.4). The essay begins with an introduction of the event, its historical background, current status and classification of the event.Next, it deals with the stakeholders of the event both at the individual as well as at the organizational levelsational level. The next part of the essay discusses about the impacts that the event would have on the environmental, economic and social culture in negative and positive way. The link between the stakeholders and the impact is analysed and finally a conclusion is driven. The Event The event to be discussed in the essay is the Pamplolona Bull-running Fiesta. The fiestas of San Fermin are usually celebrated in Pamplola in the region of Navarra each year from 6 of July to 14 of July. This fiesta is internationally recognised because of running of the bulls. This event is termed as Encierro which takes place at the heart of San Fermines and makes the event spectacle (Spain travel, 2012). Although the history of bull running in Pamplola is not clear but the festival has started way back in the 13 century when the event took place in the month of October. The modern celebration has said to be evolved from the 13 century. In the past the religious festival of San Fermin was celebrated with music, dancing, markets and bullfighting in 10 of October. But the Pamplola Council had proposed to shift the festival from October to July as the weather was much more conducive and supported the celebration. Thus till date the date of the celebration remained fixed where the first bull run starts on 7th of July at about 8am and the last on July 14 also at 8am. The joining of commercial, religious and bull fighting festivals and the new time and date of operation was first official celebrated in 1591 in San Fe rmines. In 1591 the celebration was not much popular as it is today. In the 17th and 18th