ADM 1301 Lecture Notes - Lecture 4: Stakeholder Management, Profit Maximization, Psychographic

• School: University of Ottawa
• Department: Administration
• Course: ADM 1301
• Professor: Rumaisa Shaukat

Document Summary

Any group or individual who is affected by or can affect the achievement of an organization s objectives (freeman: 1984) Individuals and groups with a multitude of interests, expectations, and demands as to what business should provide to society. Anyone or any organization with a perceived stake the organization activities and operation. We live in a pluralistic society therefore ether is diffusion of power. In a nutshell everyone is a stakeholder. A pluralistic society is one in which there is wide decentralization and diversity of power concentrations. Prevents concentration of power: power is more decentralized; people have a more equal distribution of power. Maximizes freedom: everyone has freed of expression, belief etc. Creates diversified loyalties; more complexities; v. important in a multicultural society like canada that there will many differences. Pursuit of self-interest individual and organization may pursue their self- interest; may not necessarily be bad.