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Lecture 3

ADM 1101 Lecture Notes - Lecture 3: Deepwater Horizon Oil Spill, Major Disaster, Civil Society


Department
Administration
Course Code
ADM 1101
Professor
Kevin Petit- Frere
Lecture
3

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Lecture Notes
Social Context of Business
26/09/2016
Summary:
The way that corporations deal with their relevant stakeholders is extremely important to success.
There are many different charts and ways to define the stakeholders of specific corporations, from
using charts, to using matrices. These techniques help businesses classify their relevant
stakeholders (which are different for every single corporation based on their industry), and
evaluates their power and importance to the corporation. The most important stakeholder
identification method identifies stakeholders based on: Salience, Urgency, Power, Legitimacy, or a
mixture of all of these characteristics. Corporations should put in efforts to identify and address
important stakeholder opinions and ideas. There are two main Civil Society Organizations that
businesses should be aware of. Those being the Media and NGOs. Both of these organizations have
different powers and aspects that could affect business operations, and their powers and desires
should be analyzed and dealt with by corporations.
Important Questions Lecture Notes
Who where the stakeholders
in the BP oil spill accident?
What were their impacts on
the corporation in terms of
power, salience, legitimacy,
and urgency?
What is a dormant
BP Oil Spill
Oil flowed for 87 days after the explosion
Environmental Damage to wildlife and
coastline.
Major Disaster
StakeHolders:
NGO Environment Companies
Fishing Companies
Employees
Gas Price
Local Businesses
The Media
Stakeholder Identification
Salience
The degree to which priority is given to
stakeholders.
Power
The ability to get a firm to do something
that it would not otherwise do based on
force, threat, incentives, ect.
Legitimacy
Perception or assumption that the
sections of an entity are desirable,
proper, and appropriate.
Urgency
The degree to which a stakeholder’s
claim or relationship calls for immediate
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