BUS 101 Stakeholder Case Information – Flashcards
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All those who affect, or are affected by the actions of the firm
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Definition of Stakeholder
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Corporations serve a broad public purpose which is to create value for society.
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The Stakeholder theory of the firm
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The firm is seen as property of its owners. Aka owners' interests are more important that others.
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Ownership theory of the firm
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Stake = interest in, or claim on, a business enterprise
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Explain the Stakeholder Concept
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Responsibility
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Define fiduciary
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One who engages in economic transactions with the company as it carries out its primary purpose of providing society with goods and services.
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What is a market stakeholder?
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A person or group who affects the firm's actions
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What is a nonmarket stakeholder?
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Nonmarket stakeholder (for the purpose of this class)
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Is government a market or nonmarket stakeholder?
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when something is both a market and nonmarket stakeholder
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define 'role sets' in regards to stakeholders
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to identify relevent stakeholders and to understand their interests and the power they may have to assert these interests. Its the manager's job to do stakeholder analysis.
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define stakeholder analysis
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Customers, Employees, Suppliers, Community, Owners
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What are the 5 relevent stakeholders that we work with in class for stakeholder analysis?
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Anything that leads to making money
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What would an Owner Stakeholder be most concerned with?
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Making sure the product is worth the money
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What would a Customer Stakeholder be most concerned with?
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Good work environment, fair pay, safe job security.
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What would an Employee Stakeholder be most concerned with?
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regular orders, prompt payment
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What would a Supplier Stakeholder be most concerned with?
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employment for residents, local development; protect local environment
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What would a Community Stakeholder be most concerned with?
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One who stands out. Managers map out all stakeholders and find the most salient ones.
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What is a Salient Stakeholder?
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Yes, even if they aren't even mentioned in the case.
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are owners always stakeholders in stakeholder analysis?
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Distracting unimportant information
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Define 'Red Herring'
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To make less severe
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Define 'Mitigate'
