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01c MGT 353 Chap 1

E are salient to managers when they have power

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Unformatted text preview: managers when they have power, legitimacy, and urgency Managers can use the salience concept to develop a stakeholder map – a graphical representation of the relationship of stakeholder salience to a particular issue A stakeholder map is a useful tool, because it enables managers to see quickly how stakeholders feel about an issue 1-25 Figure 1.4 Stakeholder Map 1-26 The Corporation’s Boundary-Spanning Departments Boundary-spanning departments (shown graphically in the following slide) – departments or offices within an organization that reach across the dividing line that separates the company from groups and people in society Building positive and mutually beneficial relationships across organizational boundaries is a growing part of management’s role 1-27 The Corporation’s Boundary Figure 1.5 Spanning Departments 1-28 The Dynamic Environment of Business The external environment of business is dynamic and ever changing The purpose of the firm is not simply to make a profit, but to create value for all its stakeholders – a successful business must meet both its economic and social objectives Six dynamic forces powerfully shape the business and society relationship: 1. 2. 3. 4. 5. 6. Changing societal expectations Growing emphasis on ethical reasoning and actions Globalization Evolving government regulations and business response Dynamic natural environment Explosion of new technology and innovation 1-29 Figure 1.6 Forces that Shape the Business and Society Relationship 1-30 Assignments 1. Read Chapter 2 2. Prepare your Class Project ideas to discuss in class on Thursday. 1-31...
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