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Chapter 2

Chapter 2. Strategic Management of Stakeholder Relationships. Stakeholders. Those people and groups to which an organization is responsible Those with a stake , or claim , in some aspect of a company’s products, operations, markets, industry, or outcomes.

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Chapter 2

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  1. Chapter 2 Strategic Management of Stakeholder Relationships

  2. Stakeholders • Those people and groups to which an organization is responsible • Those with a stake, or claim, in some aspect of a company’s products, operations, markets, industry, or outcomes

  3. Who are the keystakeholders of the organization?

  4. Primary Stakeholders • Groups fundamental to a company’s operation and survival. • Balancing the needs and Perspectives of primary stakeholders is a strategic imperative.

  5. Secondary Stakeholders • Groups that may influence and/or be affected by the company, but are not engaged in economic exchanges with the firm. • These groups are not fundamental to an organization’s daily survival. • They can place significant pressure on a business.

  6. Stakeholder Orientation • The degree to which a firm understands and addresses stakeholder demands. Comprises 3 sets of activities: • The organization-wide generation of dataabout stakeholder groups and assessmentof the firm’s effects on these groups • The distribution of this information throughoutthe firm • The organization’s responsiveness as a wholeto this intelligence

  7. Stakeholder Attributes…(to understand stakeholder saliency) • Power • Extent to which coercive, utilitarian,or symbolic means can be used toimpose a stakeholder’s views uponan organization. • Legitimacy • Perception or belief that a stakeholder’s actionsare proper, desirable, or appropriate. • Urgency • Pressure that a stakeholder exerts on managers and organizations by stressing the urgency of its claims.

  8. Reputation Management • The process of building and sustaininga company’s good name and generating positive feedback from stakeholders. • Most reputations take a long time to build or change. • Not handling a crisis situation to the satisfaction of stakeholders can damage reputations.

  9. Reputation Management Process • Identify how the organization wants to be viewed by stakeholders. • Determine how stakeholders evaluate the company and their impressions of its image. • Evaluate others’ impressions of organizational performance. • Understand the company’s reputation.

  10. Crisis Management • The process of handling a high-impactevent characterized by ambiguityand the need for swift action. • Threat to company goals • Short response time • Stressful, emotional, uncertain,and demanding context • Close organizational scrutiny by employees, stakeholders, customers, government regulators, the media, competitors, and creditors

  11. Crisis Management Process

  12. Development ofStakeholder Relationships • Relationships are founded on principles of: • Trust • Commitment • Communication • They are also associated with adegree of: • Time • Interaction • Shared expectations • Companies are searching for ways to develop long-term and collaborative relationships with their customers and business partners.

  13. Implementing a Stakeholder Perspective in Social Responsibility • Assessing the corporate culture • Identifying stakeholder groups • Identifying stakeholder issues • Assessing the organization’s commitment to social responsibility • Identifying resources and determining urgency • Gaining stakeholder feedback

  14. Link between Stakeholder Relationships and Social Responsibility • Reactive behavior • Denying responsibility and doing less than is required • Defensive behavior • Admitting responsibility and doing the least that is required • Accomodative behavior • Accept responsibility and doing onlywhat is required • Proactive behavior • Anticipate responsibility and doingmore than is required

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