MGCR 423 Lecture Notes - Lecture 5: Stakeholder Analysis, Total Quality Management, Niche Market
Document Summary
Ca(cid:374) affe(cid:272)t the de(cid:448)elop(cid:373)e(cid:374)t of fir(cid:373)"s (cid:448)isio(cid:374) a(cid:374)d (cid:373)issio(cid:374) Are affected by strategic outcomes achieved by the firm. Ca(cid:374) ha(cid:448)e e(cid:374)for(cid:272)ea(cid:271)le (cid:272)lai(cid:373)s o(cid:374) the fir(cid:373)"s perfor(cid:373)a(cid:374)(cid:272)e. Are influential when in control of critical resources. Stakeholder analysis: 3 steps: identify primary stakeholders with a direct connection with corporation + significant bargaining power to affect its activities (verbal or written contract) Government: identify secondary stakeholders with an indirect connection with corporation, but affected by its activities (no verbal or written contract) Local communities and media outlets: estimate the effect of any strategic decision on each stakeholder. Business level strategy: an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets. Firms must manage all aspects of their relationship with customers. Rea(cid:272)h: fir(cid:373)"s a(cid:272)(cid:272)ess a(cid:374)d (cid:272)o(cid:374)(cid:374)e(cid:272)tio(cid:374) to (cid:272)usto(cid:373)ers. Richness: depth and detail of two-way flow of information between firm and customer.
