Concept explainers
To determine:
If it is appropriate for management to define some stake holders as more important than other and whether all stake holders should be considered as equally important.
Concept Introduction:
The individuals or groups that are likely to affect or be affected by a proposed action of the organization are called as stake holders. The systematic approach that defines the primary stake holders like employees, customers, share holders, environment, government etc and identifying such key members is referred to as stake holder mapping.
Management needs to look from different angles like their potential threat, their interest, the influencing factors etc so as to define the key stake holders.
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Chapter 4 Solutions
Understanding Management (MindTap Course List)
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- how is ethical leadership going to be affected by current and future challengesarrow_forwardCompare and contrast the stakeholder management approaches that can be used for two(2) stakeholders if they were 1. (high interest, high power) and 2. (low interest, low power)arrow_forwardhow do we tie managers' interests with firms' interests?arrow_forward