MNGT 3710 Lecture 4: Chapter 4
Document Summary
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: rational = preparing a stakeholder map and identifying their stakes/claims, process = develop an organizational process to deal with the stakeholders, 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 (cid:449)hi(cid:272)h stakeholder"s (cid:272)lai(cid:373) or relatio(cid:374)ship (cid:272)alls for i(cid:373)(cid:373)ediate atte(cid:374)tio(cid:374) 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)
