How does the triple-bottom line approach help managers? Explain with the help of an example.
What will be an ideal response?
Student examples will vary. A sample response follows:
Like the balanced scorecard, the triple bottom line takes a more integrative and holistic view in assessing a company's performance. Using a triple-bottom-line approach, managers audit their company's fulfillment of its social and ecological obligations to stakeholders such as employees, customers, suppliers, and communities as conscientiously as they track its financial performance. Achieving positive results in all three areas can lead to a sustainable strategy, or a strategy that can be pursued over time without detrimental effects on people or the planet. Sustainable strategies can also be good for profits. General Electric, for example, introduced a new line of renewable energy products which brought in more than $9 billion in revenues in 2016.
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Arthur, who works for Peter, sees what he thinks is a good deal for Peter. Without asking whether he has authority to negotiate the deal, Arthur enters into a contract on Peter's behalf. Peter says later that he isn't interested. Is Peter liable on the contract? Is Arthur liable on the contract? Explain
To keep the stress level low and avoid multiple chains of command issues, managers should adopt the matrix structure.
Answer the following statement true (T) or false (F)
The _____ is supported by the Small Business Administration and provides comprehensive counseling for small businesses from qualified volunteers
a. Securities and Exchange Commission b. Entrepreneurial Services Council c. Service Corps for Retired Executives d. Federal Advice for Small Business Panel
Outsourcing removes work from one company and sends it to another company that can complete it at a lower cost
Indicate whether the statement is true or false