Ch 3: Stakeholders

Question 1

stakeholder capitalism

Answer 1

new form of capitalism considering ALL stakeholders, not just shareholders

Question 2

stakeholder approach

Answer 2

defines the relationship b/w business and society/stakeholders

Question 3

stake

Answer 3

an interest/share in an organization

Question 4

stakeholder is an extension of the concept of…

Answer 4

stockholder

Question 5

production/traditional view a business has of stakeholders

Answer 5

stakeholders = suppliers and consumers

Question 6

managerial view of stakeholders

Answer 6

stakeholders = suppliers, consumers, employees, owners

Question 7

stakeholder view of stakeholders

Answer 7

stakeholders = anyone mgmt thinks has a stake, or those who perceive themselves to have a stake in the org

Question 8

primary stakeholders

Answer 8

direct stake in org and it’s success (owners, employees, suppliers)

Question 9

secondary stakeholder

Answer 9

have a public or special interest (media, govt)

Question 10

fringe stakeholders

Answer 10

little voice or power but nonetheless have stake (“the poor”)

Question 11

strategic stakeholder approach

Answer 11

views stakeholders as factors manage manage in pursuit or profit

Question 12

multi-fiduciary stakeholder approach

Answer 12

views stakeholders as a group to which management has a fiduciary responsibility

Question 13

fiduciary

Answer 13

person/org acting on behalf of another person, putting client interest ahead of their own

Question 14

stakeholder synthesis approach

Answer 14

mg owes stakeholders some consideration/keeps them in mind but not as a fiduciary

Question 15

the overall responsibility of an organization is to… (3).
beyond that, an organization considers stakeholders in legal, ethical, economic, and philanthropic terms.

Answer 15

create jobs
provide goods/services
pay taxes