Exam One Chapter Two
Analyze issue
Evaluating the issue
Environmental Intelligence
Acquisition of information gained from analyzing the multiple environments affecting organizations
Identify issue
Anticipating emerging concerns
Stakeholder Engagement
At its core, a relationship
Reactive
Companies act only when forced to do so, and then in a defensive matter
Interactive
Companies actively engage stakeholders in an ongoing relationship of mutual respect, openness, and trust
Inactive
Companies ignore stakeholder concerns
Proactive
Companies try to anticipate stakeholder concerns
Eight Strategic Radar Screens
Customer environment, Competitor environment, Economic environment, Technological environment, Social environment, Political Environment, Legal Environment, Geophysical environment
Performance-Expectation Gap
Discrepancy between what stakeholders expect and what an organization is actually doing
Generate options
Evaluating action options, involves complex judgement
Issue Management Process
Identify issue, analyze issue, generate options, take action, evaluate results
Stages in stakeholder relationship
Inactive Reactive Proactive Interactive
Environmental Analysis
Method managers use to gather information about external issues and trends, so they can develop an organizational strategy that minimized threats and takes advantage of new opportunities
Evaluate results
Must assess results of the program and make adjustments as needed
Take action
Once option is chosen, must design and implement it
Drivers of Stakeholder Engagement
The participation of a business organization is necessary to constitute engagement Engagement is most likely when both the company and its stakeholders both have an urgent and important goal, the motivation to participate, and the organizational capacity to engage with one another