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MNGT 3710 (6)
Lecture 4

MNGT 3710 Lecture 4: Chapter 4

3 Pages
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Department
Management
Course Code
MNGT 3710
Professor
Adina Gray

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Description
Chapter 4 Stakeholder Engagement: efforts by a corporation to understand and involve relevant individuals, groups, or organizations by considering their moral concerns in strategic and operational initiatives. Involves 3 levels: (Freeman stakeholder mngt capability) 1. Rational = preparing a stakeholder map and identifying their stakes/claims 2. Process = develop an organizational process to deal with the stakeholders 3. Transactional = involves direct contact with the stakeholders. Assign people who are best suited for this job Salience- degree to which priority given to competing stakeholders Power- ability to get firm to do something that it would not otherwise do based on force, threat, incentives, etc. Legitimacy- Perception or assumption that actions of firm are desirable, proper, or appropriate Urgency- degree to which stakeholder’s claim or relationship calls for immediate attention Examples of Stakeholder Types: - Latent stakeholders: Managers may not recognize their existence (have one attribute) - Expectant stakeholders: Require more attention from managers (have two attributes) - Definitive stakeholders: Management must address the claims of these stakeholders immediately (have three attributes) - Non-stakeholders (have no attributes) Type 1: Supportive stakeholder and strategy (i.e., involve) Type 2: The marginal stakeholder and strategy (i.e., monitor) Type 3: The non-supportive stakeholder
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