Chapter 4 Notes

Chapter 4 Notes - Chapter4:Stakeholders,Ethics,and...

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Chapter 4: Stakeholders, Ethics, and  Corporate Social Responsibility  Stakeholder:  an individual, institution, or community that has a stake in the  operations of an organization and in how it does business Stakeholder Management 1. Stakeholders and the Organization - Each stakeholder group supplies the organization with important resources  (or contributions), and in exchange each expects its interests to be satisfied  (by inducements) 2. Taking Stakeholders into Account - Managers need to take the various claims of stakeholders into account when  making decisions. If they do not then stakeholders may withdraw their support a. Identify stakeholders b. Identify stakeholder interests and concerns  c. Identify claims stakeholders place on the organization d. Weigh stakeholders by their importance to the firm e. Identify actions to satisfy claims of various stakeholders f. Take actions, starting with those that address the claims of the most 
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This note was uploaded on 12/14/2011 for the course ECON 10012 taught by Professor My during the Spring '11 term at Kent State.

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Chapter 4 Notes - Chapter4:Stakeholders,Ethics,and...

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