BE_JA_2_2

docx

School

Campbellsville University *

*We aren’t endorsed by this school

Course

601

Subject

Management

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by AdmiralElectron5037

Running Head: STAKEHOLDER 1 Definition: Business should pay close attention to all of its stakeholders, according to the stakeholder theory, and the theory's results are certainly right in their conclusions. A number of contemporary corporate ethics handbooks, notably the Harvard Business School's Handbook of Business Ethics, have gradually emphasized stakeholder management as the most critical red thread. Due to the fact that it includes co-creation of knowledge with researchers as well as improving participants' ability to use the knowledge gained from the study, participation in research projects has the potential to empower stakeholders. Summary: Finding generalizations and uniformities as well as theories that contribute to the prediction of marketing results will aid in the advancement of both stakeholder theory and stakeholder practice as stakeholder marketing continues to increase in scope and importance in today's world. As a result, the application of systems thinking to these networks may shed light on the potential conflicts and synergies that may arise; the values, aims, and ambitions of a firm's stakeholders are likely to be divergent, and, as a result, managers may be forced to make difficult decisions (Bondy, 2020). In order to effectively address the implications of stakeholder involvement, rather than focusing just on the company's point of view, we must change our understanding of the business as well as our communication techniques. In practice, the actual weight allocated to a single stakeholder is decided by a range of factors, the vast majority of which are determined by the conditions surrounding the company under consideration. Stakeholder definition, stakeholder identification, and stakeholder categorization are all addressed in this article, with the goal of bringing the issue back to its strategic roots and re-centering it. A graphical representation of the stakeholder model will be used to demonstrate each of these concepts (Hoskisson, 2019).

Discussion: A conceptual explanation of how to make trade-offs among a range of stakeholders is not provided by stakeholder theory, on the other hand. Taking a stakeholder approach, which is becoming increasingly common, means that when making choices, businesses take into consideration the interests of the many different groups to which they are answerable. These assertions can be divided into two categories: normative arguments for stakeholder participation in environmental decision-making and pragmatic arguments for stakeholder participation in environmental decision-making. The normative arguments for stakeholder participation in environmental decision-making are those that advocate for the inclusion of all stakeholders in environmental decision-making. In environmental decision-making, the normative arguments for stakeholder involvement are those that urge for the engagement of all stakeholders in environmental decision-making at all levels of government. In contrast to arguments that argue for the exclusion of stakeholders from environmental decision-making on a normative level, these are arguments that favor participation of stakeholders in environmental decision-making at the normative level. Even when establishing stakeholder theory as an alternative business theory, the organization functioned as a focus point for stakeholder interactions in the theory's early stages, and this role was maintained throughout the theory's development. An organization that efficiently employs distributive techniques reduces the amount of time it spends attempting to meet the expectations of its stakeholders and clients. According to the findings of the study, consumers of market-oriented businesses are more likely to be concerned about stakeholder claims that are important to them since these claims are already or may become a source of concern for their existing and prospective customers. In contrast to conventional stakeholder theory, the goal of the company is defined as long-term value

maximization or value seeking, which eliminates the issues that arise from the various purposes that are associated with traditional stakeholder theory, as well as the issues that arise from the various purposes that are associated with traditional stakeholder theory. In addition, traditional stakeholder theory eliminates the issues that arise from the various purposes that are associated with traditional stakeholder theory. In order to successfully apply stakeholder analysis techniques in the field of urban development on a practical level, it is important to consolidate and make available relevant stakeholder analysis approaches. The needs of stakeholders are not always perfectly aligned, and so putting collaboration between a business and its stakeholders into action, as well as maintaining it after it has begun, can be difficult. Because of the potential of interpreting the fundamental stakeholder idea in either a restricted or expansive fashion depending on the circumstances, it is said that the stakeholder model suffers from a lack of breadth and uncertainty. When the stakeholder model was initially introduced, it was meant to be used as a strategic tool by enterprises in order to broaden their view on management and to shift their emphasis away from shareholders and toward other participants in the organization's activities. Special interests that wish to use the resources of enterprises for their own purposes and then profit from them as a result of stakeholder theory will find this to be an excellent scenario in which to operate. I'll say it again: the identification of stakeholders is only the first stage in a long-term evaluation and assessment process that will examine how the business communicate and interacts with its stakeholder network in later phases of the process. The power of a stakeholder is defined as the ability of that stakeholder to mobilize social and political forces, as well as the ability of that stakeholder to withdraw resources from an organization.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

References Bondy K, Charles A. (2020). Relieving stakeholder minimization with the social self. Diary of Business Ethics. 165(1), 67-82. https://doi.org/10.1007/s10551-018-4085-x. Hoskisson RE, Gambeta E, Green CD, Li TX. (2019). Is My Firm-Specific Investment Protected? Conquering the Stakeholder Investment Dilemma in the Resource-Based View. Institute of Management Review. 43(2), 284-306. https://doi.org/10.5465/amr.2015.0411. Stanfield J, Tumarkin R. (2017). Does the Political Power of Nonfinancial Stakeholders Affect Firm Values? Proof from Labour Unions. Diary of Financial and Quantitative Analysis. 53(3), 1101-1133. https://doi.org/10.1017/S002210901800008X. Desai VM. (2016). Communitarian Stakeholder Engagement: An Integration between Theories of Organizational Legitimacy and Learning. Foundation of Management Journal. 61(1), 220-244. https://doi.org/10.5465/amj.2016.0315.

Related Documents

Document 7.docx

10-2 Executive Summary - QSO 680.docx

power point presentation.pptx

Final. WBA DBM 623 OPERATIONS MANAGEMENT JULY-DECEMBER 2023 (1).docx

Agile Project Management - Case Study 3.docx

Change.docx

Doctor without Borders.docx

Untitled document.edited (78).docx

JYOTI.docx

BSBFIN501 Assessment 1.docx

BUS610 Week 1 Discussion 1..docx

TM_Discussion_7_3.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

Understanding Management (MindTap Course List)

Management

ISBN:9781305502215

Author:Richard L. Daft, Dorothy Marcic

Publisher:Cengage Learning

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Marketing

ISBN:9780357033791

Author:Pride, William M

Publisher:South Western Educational Publishing

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L