ADM 1301 Lecture Notes - Lecture 7: Stakeholder Management, Enzyme, Profit Maximization

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Any group or individuals who is affected by or can affect the achievement of an organization"s objectives. Individuals and groups with a multitude of interests, expectations, and demands as to what business should provide to society. A business exists to make money-greatest efficiency is achieved through profit maximization. > profits, > taxes paid to government for use in dealing with social issues. Property rights theory (corporation owned by shareholders) Business has a responsibility to do more than maximize profits. Business has caused several problems so it has a responsibility to fix them. Social institution theory (society provides the very existence of business through legal frameworks) Which is the most important to us. Management must identify generic stakeholder groups and specific subgroups. The nature (power)/legitimacy of a group"s stakes. Power can suggest that individuals and groups can make things happen. Defense: hoping the problem would go away. Offence: addressing and dealing with the problems.

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