Chapter 1: The Corporation and it's Stakeholders

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What are the steps of issue management process?

1. Identify Issue 2. Analyze Issue 3. Generate Options 4. Take Action 5. Evaluate Results

What are the steps in stakeholder analysis?

1. Identify issue at hand 2. Who are the relevant stakeholders? 3. What are the interests of each stakeholder? 4. What is the power of each stakeholder? 5. How are coalitions likely to form?

What is a stakeholder?

A person or group that affects, or is affected by, a corporation's decisions, policies, and operations.

What is stakeholder materiality?

Adaptation of an accounting term that focuses on the importance or significance of stakeholders for the firm

What is a public issue?

An issue that is of mutual concern to an organization and its stakeholders

What is a business?

Any organization that is engaged in making a product or providing a service for a profit

What are the types of stakeholders?

Customers, employees, shareholders, government, suppliers, professional and trade associations, social and environmental activists, and nongovernmental organizations

Corporations that run operations according to the stakeholder theory of a firm create value by: a) innovating new products b) increasing their stock price c) developing their employees' professional skills d) all of these answers are correct

D. All are correct

Stakeholder groups can include: (a) shareholders (b) business support groups (c) environmental activists (d) all of the above

D. All of the above

What are the drivers of engagement in the company-business relationship?

Goals, motivation, capacity

What are the stages of the business-stakeholder relationship?

Inactive, reactive, proactive, and interactive

A firm subscribing to the shareholder theory of the firm would mainly be concerned with providing value to its:

Investors

A stakeholder analysis:

Involves understanding the nature of stakeholder interests

A stakeholder map is a useful tool because:

It enables managers to quickly see how stakeholders feel about an issue, and it allows managers to evaluate what outcomes are likely regarding an issue.

What kind of power(s) do consumers have to discourage sweatshops among big corporations?

Political and economic

What is society?

Refers to human beings and to the social structures they collectively create

What is the issue management process?

The active management of public issues once they come to the attention of a business organization

What is the Iron Law of Responsibility?

The belief that those who do not use their power in ways that society considers responsible will tend to lose their power in the long run

Which of the following is False about Fair Trade?

The bottom feeder factories perform at a more sustainable level causing low pollution in the environment

What is corporate social responsibility?

The idea that businesses should act in a way that enhances society and their stakeholders and be held accountable for any of its actions that affect people, their communities, and their environment

What is a focal organization?

The organization from whose perspective the analysis is conducted

What is the PE (performance-expectation) gap?

The perceived distance between what a firm wants to do or is doing and what the stakeholders expect

What are the 5 types of stakeholder power?

Voting, economic, political, legal, and informational


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