ADM 1301 Lecture Notes - Lecture 2: Stakeholder Theory, Corporate Behaviour, Crisis Management
6 Mar 2017
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Document Summary
Ignoring stakeholder interests can have substantial economic consequence (eg employees, customers, lenders, etc: provides more systematic approach to recognizing stakeholder expectations and deciding how to respond. Against: problems of categorization (eg how to identify and prioritize stakeholders, challenges in meeting expectations (eg tradeoffs among the stakeholders, dilution of top management focus (eg away from financial performance) Issue management: a systematic process by which the corporation can identify, evaluate and respond to those e(cid:272)o(cid:374)o(cid:373)i(cid:272), so(cid:272)ial , identification of issues. Involves the formulation of issues in many ways, including social forecasting, futures research, environmental scanning and public issues scanning: analysis of issues. Issues are described and evaluated, usually in writing, so that a consensus is achieved among managers. It is important to identify all response alternatives that may be pursued to address the issue: implementing issue response, specific plans are formulated to implement the response selected.
