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14 Cards in this Set
- Front
- Back
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How Can Businesses Respond to growing global competition?
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Develop strategies recognizing an international environment
Standardized strategies Adaptation strategies Recognize that every function must respond to the global environment for success |
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Stakeholder Theory?
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In stakeholder theory, management must consider their fiduciary responsibilities, but do so within the greater social context of the firm
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What is a stakeholder?
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An individual or group with an interest or claim in a business and the decisions, practices, policies, actions that are made in and regarding the business
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Business's Stakeholders?
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Anyone affected by the business and its decisions, policies, etc.
Owners Employees Customers Suppliers Competitors Public at large/society/special interest groups Environment Government agencies |
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Primary Stakeholder?
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have a direct interest in the business and its decisions, etc
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Secondary Stakeholder?
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may be influential but are not directly involved in the business and its decisions, etc.
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Core Stakeholder?
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essential to the firm and the decision to be made/core stakeholders are all strategic
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Strategic Stakeholder?
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vital to the firm due to the situation at a particular point in time; not all strategic stakeholders are core stakeholders
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Environmental/Secondary Stakeholder?
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all other stakeholders of the firm
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Legitamacy?
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perceived validity of one’s claim to a stake
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Power?
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one’s ability to produce an effect
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Urgency?
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the necessity of an immediate response
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Stake?
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interests, rights (legal, moral), concerns, expectations
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Additional Responsibilities to the Firm?
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Economic – profitability
Legal Ethical Social/philanthropic These must also be balanced in light of stakeholders’ interests and claims |
