week 6

Question 1

what are the uses of stakeholder management?

Answer 1

1. gives management a wider view than profit maximisation.
2. shows who deserves attention from management.
3. shows who the organisation is responsible to.
4. shows who is influential in / affected by management decisions.

Question 2

what are the expectations of shareholders?

Answer 2

the business should make money, earn profits and pay dividens.

Question 3

what are the expectations of employees?

Answer 3

decent treatment and for employment laws to be upheld.

Question 4

what are the expectations of customers?

Answer 4

responsible business practices such as advertising. that the products are safe for the intended use.

Question 5

what are the expectations of community?

Answer 5

sponsorship and philanthropy.

Question 6

what are the expectations of society?

Answer 6

understand your impact and act accordingly.

Question 7

what are the criteria for focussing on a stakeholder. define each.

Answer 7

power - the ability to influence a business to do something it wouldnt usually do.

Legitimacy - the claim is proper or appropriate

urgency - the degree to which the claim calls for immediate action.

Question 8

name the 3 types of strategy

Answer 8

narrow, basic, noble

Question 9

explain a narrow stakeholder strategy

Answer 9

2- 3 stakeholders, basic idea is that if you look after your employees they will look after the customers and generate value for the shareholders.

Question 10

explain a basic stakeholder strategy

Answer 10

5 stakeholders, includes suppliers and community. they will try to harmonize with others outside the organisation.

Question 11

explain a noble stakeholder strategy

Answer 11

the organisational goal is to tackle a specific issue and make a positive difference in the world.

Question 12

explain consequentialist moral reasoning

Answer 12

this is a result oriented p.o.v. there is a emphesis on things that can be measured. there are two sub categories.
utilitarianism - the most good for the most people.
egoism - the most good for the indevidual

Question 13

explain deontology moral reasoning

Answer 13

certain human rights are inalienable.

Question 14

explain virtueism

Answer 14

believes in developing positive individual traits such as courage, generosity and justice. learnt through practice and experience.