International Strategic Management Essay Example | Topics and Well Written Essays - 3000 words

International Strategic Management - Essay ExampleSo, it is evident that for an organization to become sustainable it has to optimally care for people as well as the planet and this brings into the picture the concept of Triple Bottom Line (TBL). This concept is also known as the people-planet-profit approach because as the defecate suggests, organization must have three different bottom lines of people, planet, and profit to function effectively and achieve success. However, this concept might not be relevant to the organizations during certain situations, necessitating corrective strategies. So, this concept of the Triple Bottom Line (TBL) will be evaluated here firstly focusing on how it is indeed useful for businesses and past discussing the difficulties of measuring the social and environmental contri merelyions that a business makes and how these difficulties can be managed.Triple Bottom Line (TBL) was originally an accounting framework which focused generally on profits, r eturn on investment, and shareholder value. However, it was John Elkington who reoriented this concept to include environmental as well as social dimensions in 1980s. He however strengthened this reorientation by coining the phrase people, planet, profit in 1994. Elkington (2004, p.3) has defined TBL as the concept that focuses corporations not just on the economic value they add, but also on the environmental and social value they add (or destroy). Elkington brings in broader perspectives by referring TBL to all the processes, issues, and values that organizations have to manage in order to refuse or minimize their negative impacts on the social and environmental aspects. This involves being clear about the companys purpose and taking into consideration the need of all the companys stakeholdersshareholders, customers, employees, business partners, governments, local communities and the public (Elkington 2004, p.3). Chapman & Milne (2004)