ADM 1301 Lecture 3: ADM 1301 Lecture #3
Document Summary
Stakeholder: an individual, groups, companies, media, etc who can influence the achievement of an organization"s purpose. Pluralistic society: where power is decentralized by dispersing it between varieties of institutions. Non one institution is independent of the others. Identify stakeholders: understand how corporation currently views stakeholders, examine how each stakeholder will or might influence firm, assess opportunities and threats, rank stakeholders by influence, prepare programs or policies detailing how. Power: the ability to get a firm to do something based on force or threat. Legitimacy: perception that actions of an entity are desirable or appropriate. Urgency: the degree to which a stakeholder"s claim calls for immediate action. Efforts of a corporation to understand groups, individuals, by considering their moral concerns. Stakeholder engagement is an important aspect of csr. Emphasis on buffering an organization short-term goals dependant on division interest and management approach building relationships creating opportunities and mutual benefits long-term business goals business goals, mission, values and personal style of manager.
