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[ADM1101] - Final Exam Guide - Ultimate 23 pages long Study Guide!


Department
Administration
Course Code
ADM 1101
Professor
Kevin Petit- Frere
Study Guide
Final

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uOttawa
ADM1101
FINAL EXAM
STUDY GUIDE

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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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stakeholder?
What is a latent
stakeholder?
What is stakeholder
engagement?
What is social capital?
What is a crisis?
What is crisis management
and how does it work?
attention.
If a stakeholder has all three attributes
Pay attention to this stakeholder
Dormant Stakeholder
Has only power
An employee that has been fired or laid off.
Speak out against the firm.
Latent Stakeholders
Have only one attribute
Stakeholder Matrix:
Stakeholder matrices are ways to classify stakeholder
power, and importance to the company.
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.
An integral aspect of a corporation’s social
responsibility.
Creating Value for all stakeholders and an
honest, open, and respectful engagement of
stakeholders vital to corporate strategy.
Framework:
Create A Foundation
Organizational alignment
Build a strategy
Build trust
Evaluate
Repeat the process.
Social Capital
Any aspect of a corporation's organizational
arrangement that creates value and facilitates
the actions of stakeholders within and external
to the corporation.
Created when relations between stakeholders
and corporations change in a way that
facilitates increased understanding,
cooperation, and coordination.
There are lots of benefits of being a good corporate
citizen such as public trust, economic growth, and
easier to be forgiven based in initiatives to improve
quality of business and ethics.
Crisis: A turning point, a crucial time, and a situation that has
reached a critical point.
Crisis management
An approach involving planning and removing much of
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