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    Question

    What is the classical view of management’s social

    responsibility?Ā 
    A Create comfortable work environment at workplace Correct Answer Incorrect Answer
    B Welfare of the low paid employees Correct Answer Incorrect Answer
    C Profit maximisation Correct Answer Incorrect Answer
    D Customer satisfaction Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    The classical view was focussed on maximising the profit at all costs. Later the concept of 3 P (Profit, people, planet) or triple bottom became important. The phrase ā€œthe triple bottom lineā€ was first coined in 1994 by John Elkington, the founder of a British consultancy called Sustainability. His argument was that companies should be preparing three different (and quite separate) bottom lines. One is the traditional measure of corporate profit—the ā€œbottom lineā€ of the profit and loss account. The second is the bottom line of a company's ā€œpeople accountā€ā€”a measure in some shape or form of how socially responsible an organisation has been throughout its operations. The third is the bottom line of the company's ā€œplanetā€ account—a measure of how environmentally responsible it has been. The triple bottom line (TBL) thus consists of three Ps: profit, people and planet.

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