[MGMT 1040] - Final Exam Guide - Everything you need to know! (42 pages long)
Document Summary
Stakeholder an individual or group who can influence, and/or is influenced by the achievement of an organization"s purpose. Non-governmental organization (ngo) any group outside of the public and private sectors that holds shared values or attitude about an issue confronting society. Operate on a non-profit basis members volunteer. Chapter 3 short answer questions: define a stakeholder. Stakeholder an individual or group who can influence and/or is influenced by the achievement of the organization"s achievement. 2 main reasons why managers should identify all the stakeholders: To obtain resources, business has to recognize the groups that control scarce resources. The support of other groups is required to maintain the legitimacy of business as an institution in society: all key stakeholders must be satisfied before a solution is imposed. Two-way relationship between corporations and stakeholders each must consider their responsibilities for the other: describe five main stakeholders in business.
