Chapter 5, stakeholders

Question 1

What is a stakeholder

Answer 1

Individual or group that depend on a organisation to fulfill their goals

Question 2

External stakeholders in 5 groups

Answer 2

Economic - Owners, banks, suppliers

Social/political - Policy makers, council, government

Technological - Supplying complement product or service or key adopters

Community and society - Affected by the companies decisions

Internal - Local office, employees and factories

Question 3

Stakeholder mapping

Answer 3

Identify their power to understand the strategic priorities

Question 4

4 main ownership models

Answer 4

Publicy quoted - Shares on the market and focus on profit

State-owned - Owned by the government

Entreprenurial business - Owned by the founder

Family business - Family owned but often external CEO for better result

Question 5

Corporate social responsibility (CSR)

Answer 5

Organisation behave ethically, contribute to economic development while contributing to life

Question 6

4 types of CSR

Answer 6

The laissez faire - Only responsible to make profit which is used for investments

Enlighted self-interest - Good reputation will make it easier to achieve long-term profit

Forum for stakeholder introduction - Performance is measured and recorded in terms of tripple bottom line

Shapes of society - Seeking to change society, financial considerations is a secondary importance

Question 7

Corporate governance

Answer 7

Concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake in an organisation