Chat with AIExam 3: The Stakeholder Approach to Business, Society, and Ethics
Provide a short answer to each of these questions.Be sure to fully explain your answer.
Explain what the concept of tapping the expertise of stakeholders means.
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VerifiedTapping the expertise of stakeholders is the firm's attempt to benefit from the knowledge held by an external stakeholder.Unlike industrial espionage,in which the firm tries to steal knowledge from competitors,the focus here is to make an ally of the stakeholder by helping it achieve its goals while also benefiting the firm.Many management scholars are recommending that managers form alliances with external constituents,recognizing that few firms have the expertise necessary to meet all challenges in-house.Tapping the expertise of stakeholders is one way to gain the needed expertise,while simultaneously aiding the stakeholder.
The view of the firm that recognizes a wide variety of groups as stakeholders is the
(83) VerifiedD
Provide a short answer to each of these questions.Be sure to fully explain your answer.
The diagnostic typology of organizational stakeholders categorizes stakeholders by their perceived level of cooperation and/or threat.Explain how this typology works and evaluate its usefulness.
(85) VerifiedThe typology divides stakeholders' possible actions into two categories,threat to the firm,and cooperation with the firm.It is important to note that the dichotomy is not about the stakeholders themselves--an single stakeholder can both threaten and cooperate with a given firm.This may be the typology's single most valuable contribution,allowing the manger to see that a single stakeholder is not necessarily one-dimensional.Beyond that,each dimension (threat and cooperation)is divided into high and low levels,allowing the manager to more closely tailor a strategy toward each possible combination.Students (and managers)should recognize,however,that this level of separation is a rough cut at best.Each stakeholder must be thoroughly analyzed to determine how to deal with it in the most effective manner.
The primary element in the concept of the stakeholder corporation is that stakeholders should be granted ownership positions in the firm relative to their power over the firm.
(69) Business organizations must address the legitimate needs and expectations of stakeholders because
(75) For sustainable development to become a reality,which approach offers the best opportunity for this to happen?
(82) Utilize the knowledge you have gained to respond to the following essay questions.Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
Are the natural environment and nonhuman species properly considered stakeholders of the firm? Defend your answer.
(77) Which of the following is not a strategy or action alternative in best addressing stakeholders?
(76) Which of the following is not an attribute upon which managers judge the importance of stakeholders?
(86) The assumption underlying the instrumental value of the stakeholder model is that effective stakeholder management should lead to achievement of traditional business goals such as profits and growth.
(81) Some authors now argue that stakeholder inclusion is the key to corporate success.
(74) The key to effective stakeholder management is in its implementation.
(87) The degree to which a stakeholder's claim requires immediate response is its
(73) The challenge of stakeholder management include all of the following except
(83) Utilize the knowledge you have gained to respond to the following essay questions.Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
This chapter of the textbook has made a strong case for the use of stakeholder management.Discuss reasons why firms may choose not to utilize this model.
(74) Which of the following is not seen as a value of the stakeholder model of the firm?
(76) Stakeholder management capability is thought of in three levels.Which is considered the highest level?
(83) Which of the views of the firm recognizes the fewest stakeholders and is the least complex?
(92) The primary strategy for a manager relative to a marginal stakeholder is to monitor that group.
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