Ch. 2 (Managing public issues and stakeholder relationships)

What are 8 areas to monitor?

- Customer environment (gender, age, marital status) - Competitor environment (number and strength) - Economic environment (costs, prices, international trade) - Technological environment (new technology affecting the organization) - Social environment (cultural patterns, values, beliefs) - Political environment (structure, process' and actions of all levels of gov.) - Legal environment (copyrights, patents, trademarks, etc.) - Geophysical environment (water, land, minerals, air, etc.)

Drivers of stakeholder engagement ?

- Goal - Motivation - Organizational capacity

What is the issue management process?

- Identify issue - Analyze issue - Generate options - Take action - Evaluate results

What is stakeholder engagement?

- Inactive (ignore stakeholders concerns) - Reactive (act when forced to do so, in a defensive manner) - Proactive (try to anticipate stakeholder concerns) - Interactive (actively engage with stakeholders)

Why should companies engage with stakeholders?

- Spot trends and issues earlier - Gain greater legitimacy - Access to information that may otherwise not have

What is a public issue?

Any issue that is of mutual concern to an organization and one or more of its stakeholders

What is environmental analysis?

a method managers use to gather information about external issues and trends, so they can develop an organizational strategy that minimizes threats and takes advantage of new opportunities

Where do stakeholder expectations come from?

people's opinions, attitudes, and beliefs about what constitutes reasonable business behavior

What is environmental intelligence?

the acquisition of information gained from analyzing the multiple environments affecting organizations

What is the performance-expectation gap?

the gap between what the firms are doing to what the stakeholders expect them to do