Apply a triple bottom line to assess and evaluate competitive advantage. ¦ Noneconomic factors…

Apply a triple bottom line to assess and evaluate competitive advantage.

■ Noneconomic factors can have a significant impact on a firm’s financial performance, not to mention its reputation and customer goodwill.

■ Managers are frequently asked to maintain and improve not only the firm’s economic performance but also its social and ecological performance.

■ Three dimensions—economic, social, and ecological, also known as profits, people, and planet—make up the triple bottom line. Achieving positive results in all three areas can lead to a sustainable strategy—a strategy that can endure over time.

■ A sustainable strategy produces not only positive financial results, but also positive results along the social and ecological dimensions.

■ 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 in as serious a way as they track its financial performance.

■ The triple-bottom-line framework is related to stakeholder theory, an approach to understanding a firm as embedded in a network of internal and external constituencies that each make contributions and expect consideration in return.

 

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