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| Business and society are... |
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| All organisms are open to, and interact wtih, their external environments. |
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| The key to business survival is... |
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| the ability to adapt effectively to changing conditions |
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| Ownership theory of the firm |
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| the firm is seen as the property of its owners. The purpose of the firm is to maxmize its long-term market value. |
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| Stakeholder theory of the firm |
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| corporations serve a broad public purpose: to create value for society |
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| What are the three core arguments for the stakeholder theory? |
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| descriptive, instrumental and normative |
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| The stakeholder view is simply a more realistic description of how comapnies really work |
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| says that stakeholder management is more effective as a corporate strategy |
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| says that stakeholder is simply the right thing to do |
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| refers to person and groups that affect, or are affected by, an organization's decisions, policies, and operations |
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| individuals or organizations that own shares of a company's stock00 are one of several kinds of stakeholders |
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| are those that engage in economic transactions with company as it carries out its primary purpose of providing society with goods and services, also known as primary stakeholders |
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| people and groups who do not engage in direct economic exchange with the firm |
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| what are the nonmarket stakeholers of business? |
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| general public, communities, governments, ngo, business support groups and media |
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| an important part of the modern manager's job is to identify relevant stakeholders and to understand both their interests and the power they may have to assert these interests |
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| the nature of each group's stake. what are their concerns, and what do they want from their relationship with the firm? |
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| the ability to use resources to make an event happen or to secure a desired outcome |
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| mean that the stakeholder has a legitimate right to cast a vote |
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| customers, suppliers and retailers |
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| who has economic power with companies? |
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| who exercises political power through legislation, regulation, or lawsuits? |
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| who has legal power when they bring suit against a company for damages, based on harm caused by the firm |
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| a graphical representation of the relationship of stakeholder salien to a particular issue. |
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| enables managers to see quickly how stakeholders feel about an issue and whether salient stakeholders tend to be in favor or opposed |
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| Boundary-spanning departments |
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| departments, or offices, within an organization that reach across the dividing line that seperates the company from groups and people in society. |
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| provides services, goods, and make a profit; to grow; provide jobs; generate wealth for stockholders; pay taxes to gov't |
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| stockholders & creditors, employees, customers, governments and communities |
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| what are the big five stakeholders? |
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| voting, economic, political and legal powers |
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| There are 4 types of stakeholder power... |
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