chapter 1: corpo and stakeholders
This is the visualization of relationships among stakeholders' interests, power, and coalitions with respect to an issue, where sometimes a salient stakeholder can be seen (one that stands out from the others).
What is a stakeholder map?
By anticipating an emerging concern, analyzing it and how it could evolve, generating options, we can take action, then evaluate the result in this cycle.
What is The Issue Management Process?
This is the action taken towards making corporations commit to practice building stakeholder partnerships, discover business opportunities in serving society, and transforming financial performance to financial and social performance ideology worldwide.
What is Corporate Citizenship?
Examples of these include both the World Bank and International Monetary Fund (each founded in 1944) who respectively provides loans to member countries and stabilizes currency and exchange systems; and the World Trade Organization (founded in 1995) which makes rules on how countries trade with each other.
What are the International Financial and Trade Institutions?
When economic and social goals come together in companies that practice this, their long-term goals are to provide true value for customers and help its employees to grow responsibly.
What is Enlightened Self-Interest?
This engages in economic transactions with the company as it carries out its primary purpose while the non version of this are people(s) who don't engage in direct exchange with the company but who're affected by their actions.
Who are Market and Non-Market Stakeholders?
We use this term to reference prioritizing the relevance of stakeholders and their issues to the company after doing an environment analysis, using environmental intelligence, and competitive intelligence.
What is Stakeholder Materiality?
This idea says in the long run, those who don't use power in ways society says is responsible, will tend to lose it. Corporate Social Responsibility says that corporations should act in a way that betters in society, concerning their goals with social good over self profit.
What is the Iron Law of Responsibility?
To achieve this a firm has to develop channels by:
1) Building a successful business in its own country
2) Export products to buyers in others
3) Establish worldwide operations
4) Develop supply chains
By using this in Stakeholder Management, an organization can address public issues, engage stakeholders, solve problems faster, share information better, and bring customer ideas for product design in.
What is Social Media?
These offices are a growing part of management's role, where building positive relationships outside of traditional organizational boundaries are beneficial for the firm as a whole.
What are boundary-spanning departments?
First of these phases is inactive, where a company ignores stakeholder concerns, then there's reactive, where a company acts only when forced to do so. After that, there's proactive then interactive engagement.
What are the stages in the Business-Stakeholder Relationship?
While concerns about this include lowering economic efficiency, imposing unequal or hidden costs with competitors, and requires skills most businesses may lack- in support of it are balancing corporate power with responsibility, improved stakeholder relations and business reputation, and promotes long-term profits.
What are the Corporate Responsibility questions?
These establish the degree to which human rights are protected, which differ greatly among nations. For example, UN's Universal Declaration of Human Rights of 1948 which over half the world adopted.
What are Comparative Political Systems?
This is defined by the UN as firms that control assets abroad, most of its global commerce being done by a small amount of powerful firms.
What are Major Multinational Enterprises or MNEs?
All firms are living organisms that can only be observed in relationship to their surroundings such as market, competition, and customers is how we look at this in this class's context.
What is General Systems Theory or GST?
This is the difference between what stakeholders expect and what the organization actually does. The larger the difference, the larger the risk of stakeholder backlash or of missing business opportunity.
What is the Performance-Expectations Gap?
This is the capability of organizations to influence the government, economy, and society based on their resources. This can be good to produce more resources and create new products and technology, but can be bad for dividing markets and squashing competition.
What is Corporate Power?
This refers to the process of interrelated events that increase the movement of goods, services, capital, and people across national borders due to technology bringing people together.
What is Globalization?
These include, "Who are the Relevant Stakeholders?" "What are the interests of each Stakeholder?" "What is the power of each Stakeholder?" and "How are Stakeholder Coalitions formed?"
What are Stakeholder Analysis Questions?
The purpose of the firm causes this, since it's not only supposed to make money, but it must also create value for all of its stakeholders - meeting both economic and social objectives.
What causes the external environment of business to be dynamic?
These are when both a firm and stakeholders have an urgent goal, motivation, and the organizational capacity to engage. Some benefits of doing this includes better public perception, firms getting alerted to issues, and giving firms the chance to network for info from experts.
What are the Drivers of Stakeholder Engagement?
This assesses and reports an org's social, ethical, and environmental performances by implementing a systematic evaluation based on standards set by the company, industry, or standard-setting organizations.
What is a Social Audit?
This refers to the Free Enterprise Systems- where society satisfies their economic needs through the principle of voluntary association and exchange- and the Central State Control- where economic power is held in the hands of the government by owning property used to produce goods.
What are the two Comparative Economic Systems?
This only occurs when a company, individual, or fund invests money in another country- and in 2019 this was $1.54 trillion.
What is Foreign Direct Investments or FDIs?