Examples of stakeholder theory in the following topics:
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- Stakeholders may have different interests related to the pursuit of profit and social impact.
- Leadership must have the ability to recognize the needs of its members (or called "stakeholders" in some theories or models), especially the very basics of a person's desire to belong and fit into the organization.
- It is the stakeholder theory that implies that all stakeholders (or individuals) must be treated equally regardless of the fact that some people will obviously contribute more than others to an organization.
- Importantly, the leadership (or stakeholder management) has to have the desire, the will, and the skills to ensure that the other stakeholders' voices are respected within the organization, and leadership has to ensure that those other voices are not expressing views that are not shared by the larger majority of the members (or stakeholders).
- Identify the importance of an organization recognizing the needs of its stakeholders
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- Building in a strong sense of ethics, and an alignment with the well-being of all existing stakeholders (and society at large) is an integral aspect of the strategic planning process.
- The concept of aligning with the needs, ethics, and well-being of all stakeholders is referred to as Stakeholder Theory.
- All organizations have a wide variety of stakeholders.
- Basically any group, individual, or organization impacted by operations is considered a stakeholder.
- This code of ethics should take stakeholders concerns into consideration, and evolve organically over time as the organization grows.
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- Organizational management is largely influenced by the opinions and perspectives of internal and external stakeholders.
- Employees are primary internal stakeholders.
- Owners often make substantial decisions regarding both internal and external stakeholders.
- This graphic is a good illustration of the stakeholders involved in a search engine organization.
- Owners are directly involved in the process, and thus described as internal stakeholders.
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- Decisions should be made in a way that ensures all stakeholders are considered.
- As a result, suppliers are closely related to organizations as key external stakeholders.
- Governments can in fact be considered primary stakeholders, considering the profit motive involved.
- While other stakeholder groups could be discussed at length, these are a few of the key pillars in stakeholder theory.
- Identify the various external stakeholders that may be impacted by business operations
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- Organizational theory studies organizations to identify the patterns and structures they use to solve problems, maximize efficiency and productivity, and meet the expectations of stakeholders.
- Organizational theory then uses these patterns to formulate normative theories of how organizations function best.
- Organizational theory examines patterns in meeting stakeholders' needs.
- This concept map illustrates common internal and external stakeholders: internal stakeholders include employees and managers, while external stakeholders include customers, suppliers, creditors, and society at large.
- A company must take all of these stakeholders' interests into account.
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- Other stakeholders would be funders and the design and construction teams.
- However, stakeholder theory argues that there are other parties involved, including governmental bodies, political groups, trade associations, trade unions, communities, associated corporations, prospective employees, prospective customers, and the public at large.
- Sometimes even competitors are counted as stakeholders.
- Market stakeholders (sometimes called "primary stakeholders") are those that engage in economic transactions with the business.
- Non-market stakeholders (sometimes called "secondary stakeholders") are those who generally do not engage in direct economic exchange with the business, but are affected by or can affect its actions.
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- The primary purpose of a business is to maximize profits for its owners or stakeholders while maintaining corporate social responsibility.
- Stakeholder theorists believe that people who have legitimate interests in a business should influence its operation.
- Advocates of business contract theory believe that a business is a community of participants organized around a common purpose.
- Advocates of business contract theory believe that a business is a community of participants organized around a common purpose.
- However, stakeholder theorists take contract theory a step further, maintaining that people outside of the business enterprise ought to have a say in how the business operates.
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- The aim of public relations by a company often is to persuade the public, investors, partners, employees, and other stakeholders to maintain a certain point of view about it, its leadership, products, or of political decisions.
- Stakeholder theory identifies people who have a stake in a given institution or issue.
- All audiences are stakeholders (or presumptive stakeholders), but not all stakeholders are audiences.
- Sometimes the interests of differing audiences and stakeholders common to a public relations effort necessitates the creation of several distinct but complementary messages.
- This is not always easy to do, and sometimes, especially in politics, a spokesperson or client says something to one audience that creates dissonance with another audience or group of stakeholders.
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- The mission statement is generated to retain consistency in overall strategy and to communicate core organizational goals to all stakeholders.
- The external assessment, which includes the business's stakeholders, is valuable since it offers a different perspective.
- How the organization provides value to these stakeholders, that is, by offering specific types of products or services
- To be truly effective, an organizational mission statement must be assimilated into the organization's culture (as the theory states).
- An example of a mission statement, which includes the organization's aims and stakeholders and how it provides value to these stakeholders.
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- The people who come in contact with your business's brand are known as your startup's stakeholders.
- Who will be your startup's stakeholders?
- Consider establishing contacts with some of the following suggested stakeholder categories common to new venture enterprises mentioned in the "Startup Stakeholder Arrow".
- Exhibit 7: "Startup Stakeholder Arrow" created by Molly Lavik, founder, Mentorography, Inc., January 12, 2009.