A person who exercises power on behalf of another

A stakeholder that does not engage in direct economic exchange with a company, but is affected by or can affect its actions.

A stakeholder that engages in economic transactions with a company.

Individuals who are employed by the firm, such as employees and managers.

What does descriptive argument mean in terms of the stakeholder theory of the firm?

The stakeholder view is simply a more realistic description of how companies really work

Individuals or groups that may important transactions with a firm but are not directly employed by the firm, such as customers or suppliers.

The stakeholder management is more effective as a corporate strategy

The stakeholder management is simply the right thing to do

What does instrumental argument mean in terms of the stakeholder theory of the firm?

The stakeholder management is more effective as a corporate strategy

The stakeholder management is simply the right thing to do

Individuals who are employed by the firm, such as employees and managers.

A stakeholder that does not engage in direct economic exchange with a company, but is affected by or can affect its actions.

What does normative argument mean in terms of the stakeholder theory of the firm?

The stakeholder management is simply the right thing to do

Individuals or organizations that own shares of a company’s stock

A stakeholder that engages in economic transactions with a company.

What is a stockholder?

Individuals or organizations that own shares of a company’s stock

They are several kinds of stakeholders

A stakeholder that engages in economic transactions with a company.

What is a stakeholder?

An analytic process used by managers that identifies the relevant stakeholders in a particular situation and seeks to understand their interests, power, and likely coalitions.

The nature of each stakeholder group, its concerns, and what it wants from its relationship with the firm.

Individuals who are employed by the firm, such as employees and managers.

What are market stakeholders?

Creditors, employees, suppliers

A stakeholder that engages in economic transactions with a company.

Contractors, employees, shareholders, managers (depends)

What is a nonmarket stakeholder?

People in groups, Chamber of Commerce, community, business support groups, competitors, the public

A stakeholder that does not engage in direct economic exchange with a company, but is affected by or can affect its actions.

Contractors, employees, shareholders, managers (depends)

What is an internal stakeholder?

Contractors, employees, shareholders, managers (depends)

Individuals who are employed by the firm, such as employees and managers.

People in groups, Chamber of Commerce, community, business support groups, competitors, the public

Identifying a firm’s stakeholders and their interest, power, and alliances with one another

What is an external stakeholder?

Individuals or groups that may important transactions with a firm but are not directly employed by the firm, such as customers or suppliers.

Creditors, employees, suppliers

A visual representation of the relationships among stakeholder interests, power, and coalitions with respect to a particular issue.

A stakeholder’s ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue. Stakeholders are more salient when they possess power, legitimacy, and urgency.

What is stakeholder analysis?

An analytic process used by managers that identifies the relevant stakeholders in a particular situation and seeks to understand their interests, power, and likely coalitions.

The ability of one or more stakeholders to make an event happen or to secure a desired outcome in their interactions with a company. The five types are voting power, economic power, political power, legal power, and informational power.

The organization from whose perspective a stakeholder analysis is conducted.

The nature of each stakeholder group, its concerns, and what it wants from its relationship with the firm.

What is a focal organization?

The organization from whose perspective a stakeholder analysis is conducted.

A visual representation of the relationships among stakeholder interests, power, and coalitions with respect to a particular issue.

Alliances among company’s stakeholders to pursue a common interest; generally are not static relationships.

A stakeholder’s ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue. Stakeholders are more salient when they possess power, legitimacy, and urgency.

What are the Four Key Questions of Stakeholder Analysis? ** in order

Who are the relevant stakeholders? What are the interests of each stakeholder? What is the power of each stakeholder? How are coalitions likely to form?

What is the power of each stakeholder? Who are the relevant stakeholders? How are coalitions likely to form? What are the interests of each stakeholder?

Who are the relevant stakeholders? How are coalitions likely to form? What are the interests of each stakeholder? What is the power of each stakeholder?

What are the interests of each stakeholder? What is the power of each stakeholder? How are coalitions likely to form? Who are the relevant stakeholders?

What is Stakeholder Interests?

The nature of each stakeholder group, its concerns, and what it wants from its relationship with the firm.

Voting power, economic power, political power, legal power, and informational power.

A stakeholder’s ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue. Stakeholders are more salient when they possess power, legitimacy, and urgency.

Alliances among company’s stakeholders to pursue a common interest; generally are not static relationships.

What is stakeholder power?

The ability of one or more stakeholders to make an event happen or to secure a desired outcome in their interactions with a company.

The external environment of business is dynamic and ever changing

Departments, or offices, within an organization that reach across the dividing line that separates a company from groups and people in society.

What are the types of stakeholder power?

Voting power, economic power, political power, legal power, and informational power

Voting power, economic power, political power, legal power, technological, informational power

Voting power, economic power, political power, legal power, and technological power

Voting power, economic power, court power, legal power, and informational power

Boycotting power, economic power, political power, legal power, and informational power

What is voting power?

Legal right to pass a shareholder vote

The ability to grant or withhold transactions

Actions taken to legislations, regulations, and lawsuits

The ability to sue for damages or harm caused by the firm

What is economic power?

The ability to grant or withhold transactions

Actions taken to legislations, regulations, and lawsuits

The ability to sue for damages or harm caused by the firm

This includes data, facts, details (ie. social media)

What is political power?

Actions taken to legislations, regulations, and lawsuits

Legal right to pass a shareholder vote

This includes data, facts, details (ie. social media)

The external environment of business is dynamic and ever changing

The ability to sue for damages or harm caused by the firm

Departments, or offices, within an organization that reach across the dividing line that separates a company from groups and people in society.

The external environment of business is dynamic and ever changing

Growing emphasis on ethical reasoning and actions

What is informational power?

This includes data, facts, details (ie. social media)

The external environment of business is dynamic and ever changing

Evolving governmental regulations and business response

What are stakeholder coalitions?

Alliances among company’s stakeholders to pursue a common interest; generally are not static relationships.

A visual representation of the relationships among stakeholder interests, power, and coalitions with respect to a particular issue.

A stakeholder’s ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue. Stakeholders are more salient when they possess power, legitimacy, and urgency.

The external environment of business is dynamic and ever changing

What is stakeholder salience?

A stakeholder’s ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue.

Evolving government regulations and business response

What is a stakeholder map?

A visual representation of the relationships among stakeholder interests, power, and coalitions with respect to a particular issue.

Explosion of new technology and innovation

What is are boundary-spanning departments?

Departments, or offices, within an organization that reach across the dividing line that separates a company from groups and people in society.

Growing emphasis on ethical reasoning and actions

Six dynamic forces that powerfully shape the business and society relationship

Explosion of new technology and innovation

What are the forces the shape the business and society relationship

Growing emphasis on ethical values Changing societal expectations Dynamic natural environment Explosion of new technology Globalization Evolving government regulation of business

Growing CSR Changing societal expectations Dynamic natural environment Explosion of new technology Globalization Evolving government regulation of business

Growing emphasis on ethical values Changing societal expectations Dynamic natural environment Explosion of new technology Modernization Evolving government regulation of business

Growing emphasis on ethical values Changing societal expectations Dynamic natural environment Explosion of new technology Urbanization Evolving government regulation of business

What is changing societal expectations?

Modern businesses are continuing to explore opportunities to act in ways that balance numerous stakeholders’ needs with their multiple obligation

The Earth’s resources and changing attitudes about sustainability powerfully impact the business-society relationship

In our economy the movement of goods, services, and capital across the national borders are heavily established

Fair employment practices are prominent

What is globalization?

In our economy the movement of goods, services, and capital across the national borders are heavily established

Government around the world make new policies that constrained how businesses legally operate

The Earth’s resources and changing attitudes about sustainability powerfully impact the business-society relationship

Government around the world make new policies that constrained how businesses legally operate

What is a growing emphasis on ethical reasoning and actions?

Fair employment practices are prominent

Create value for all its stakeholders

The inability to give tips to those who served you and cooked the meal

Corporations must meets the reasonable expectations of stakeholders and society in general

What is evolving government regulations and business response?

Government around the world make new policies that constrained how businesses legally operate

Create value for all its stakeholders

Technological innovation poses massive challenges for business and sometimes government as they seek to manage privacy, security, and intellectual property issues

The Earth’s resources and changing attitudes about sustainability powerfully impact the business-society relationship

What is a dynamic natural environment?

The Earth’s resources and changing attitudes about sustainability powerfully impact the business-society relationship

Technological innovation poses massive challenges for business and sometimes government as they seek to manage privacy, security, and intellectual property issues

Create value for all its stakeholders

Corporations must meets the reasonable expectations of stakeholders and society in general

What is explosion of new technology and innovation?

Technological innovation poses massive challenges for business and sometimes government as they seek to manage privacy, security, and intellectual property issues

External environment of business is dynamic and ever changing

Corporations must meets the reasonable expectations of stakeholders and society in general

Create value for all its stakeholders

What is a public issue?

An issue that is of mutual concern to an organization and its stakeholders, sometimes called a social or sociopolitical issue.

The perceived distance between what a firm wants to do or is doing and what the stakeholder expects.

A method managers use to gather information about external issues and trends.

The acquisition of information gained from analyzing the multiple environments affecting organizations.

What is a performance-expectation gap?

The perceived distance between what a firm wants to do or is doing and what the stakeholder expects.

he systematic and continuous process of gathering, analyzing, and managing external information on the organization’s competitors.

Outside the organization (natural environment)

Adaptation of an accounting term that focuses on the importance or significance of stakeholders for the firm.

What happens when the performance-expectation gap widens/enlarges?

Broad issues concerning several companies or groups

Outside the organization (natural environment)

What is environmental analysis?

A method managers use to gather information about external issues and trends.

Adaptation of an accounting term that focuses on the importance or significance of stakeholders for the firm.

The acquisition of information gained from analyzing the multiple environments affecting organizations.

The systematic and continuous process of gathering, analyzing, and managing external information on the organization’s competitors.

What is environmental intelligence?

The acquisition of information gained from analyzing the multiple environments affecting organizations.

The active management of public issues once they come to the attention of a business organization.

A five-step process where managers identify the issue, analyze the issue, generate options, take action, and evaluate results.

An ongoing process of relationship building between a business and its stakeholders.

What are the 8 strategic radars?

Customer environment, competitor environment, economic environment, technological environment, social environment, political environment, legal environment, geophysical environment

Consumer environment, competitor environment, economic environment, technological environment, social environment, political environment, legal environment, geophysical environment

Customer environment, competitor environment, monetary environment, informational environment, social environment, political environment, legal environment, geophysical environment

Customer environment, competitive environment, monetary environment, informational environment, social environment, political environment, court environment, geophysical environment

Why is the 8 strategic radar screens important?

They represent a system of interrelated segments each one connect to and influencing the others

These are ways companies and track important developments occurring outside their immediate view

An ongoing process of relationship building between a business and its stakeholders.

An assembly of concerned individuals or organizations working collaboratively on a shared issue, problem, or opportunity.

What is customer environment?

Gender, Age, Marital Status, Preferences, Buying preferences, Technology usage

Info on the number and strength of organization's competitors

Patterns or aggressive growth vs. static maintenance of market share

Costs, Prices, International trade

What is competitor environment?

Patterns or aggressive growth vs. static maintenance of market share

Info on the number and strength of organization's competitors

New technologies and their applications affecting organization, its customers, and other stakeholders

Costs, Prices, International trade

What is economic environment?

Costs, Prices, International trade

New technologies and their applications affecting organization, its customers, and other stakeholders

Cultural patterns, Values, Beliefs, Trends, Conflicts

Awareness of the stability or instability of governments and their inclination of disinclination to pass laws

What is technological environment?

New technologies and their applications affecting organization, its customers, and other stakeholders

Awareness of the stability or instability of governments and their inclination of disinclination to pass laws

Cultural patterns, Values, Beliefs, Trends, Conflicts

Structure, process, action of government (local, state, national, international)

BUS 100 Textbook Notes Chapters 1-2

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Business

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is business?

An organization that is engaged in making a product or providing a service for a profit.

A theory that holds that all organisms are open to, and interact with, their external environments.

Refers to human beings and to the social structures they collectively create; specifically refers to segments of humankind, such as members of a particular community, nation, or interest group.

The closely intertwined relationships between business and society.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is society?

A theory that holds that all organisms are open to, and interact with, their external environments.

An organization that is engaged in making a product or providing a service for a profit.

Refers to human beings and to the social structures they collectively create; specifically refers to segments of humankind, such as members of a particular community, nation, or interest group.

The closely intertwined relationships between business and society.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is general systems theory?

The closely intertwined relationships between business and society.

A theory that holds that all organisms are open to, and interact with, their external environments.

Refers to human beings and to the social structures they collectively create; specifically refers to segments of humankind, such as members of a particular community, nation, or interest group.

An organization that is engaged in making a product or providing a service for a profit.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an interactive social system?

Refers to human beings and to the social structures they collectively create; specifically refers to segments of humankind, such as members of a particular community, nation, or interest group.

An organization that is engaged in making a product or providing a service for a profit.

A theory that holds that all organisms are open to, and interact with, their external environments.

The closely intertwined relationships between business and society.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is shareholder theory of the firm?

Their core arguments are: descriptive, instrumental, and normative

A theory that holds that the purpose of the firm is to create value for society.

A theory that holds that the purpose of the firm is to maximize its long-term market value. (Also known as ownership theory of the firm.)

A person or group that affects, or is affected by, a corporation’s decisions, policies, and operations. (See also market stakeholder and nonmarket stakeholder.)

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three core arguments for the supporters of the stakeholder theory of the firm?

Many laws give protection to stakeholders

A person who exercises power on behalf of another

Their core arguments are: descriptive, instrumental, and normative

When a manager identifies relevant stakeholders to understand their interest and power, they may have to assert these interests

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the stakeholder theory of the firm?

A theory that holds that the purpose of the firm is to create value for society.

A person or group that affects, or is affected by, a corporation’s decisions, policies, and operations. (See also market stakeholder and nonmarket stakeholder.)

Managers must pay attention to their quarterly and annual financial performance

An organization that does the stakeholder analysis

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BUS 100 Textbook Notes Chapters 1-2

What is business?

What is society?

What is general systems theory?

What is an interactive social system?

What is shareholder theory of the firm?

What are the three core arguments for the supporters of the stakeholder theory of the firm?

What is the stakeholder theory of the firm?

What is a fiduciary?

What does descriptive argument mean in terms of the stakeholder theory of the firm?

What does instrumental argument mean in terms of the stakeholder theory of the firm?

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