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An Appraisal of the Triple Bottom Line Approach: Case Analysis of the Glastonbury Festival - Essay Example
For a business, an organization, an event or an activity to continue its existence, a variety of factors should be taken into consideration by the organizers or by the management. One of the prominent schemes that most companies and evaluating organizations employ is the Triple Bottom Line Approach or the TBL Approach. …
An Appraisal of the Triple Bottom Line Approach: Case Analysis of the Glastonbury Festival
It entails the evaluating body to appraise an event or a business in view of the aforementioned spheres. Such analysis could help in upholding the long-term vision and objectives of a specific company or event. The Glastonbury Festival is no different from business empires. This festival has proven to maintain its existence through the years by addressing every concern that arises during the occurrence of the yearly events. The predicaments that confronted the organizers of this event did not dishearten them instead it aided in making the following event to be better than the previous one. The exploration of the performance of the Glastonbury Festival through the Triple Bottom Line or TBL Approach exhibited the reasons why this festival has continuously to be renowned not only in the United Kingdom but all throughout the world. Introduction A sustainable business should be able to determine, record and report a positive return of investment or ROI on all three bottom lines namely, economic, environmental and social aspects, as well as the advantages that stakeholders obtain along the same three dimensions.
It was revealed that the Triple Bottom Line or TBL Approach was applicable not only to large corporations but also for the sustenance of music festivals such as the Glastonbury Festival. The utilization of the TBL Approach unleashed why such festival continues to be prominent and renowned throughout the world. ...