Pt 1 & 2 (Ch 1 - 4) Flashcards
Society
Refers to human beings and to the social structures they collectively create
Interactive social system
Together , society & business form this in which the actions of ea profoundly influence the other.
Stakeholder theory of the firm
corporations serve a broad public purpose: to create value for the society. multiple obligations and ALL stakeholders interests must be taken into account
General business system
intro in 40s, argues that all organisms are open to, and interact with, their external environments
Ownership theory of the firm
Aka property or finance theory — firm is seen as the property of the owners. Shareholder’s interests are paramount & take precedence over the interest of others
Stakeholder
refers to persons and groups that affect, or are affected by , an org’s decisions, policies and operations.
Stakeholder analysis
to identify relevant stakeholders and to understand both their interests and the power they may have to assert these interests
Stakeholder coalitions
when interests are similiar, stakeholders may form coalitions, temporary alliances to pursue a common interest
Stakeholder dialogue
A business and its stakeholders come together for face-to-face conversations about issues of common concern
Stakeholder engagement
the process of ongoing relationship building between a business and its stakeholders
Stakeholder interests
the nature of ea group’s stake
market Stakeholder
aka primary stakeholders —- those that engage in economic transactions w/the company
Stakeholder power
examples: voting, economic, political & legal power. the ability to use resources to make an event happen or to secure a desired outcome.
Business
Org that are engaged in making a profit or providing a service for a profit
Boundary-spanning dept
depts w/in the org that reach across the dividing line that separates the company from groups and people in society
competitive intelligence
systematic & continuous process of gathering, analyzing managing info about its competitor