ADM 1301 Chapter Notes - Chapter 4: Corporate Social Responsibility, Stakeholder Theory, Stakeholder Management
19 Apr 2016
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The stakeholder concept is a systematic approach to recognizing the complex combination of desires and expectations in today"s society and deciding whether to respond. Through an assessment of each stakeholder, the value of each to the corporation can be ascertained to suit the stakeholder and to suit the corporation"s purpose. Approaches to understanding the relationships between the corporation and its stakeholders range from the basic listing and mapping to more complicated concepts such as stakeholder collaboration and social capital. These approaches help the corporation to consider their stakeholders" moral concerns in strategic and operational initiatives. Stakeholder engagement is an integral aspect of corporate social responsibility or corporate sustainability. Stakeholder engagement involves creating value for all stakeholders and an honest, open, and respectful engagement of stakeholders vital to corporate strategy. Old and new approaches to stakeholder relations ***** she likes this table. Idiosyncratic implementation dependent on division interests and personal style of manager.
