+1-817-968-5551
+61-488-839-671
+44-7480-542904About Expert
Key Topics
Requirement
Consider the models of stakeholder theory promulgated either by Freeman, Mitchell et al or Donaldson and Preston.Using one of these frameworks outlined in either the text or readings, construct a stakeholder map for an organization with which you are familiar.
Solution
A stakeholder can be referred to as any person, social group or organization that has a stake in the business. Stakeholders could be internal or external to a business that has a legitimate interest in a project or entity. A stakeholder theory addresses the morals and values in the management of an organization. The stakeholder model promulgated by R.Edward Freeman has been chosen for this article.
Ed Freeman states that the aim of the company is to meet the stakeholder's need. His ideas regarding the stakeholders are completely revolutionary because they give a different perception of companies. His vision consists of three major points, which are:
-
He favors the name and face approach i.e. stakeholders are people possessing names. Interestingly, he advocates that the companies must accept to negotiate with the stakeholders by identifying the relevant representatives of various issues about stakeholders to make this negotiation possible.
-
Freeman is of view that there must be no absolute decision principles which exhibit his pragmatic and philosophical perspective. The organization must accept to counter each of its own opinions to consider its stakeholder's need.
-
He says that in case of a conflict between stakeholders and the company, the company must find some way (third way) or solution to come to an agreement with the stakeholders. He believes that an agreement is always possible. The third way should be chosen in such a way that it satisfies the interest of both the company and the stakeholders. Freeman states that CSR leads to innovation as it opens the door to the world of possibilities (Freeman, 2010).
Allassignmenthelp.com is widely regarded as the most effective academic resource for students. On our website, you can find the best MBA assignment help. Our expert team can provide you with high-quality project management assignment help while meeting your deadline. If you also want business management assignment help at a cheaper rate then reach us today and place your order.
Internal stakeholders are employees, owners, managers, investors and board of directors who are dedicated to rendering services to the company. The organization will not survive in the long run if the internal stakeholders are absent. They influence and are influenced by the success or failure of the company. External stakeholders are those parties who are interested in the business of the company though they are not a part of the organization. Examples of external stakeholders are suppliers, creditors, clients, competitors, government, society and the customers, etc. Below is a map which exhibits both the internal as well as the external stakeholders (de Chernatony, 2000).
In business, it is not mandatory that people who own shares of the company are the only stakeholders. The employees can also be the stakeholders because they strive hard for the success of the company. Different companies have different approaches to stakeholders based on their roles, rules and responsibilities (Carroll, 1991). In businesses these days, the employees, society, and the customers are neglected by the companies as they are not treated like the other main stakeholders. The company must give equal importance to all the stakeholders and should try to form an agreement as stated by Freeman. Healthy relations with stakeholders can be maintained by the following:
-
Assessing the strength of the relationships.
-
By building stakeholders trust in the organization.
-
By paying attention and responding to what the stakeholders say.
-
By demonstrating a commitment to stakeholders.
-
By satisfying the stakeholders.
These ideas might prove to be helpful in correcting the situation in which some of the stakeholders are neglected by the companies.
Place Order For A Top Grade Assignment Now
We have some amazing discount offers running for the students
Place Your OrderReferences
-
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
-
De Chernatony, L., & Harris, F. (2000). Developing corporate brands through considering internal and external stakeholders. Corporate Reputation Review,3(3), 268-274.
-
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons,34(4), 39-48.
Give your grades a boost
Just share your requirements and get customized solutions on time.
-
1,168,768 Orders
-
4.9/5 Overall Rating
-
5,052 Experts
