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Unformatted text preview: 67-802-0731 Thinking about management issues Chapter 3 6.) “Businesses are built on relationships” can have several different interpretations. I think it purely means exactly as it reads. A business can not function without its relationships. These relationships include customer, employee, and business to business relationships to name a few. Without these a business would be unable to sell o customers perform daily tasks within a company and buying raw material. This means that a company should care about and take actions towards making its external environment a better place because without it the business would die. 7.) Obviously some of the drawbacks of managing stakeholder’s relationships would be the time and money investment. Another challenge might be the reputation implications that might come up. If a company does not show any interest in its stakeholders than when one disagrees with the company the company can simply say that it does not care what they think. However, if the relationship is managed than the company has already shown that it cares. Another big problem that might arise is that it is hard to please everyone. What some stakeholders want might not agree with others. ...
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This note was uploaded on 04/20/2009 for the course MAN 14029 taught by Professor Thompson during the Spring '09 term at University of Illinois at Urbana–Champaign.
- Spring '09