Stakeholders

Question 1

List some primary stakeholders (social and non social)

Answer 1

Social:
Shareholders
Employees
Managers
Customers
Communities 
Suppliers/partners 

Non social
Nature/env.
Future generations
Non human species.

Question 2

List some secondary stakeholders (social and non social)

Answer 2

Social:
Govt. 
regulators
Institutions 
Activists
Media
Trade bodies
Competitors 

Non social
Env interest groups
E.g Greenpeace.

Question 3

List and define stakeholder attributes.

Answer 3

Legitimacy: perceived validity/ appropriateness of their claim to the stake.
Power: ability to produce an effect.
Urgency: how immediate the response needs to be. Eg. Protest and strikes.

Question 4

Explain a strategic approach to stakeholder management.

Answer 4

Views stakeholders primarily as factors to be considered to make profits for shareholders.

Question 5

Explain a multifiduciary to stakeholder management.

Answer 5

Views stakeholders as more than individuals. Managers have equal responsibility to them as shareholders.

Question 6

Explain a stakeholder synthesis approach to stakeholder management.

Answer 6

Preferred approach.
Businesses have a moral responsibility to stakeholders but not a fiduciary obligation.
Fiduciary: someone who holds a legal/ethical relationship of trust.

Question 7

List and define the three values of stakeholders.

Answer 7

Descriptive: provides language/concepts to describe effectively the company. You get a better understanding of the company.
Instrumental: practicing effective stakeholder management, means that you will achieve your goals.
Normative: treating the stakeholders how they deserve to be treated.

Question 8

What are the 5 Key question for stakeholder management?

Answer 8

Who are the stakeholders
What are their stakes
What opportunities and challenges to they present.
What responsibilities does the firm have?
What strategies or actions should the firm take?

Question 9

what is the new social contract for internal stakeholders?

Answer 9

Fewer tenure agreements
Few lift carriers (plenty of change possible)
Temporary project assignments
Loyalty to self
Personal responsibility
Pay for value added
Employees in charge of education
Focus on team building.

Question 10

What are the three types of stakeholders? Describe them.

Answer 10

Core: essential to a firms survival (shareholders customers)
Strategic: vital to the organisation. The threats and opportunities they face.
Environmental: all others in the organisation.

Question 11

List the types of stakes (three)

Answer 11

Interest
Rights (legal and moral)
Ownership