ADM 1301 Lecture 3: Week 2b - Chapter 4

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Stakeholder management capability: the ability of managers to identify stakeholders and their influence, to develop the organizational practices to understand stakeholders, and to undertake direct contract with stakeholders. Salience: the degree to which managers give priority to competing. Power: relationship among social actors in which one social actor a, can get another social sector b, to do something that b would not otherwise do. Legitimacy: generalized perceptions or assumption that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs, and definition that is based on the individual, the organization, or society. Urgency: the degree to which the stakeholder"s claim or relationship calls for immediate attention; exists when a claim or relationship is of a time-sensitive nature and when that claim or relationship is important or critical to the stakeholders. Another approach to understand the relationship between the corporation and its stakeholders.

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