ADM 1101 Lecture Notes - Lecture 2: Crisis Management, Corporate Social Responsibility, Joint Venture
Document Summary
No one institution is completely independent of others, but each institution does possess some autonomy to pursue its own interests. Stakeholders: an individual, or group, who can influence and/or is influenced by the achievement of an organization"s purpose: make sure to know their interests they can influence us and we can influence them. To manage effectively, then you must take your stakeholders into account in a systematic fashion. Owners: those individuals or groups who have invested in a corporation in the form of equity or shares; usually referred to as shareholders. Society at large: competitors influence what happens to the company. Why are stakeholders important to a firm: tremendous influence on your company. Examine how each stakeholder will or might influence firm. Prepare programs or policies detailing how to cope with stakeholders. Problems of categorization (eg. how to identify and prioritize stakeholders) Challenges in meeting expectations (eg. trade-offs among the stakeholders)