Implication Of The Use Of The Triple Bottom Line Approach In The Events Industry - Essay Example

?Implication of the use of the Triple Bottom Line Approach in the Events Industry The Triple Bottom Line Approach All over the world, businesses are judged based on how well they are doing in terms of the profits and revenue they are able to generate for themselves and their stakeholders. In due course of time, it was pointed out that just judging an organization based on the profits made was not enough. An organization needed to put some effort into keeping the people associated with it happy and also needed to give back to the planet. This would be the proper judge of an organization’s success. This led to the formation of the Triple Bottom Line Approach. The Triple Bottom Line Approach is also known as the ‘people-planet-profit’ approach. As the name suggests, this approach says that a company must have three different bottom lines (or net earnings). 1. The People Bottom Line: This is meant to show how socially responsible the company has been towards the people it is associated with. Its employees, stakeholders and any other person that comes in contact with the organization in its operations. (economist.com 2009) 2. The Planet Bottom Line: As the world is more environment conscious right now and all know that our resources are coming to an end, a lot of focus is given on how much effort the company put into trying to give back to the environment. Recycling, rainwater harvesting, treating waste water, sensible disposal of harmful chemicals, and so on are some of the ways in which companies today are trying to reduce their carbon footprint. (economist.com 2009) 3. The Profit Bottom Line: This is the traditional corporate bottom line of a company’s monetary profit or loss in the financial year. It is usually in the form of a Profit and Loss Account and is easier to judge than the other two aspects of the Triple Bottom Line Approach since it is numerical. The other two are not so simple to judge in comparison. (economist.com 2009) If we think about it, the Triple Bottom Line Approach is a very good way to judge the actual profit of an organization because it even judges the humane aspects of an organization’s functioning. Having a big figure in the profits column does not mean that the company has prospered. In today’s day and age of environmental crises, it is essential to give back to the planet. Also, it is essential to make sure that all the people associated with the organization’s success are able to say they are happy to be a part of the organization. Event: Spanish Bullfighting Spanish Bullfighting is an event that has met with a lot of opposition in the past. It was started in 711 A.D. to celebrate the crowning of King Alfonso VIII. The sport was originally played on horseback, but when King Felipe V banned it in 1724 citing it was a bad example to set on the public, people started fighting bulls on foot, for the simple reason that they could not afford horses. (spain-info.com) Spanish Bullfighting takes place mainly in three stages. 1. Stage 1 - Tercio de Varas or third of lances This is the first stage that is mainly a testing stage. In this, the matador and his team mainly do many passes to check on the mood of the bull so that they can plan the rest of their strategy. One must note that that matador doesn’t enter the bullfight alone. (donquijote.org). He is accompanied by a team of people on foot and horseback that assists him. Here they try various ways to weaken the bull and also test to find out what is the bull’s favorable side and so on. They also try various means to ensure that the bull is weakened enough to hang his head down for the rest of the fight. (donquijote.org).This is a very essential step in a bullfight. 2. Stage 2 - Tercio de banderillas or third of flags In the second stage, the matador’s helpers try to stab the bull in its shoulders. This not only weakens the bull but also angers him very much and makes him charge with all his might at the bullfighters. (donquijote.org).This stage is designed to weaken the bull and anger him enough to charge at the fighters. 3. Stage 3 - Tercio de Muerte or third of death This is the third stage of the bullfight. In this stage, the matador enters the arena with a wooden dowel and a sword. This is the stage where he must finish off the bull. After performing the first pass, he has up to 15 minutes to kill the bull. (donquijote.org). This leads to a very skilled fight between man and bull and is supposed to be very entertaining for the crowd. The bullfighter must skillfully use defined maneuvers to kill the bull. The bull is dragged out of the arena by horses. For his fighting, the matador may be awarded the bull’s ear or tail. This is supposed to be a great honor. At times, if the bull has performed exceptionally well, he may be pardoned and allowed to live, but will not get the opportunity to fight again since experience makes them wiser and therefore more dangerous. Although bullfighting has gotten a lot safer over the years, there are still many people that are protesting against bullfighting. (justspain.org). For one reason, it is harmful to the bulls and the team of people that enter the arena to fight it. Another reason is that it sets a very bad example on the people that are watching. Not all can take the gore that is associated with bullfighting. Animal activists might also say that it is unfair to let an innocent animal go through the brutality that is bullfighting. Bullfighting has been banned repeatedly but alas, the government cannot put an end to this sport, since people consider it as their tradition and will not stop at anything to fight with bulls. (spanish-fiestas.com) Pros and Cons of using the Triple Bottom Line Approach The Triple Bottom Line Approach has been made with one purpose – to ensure that companies are not just money minded. They need to be able to give back to the planet and to society. There is no point in praising about one’s success if one has failed the people one works with. Therefore, the Triple Bottom Line Approach was devised. However, the Triple Bottom Line Approach cannot be particularly used in events such as this mainly because, these events thrive on torturing the bulls. If they begin to care about the bulls, their event would be shut down. Let us take a look at the pros and cons of using the Triple Bottom Line Approach in events. PROS: One very important aspect of using the Triple Bottom Line Approach is that organizations will pay a lot more attention on aspects apart from just making money. Companies will learn to give priority to their people. They will also learn to give back to the planet, thus ensuring that the planet has a better chance and making better world. The success or failure of an event will be judged based on the happiness and satisfaction of all people associated with it, not just the ones that make the money. The success of an event will be also judged based upon the contribution the event makes to the planet, not just based on the entertainment factor of the event. Considering the Stakeholder Theory, one can come to the conclusion that the Triple Bottom Line Approach is the way to go when it comes to assessing a business. This theory says that every person who is truly participating in a firm’s business is doing so for a benefit even though it might not always be evident. (istheory.yorku.ca) CONS: When it comes to events, it is not always possible to give back to the planet. In such cases, an event might to exceedingly well but may not have a good planet bottom line, making the success rate lower. Events also may not always be a success for everyone. Sometimes, some people are harmed, they lose things, or get hurt and in such cases, the event becomes a bad experience. For instance even in case of music concerts, if people get hurt, they do not consider the event good but then the organizers have made their money, so they still consider it a success. Taking example of the Metallica concert that took place in Bangalore, India and was supposed to take place in Gurgaon, India. Even though the Indian Event management organization DNA Networks did well, in the minds of the consumer, it was a bad event. Some events are undertaken for rightful purposes. Like charity events for example. These events are more about giving back to society. They do not look for the profit bottom line, but more for the awareness quotient and so on. These events will do well on the other scales such as the planet and people bottom line. It can be said that not all events can do well on the Triple Bottom Line Approach. This is more for other organizations that can afford to be a part of all three bottom lines – planet, people and profit! Unfortunately, there aren’t many organizations that can do all three and the ones that can don’t usually take part in them. What is important is to spread the awareness of this approach so that organizations begin to take it more seriously and can know that actual value of their business. The Triple Bottom Line in Bullfighting When it comes to Bullfighting in Spain, it has become more of an event. People do not consider it as a sport, more of a fine art. They train for years and aspire to be matadors or bullfighters. It is a very integral part of the culture of Spain. This is probably one reason why they are not able to ban it for good. There are various Bullfighting festivals that take place around the year in different parts of Spain. (Corrigan) Let us now consider the Triple Bottom Line Aspect for Spanish Bullfighting. 1. The People Bottom Line: There are various people attached with the activity of Spanish Bullfighting. From the matador and his team that are actually in the arena, to the crowd that watches, to the people who work hard to make the event a success such as the trainers and caretakers of the bulls, there are so many people that are involved in a Spanish Bullfighting event. All of these people must be given consideration. When it comes to such an event, the matador and his team are clearly the star of the event and probably get all the attention. But what about the people in the background? The people that are working as hard restraining the bulls and taking care of them, the people that clear up the mess that is formed when a bull fight takes place? All of these people must also be taken onto consideration. The company that organizes a bullfight cannot say it is successful based on how good the fight goes. If it has taken some time out to make all its people happy, then it can save some satisfaction for itself. 2. The Planet Bottom Line: Spanish bullfighting is not very popular with animal lovers. For one simple reason – it is harmful to bulls. These bulls are made to undergo torture at the hands of the matador and his team. They are pierced with weapons in order to weaken and anger them. Then they are teased around the whole arena and made to bend to the will of the matador. They are injured many times in the process and are finally killed. This ruthless treatment of bulls is something that is frowned upon by all animal lovers and they have launched many petitions against it such as the League Against Cruel Sports. (league.org.uk) If we are not contributing to the environment, we have no right to take from it at such a level. It is mainly the tourism industry in Spain that is not allowing this gory custom to be banned citing that it is a great way to get tourists. But tourists may not all be able to digest this event and leave the arena disturbed and disgusted. Bullfighting is also promoted by travel agents as a very glamorous event that people must most definitely go watch. They do not mention the gory aspect of the event that most people would find repulsive and gross. (runningofthenudes.com) Thus, it can be said that when an organization organizes Bullfighting festivals, they are not considering the impact they are having on bulls. Even though the event on its own has become more safe, there isn’t any safety for the bulls in the matter. They are still tortured and hurt and teased and ultimately killed in the whole process. There is nothing so great about an event that causes so much destruction to a species. An organization that boasts of this event, cannot possibly have anything they do in order to contribute to the environment. It will not make right the torturous event. Thus, unless they can do something to protect the bulls while they are fighting, this event will not have a good “Planet Bottom line”. 3. The Profit Bottom Line: Bullfighting is one event that is promoted in a very glamorous way. People from all over the world are made curious to watch a live bull fight. Apart from this, the event is a very important part of Spain’s culture. Matadors or bullfighters are treated with the highest regard and earn salaries as much as popular sportspersons of Spain. (spanish-fiestas.com) All this ensures that Bullfighting as an event is very popular and any company that can successfully carry out such an event will make good profits. This profit bottom line therefore, is covered by not only the people of the country but also by a constant inflow of tourists and such that show a keen interest in taking part in the traditions of Spain. Thus, considering the Triple Bottom Line Approach for Spanish Bullfighting, one can come to the conclusion that Spanish Bullfighting is not an event that will look prosperous if judged on this approach. The only thing it does really well with is the profit bottom line. It doesn’t do well on the people bottom line and does abysmally on the planet bottom line. This is not a very good approach for the people that are organizing and participating in Spanish bullfights regularly. It shows them the truth in their event, which is not a very good scene. Thousands of bulls killed ruthlessly are not a very good impression one can have of Spain. Even though Bullfighting is an art, a part of Spain’s culture, when it comes right down to it, the event does miserably on the Triple Bottom Line Approach. The whole point of the Triple Bottom Line Approach is to see that companies do well in more aspects than just a heavy profit bottom line. Spanish Bullfighting therefore fails in this regard. References Corrigan, D, Bullfighting Festivals in Spain, viewed on December 26, 2011 http://gospain.about.com/od/bullfightinginspain/qt/bullfightfests.htm donquijote.org, Bullfight Ritual, viewed on December 26, 2011 http://www.donquijote.org/culture/spain/bullfight/ritual.asp economist.com 2009, Triple bottom line, viewed on December 26, 2011 http://www.economist.com/node/14301663 istheory.yorku.ca, Stakeholder Theory, viewed on December 29, 2011 http://www.istheory.yorku.ca/stakeholdertheory.htm justspain.org, Bullfighting in Spain, viewed on December 26, 2011 http://www.justspain.org/spain/spain-bullfights.asp league.org.uk, Bullfighting Campaign, viewed on December 26, 2011 http://www.league.org.uk/content.aspx?CategoryID=312 runningofthenudes.com, Running of the Bulls Factsheet, viewed on December 26, 2011 http://www.runningofthenudes.com/bullfighting_facts.asp spanish-fiestas.com, Bullfighting in Spain, viewed on December 26, 2011 http://www.spanish-fiestas.com/bullfighting/ spain-info.com, Bull fighting in Spain, viewed on December 26, 2011 http://www.spain-info.com/Culture/bullfighting.htm Read More