Sustainability and Mgt Flashcards
(30 cards)
What strategies can be employed to effectively manage stakeholder relationships?
Strategies may include regular communication, collaboration, and addressing stakeholder concerns.
What are the different perspectives on whether it pays to be good or green?
Perspectives vary; some argue it enhances brand value, while others highlight upfront costs and market uncertainty.
Why are stakeholders considered important for a companys success?
Stakeholders influence the company and are affected by its actions; positive relationships can enhance reputation and performance.
Give an example of a definitive stakeholder and explain why they are classified as such.
A definitive stakeholder is one that has power, legitimacy, and urgency, such as investors demanding immediate returns.
What is the role of sustainable finance in stakeholder management?
Sustainable finance supports investments that align with social and environmental goals, influencing stakeholder decisions.
When does it pay for a company to be sustainable?
It pays when resource efficiency leads to cost savings or when market demand favors sustainable practices.
How does power, legitimacy, and urgency affect stakeholder salience?
Power gives the stakeholder influence, legitimacy provides moral grounds, and urgency demands immediate attention, all shaping salience.
What characteristics define sustainability marketing compared to conventional marketing?
Sustainability marketing focuses on promoting environmental and social benefits, rather than just product features.
How are stakeholders classified according to their characteristics?
Stakeholders can be classified into categories such as primary and secondary, based on their impact and relationship with the company.
How do you identify stakeholders in a business context?
Stakeholders are identified by drawing a stakeholder map.
What are the fundamental concepts of stakeholder management?
Fundamental concepts include stakeholder identification, classification, and relationship management.
What are the differences between the shareholder and stakeholder concepts?
The shareholder concept focuses solely on profit for shareholders, while the stakeholder concept considers the interests of all parties affected by the business.
What strategies can entrepreneurs use to transform the market towards sustainability?
Strategies include product innovation, stakeholder collaboration, and creating awareness around sustainable solutions.
What are some forms of sustainable entrepreneurship?
Forms include social entrepreneurship, green business models, and ventures focusing on community well-being.
What categories are used to classify sustainable entrepreneurship?
Categories include environmental sustainability, social equity, and economic viability.
How does stakeholder engagement contribute to sustainability marketing?
It ensures customer and stakeholder needs are met while promoting sustainable practices and values.
What new business risks are on the rise due to sustainability challenges?
Risks include regulatory changes, reputational damage, and shifting consumer preferences towards sustainability.
How do sustainability ratings influence business practices?
Sustainability ratings provide benchmarks that can guide corporate strategies and inform investor decisions.
What is Salience in stakeholder management?
Salience is the degree to which stakeholders are prioritized based on their power, legitimacy, and urgency.
How can successful marketing solutions be applied to sustainability challenges?
By leveraging target marketing, educating consumers, and highlighting the dual benefits of sustainability and product quality.
What role does social media play in stakeholder engagement?
Social media enables two-way communication, enhances transparency, and facilitates direct interaction with stakeholders.
What is a stakeholder map and how is it created?
A stakeholder map visually represents stakeholders based on their influence and interest in the company.
Describe the venture development process in sustainable entrepreneurship.
It involves identifying market opportunities, resource acquisition, product development, and risk management.
How does sustainable entrepreneurship contribute to market transformations?
It introduces innovative products and practices that shift consumer behavior and industry standards towards sustainability.
