The Stakeholder Theory

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1. The Stakeholder Theory
The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications Author(s):
Thomas Donaldson and Lee E. Preston Source: The Academy of Management Review, Vol. 20, No.
1 (Jan., 1995), pp. 65–91 Published by: Academy of Management Stable URL:
http://www.jstor.org/stable/258887 Accessed: 20/04/2010 23:08
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Unfortunately, anyone looking into this large and evolving literature with a critical eye will observe
that the concepts stakeholder, stakeholder model, stakeholder management, and stakeholder theory
are explained and used by various authors in very different ways and supported (or critiqued) with
diverse and often contradictory evidence and arguments. Moreover, this diversity and its
implications are rarely discussed–and possibly not even recognized. (The blurred character of the
stakeholder concept is also emphasized by Brummer, 1991.) The purpose of this article is to point
out some of the more important distinctions, problems, and implications associated with the
stakeholder concept, as well as to clarify and justify its essential content and significance. In the
following section we contrast the stakeholder model of the corporation with the conventional input–
output model of the firm and summarize our central thesis. We next present the three aspects of
stakeholder theory –descriptive/empirical, instrumental, and normative found in the literature and
clarify the critical differences among them. We then raise the issue of justification: Why would
anyone accept the stakeholder theory over alternative conceptions of the corporation? In subsequent
sections, we present and evaluate the underlying evidence and arguments justifying the theory from
the perspective of descriptive, instrumental, and normative justifications. We conclude that the three
approaches
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3. The Fundamental Issue Of Stakeholder Management
INTRODUCTION
Stakeholder theory
The fundamental issue in stakeholder management is to specify stakeholders or answer this question
that who stakeholders are. There is not much agreement on stakeholder definition among researchers
and project management experts. Mitchel states that various concepts in relation to stakeholder
definition is due to their views to organisation or firm. So there are narrow and broad definitions.
For instance, Freeman's definition is broad one. He defines stakeholder as any group or individual
who can affect or be affected by the achievement of organisation or firm's objectives. In contrast,
Clarkson has narrower view as he considers risk for stakeholder concept. He believes this risk is due
to form of investment in that firm. In fact, basis of narrow view can be due to limitation in
resources, budget, time or form of organisation's asset. PMBOK's stakeholder definition is similar to
Freeman's definition. The only difference is that organisation is also can be a stakeholder and
influence or impact can be due to decision or outcome of a project.
Management of stakeholders in projects
Project stakeholder management contains processes to identify stakeholders, their expectations,
concerns, needs, interests and their influences in the first step and then to adopt appropriate
management strategies to engage the identified stakeholders in project execution in the next step.
Identify stakeholders
According to PMBOK, all groups or individuals who have
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5. What Is Stockholder And Stakeholder?
Define stockholder and stakeholder. What is the difference between the two? Stakeholders: People
or gatherings with an intrigue, claim, or stake in the organization. There are two sorts of
stakeholders which we need to comprehend what they are. Internal stakeholders: Stockholders and
representatives, including official officers, different chiefs, and board individuals. External
stakeholders: Every single other individual and gatherings that have some claim on the organization.
Stockholders get an arrival on venture from profit installments and capital gratefulness in the market
estimation of a share. Here for this terms, stock holders are the ones who claims no less than one
share of stock in an organization. Furthermore, there is another name for this stockholders, which is
normally called as Shareholders. At the point when going to the principle contrast between these two
holders, stake holder is the primary concern which has each one inside it. Like it can be said as all
the stock holders are stake holders too yet not all partners are stock holders. Stakeholders
incorporate Shareholders, Customers, and Debenture holders, Employees, Government, Suppliers
and Creditors and so on. What 's more, the stakeholders enforce on execution of the organization.
While the stockholders or shareholders incorporates Equity shareholders and inclination
shareholders. What 's more, they concentrate on degree of profitability. 2. What process does a
company go through to respond to
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7. Relationship Between Stakeholders And Stakeholders
In the modern era of marketing, brand management has proved its importance by being a widely
discussed topic. While brand value was primarily connected with customers only, its importance into
non–customer areas has been acknowledged. Brand equity and brand value are argued on their
relation with relevant stakeholders. In this assignment I am reflecting on the importance of
managing these stakeholder relationships.
Stakeholder management has been recognised as a central part of an organisation's effectiveness.
Stakeholders play important roles as advocates, sponsors, partners and agents of change. Much has
been written about stakeholder relationships in the private sector and many companies now have
dedicated relationship managers and strategies in place to improve and develop external
relationships. However, stakeholder management in the brand management still lags some way
behind (Ipsos 2009).
Building a successful brand is effective if brand value is generated. Through the relationship
performance between the relevant stakeholders and the brand, brand value can be created. Jones
(2005) suggests, that one should acknowledge two key points while accessing the stakeholders:
1. Network of relationships / dependency upon multiple stakeholders,
2. Value assessment on the basis of each individual ... Show more content on Helpwriting.net ...
Reputations are crucial. While they are hard to win, they are equally easily lost. Understanding
stakeholders helps to build stable relationships and, ultimately, to accomplish your objectives (Ipsos
2009). Research shows that strong reputations, i.e. trust and good communications are key for
consumers to listen and follow companies. This is clearly demonstrated by well–known companies
that create strong reputations based on clear values and cultures: innocent drinks, Coca–Cola and
Toyota, to name just three (Ipsos
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9. Essay On Stakeholders In Healthcare
The Stakeholders In healthcare the stakeholders are key element of the organization. The
stakeholders are the Providers, Payers, Employers and Patients. The stakeholders are individuals
with some stake or concern in the process. The customers want the lowest rate and the highest
quality of provision. The employers want job security, a decent workplace and benefits. The
corporation desires to see the highest revenue for the lowest total cost.
According to Peter Buerhaus of Vanderbilt School of Nursing who has studied the problem on staff
shortage. "Nursing care in America's hospitals has reached a critical shortage –– the worst in 50
years."(1)
According to the "United States Registered Nurse Workforce Report Card and Shortage Forecast"
published in the January 2012 issue of the American Journal of Medical Quality, a shortage of
registered nurses is projected to spread across the ... Show more content on Helpwriting.net ...
Rather, it is an increasing shortage of hospital personnel. Many hospitals across the country have
"Up to 168,000 hospital position are unfilled in six job categories; the majority needed are nurses."
(3) Compiled by Bureau of the Census on www.census.gov/hhes/www/hltnins.html With so many
cases of unfilled position in the hospital patients is not obtaining great services. Patient not receiving
proper cares leads to closures, because of prolonged postponements that have led to deaths. Patient
complaints at the emergency room have increased in recent years. Numerous patients that were
admitted to the hospital's emergency room are at high risk of dying. Six percent of emergency rooms
in the U.S. have closed. These closings took place in the inner–city and low–income areas, but with
an emergency room visit increasing by nearly 51%, the overwhelming amount of closures.
Staff Shortage creates problems for its
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11. Government Contracts and Stakeholders
As illustrated in the photo below, this train has a front car, a passenger car and a caboose.
Stakeholders, in my opinion are the "passenger car" of this train and should not be forgotten in the
middle.
[Year]
Tasha Corbin
[Company name]
[Date]
As illustrated in the photo below, this train has a front car, a passenger car and a caboose.
Stakeholders, in my opinion are the "passenger car" of this train and should not be forgotten in the
middle.
[Year]
Tasha Corbin
[Company name]
[Date]
BUSINESS–It's What Drives America
BUSINESS–It's What Drives America
As a senior level accountant, I am often given the daunting task of identifying candidates for
accounting positions and bringing them on board upon finding their suitability to ... Show more
content on Helpwriting.net ...
'. (Hannagan, T (2002), 'Management: Concepts and Practices ' P142.) Their goals and objectives
vary immensely, but all must be considered. In the past it had been the common conception that
businesses fundamentally rely upon, and in turn effect their economic capital, which is represented
in the form of stockholders. The rise to prominence of stakeholders (through studies and reports) has
allowed firms to realize that there are people and infrastructure beyond the company which are
necessary to it and who must have their interests protected. An organization's stakeholders are all
parties who can reasonably be understood to be affected by its decisions. They can be deemed to
represent the businesses ' social and environmental capital as well as economic. Stakeholders can be
of very different and varied guises and also harbor conflicting interests. In the main they can be
categorized into three major groups: Internal, Connected and External Stakeholders. Internal
stakeholders include managers and employees and are those that are situated within the company
and affect the 'day–to–day ' running of the organization. Connected stakeholders cover groups such
as shareholders, suppliers and customers, and are parties which invest or have dealings with the
firm. The third group, External stakeholders, are those not

12. ... Get more on HelpWriting.net ...

14. Stakeholders In The Community
Stakeholders are the lifeblood of the decision processes for any organization and how stakeholders
are affected by organizational decisions has kept many a manager up at night. In the mental health
segment of the industry, my organization acts independently of others with little competition due to
catchment agreements. That is not to say there is not a situation where frustrations with Carey
Counseling Center would not deter someone from seeking services elsewhere. Therefore, the
community is directly affected by the actions of CCC along with the patients. CCC is the employer
of several employees in several counties which would also make them directly affected. Though
CCC is part of an interconnected community mental health system in conjunction
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16. The Four Steps Of Stakeholder Relations: What Is A...
What is a stakeholder? Stakeholders are persons or groups that have, or claim, ownership, rights, or
interests in a corporation and its activities, past, present, or future. Stakeholders with similar
interests, claims, or rights can be classified as belonging to the same group: employees,
shareholders, customers, and so on (Clarkson, 1995). Freeman (1984) defined a stakeholder as any
group or individual who can affect or be affected by the achievement of an organizations objectives.
Types of Stakeholders According to Clarkson (1995) primary stakeholder group is one without
whose continuing participation the corporation cannot survive as a going concern. Primary stake
holder groups typically are comprised of shareholders and investors, employees, ... Show more
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Whereas relation is defined as the way in which two or more people behave toward and deal with
each other. Combining the two words we can say that stakeholder relation is the exercise of how
people or groups deal with each other and their concern on an organization. According to Mack
(2016) stakeholder relations is the practice of forging mutually beneficial connections with third–
party groups and individuals that have a "stake" in common interest. The Four Steps of Stakeholder
Relations 1. Identify Stakeholders The first stage in stakeholder relations involves researching
potential individuals and third–party organizations that may be relevant. List down the stakeholders
who you think has a connection to the project. Stakeholders can be assessed systematically
according to criteria such as influence, impact and alignment. For example, these questions can help
assess their relevance: (Harrison, n.d) To what extent will your strategy affect each group, positively
or negatively? How far does the strategy align with their existing beliefs about your organization's
values and purpose? How far do they share your organization's values and purpose in this
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18. Stakeholders In Nonprofit Organizations
Introduction: My anticipated profession is working with nonprofit organizations so I did some
research and learned about the stakeholder's in nonprofit organizations. A stakeholder is an
individual or group which has an interest that the nonprofit fulfills its mission. Anyone who is
interested or affected by the nonprofit organization and its services is a stakeholder. (Stakeholders of
a typical nonprofit) According to stakeholder analysis charities and other nonprofits have diverse
stakeholder groups, often with conflicting needs and an expectation, so prioritizing and focusing on
the voices that must be heard is vital. Stakeholders are prioritized although they are also put into
sections on how to handle and take care of them when disagreements ... Show more content on
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I believe this because as stakeholder analysis stated, charities and other nonprofits have diverse
stakeholder groups, often with conflicting needs and an expectation, so prioritizing and focusing on
the voices that must be heard is
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20. Developing A Network Of Stakeholders
In today's markets and global interactions, organizational leaders must consider the complexities of
engaging with multiple stakeholder interdependently as well as simultaneously. Accountable leaders
are aware that mutual interactions benefit both communicators during a positive woven relationship.
Moreover, the ability to create a network of stakeholders also promotes organizational energy for all
involved. Promoting valuable and lasting relationships also includes promoting agendas that helps
the needy as well as the world. These helping relationships networks apply from volunteering to
raise money for HIV and Aids too promoting human rights agendas. These stakeholder frameworks
provide for key interconnections that promote the ... Show more content on Helpwriting.net ...
Discussion Given the opportunity to evaluate and identify the interaction between Western National
Insurance (Western) organization and their stakeholders, identify each stakeholder and their mutual
benefits. Determining Western's historical stakeholder interaction, from past to the present, research
must be accomplished. A review of the Pesch, Eide, and Moorthy (2012) document covering the
Western National Insurance company that includes an itemized listing of internal and external
stakeholders, the organizational leadership used, and the benefits of sustainable interactions (Pesch,
Eide, & Moorthy, 2012). It all begins with a historical review of the organization.
Western, Past to Present
The Mutual Creamery and Cheese factory company opened its doors in Minnesota approximately
one hundred years ago. This newly opened organization's owners financed their beginning by
providing specialty insurance handling for creameries. These interactions were made with hand to
hand and direct coverage to their customers and by their employees. As the organization expanded
their options to include liability automobile and property insurance in 1955, their organization met
their goals and remained almost unchanged in methods until 1997. From 1997 till somewhere within
the 1990s, the Chief Executive Officer (CEO) and Chairman of the Board realized their
organizational ratio was substandard (Pesch et al., 2012). Moreover, their immediate future
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22. Stakeholders Theory
The stakeholder theory is a theory of organizational management and business ethics that addresses
morals and values in managing an organization.[1] It was originally detailed by R. Edward Freeman
in the book Strategic Management: A Stakeholder Approach, and identifies and models the groups
which are stakeholders of a corporation, and both describes and recommends methods by which
management can give due regard to the interests of those groups. In short, it attempts to address the
"Principle of Who or What Really Counts."[2]
In the traditional view of the firm, the shareholder view (the only one recognized in business law in
most countries), the shareholders or stockholders are the owners of the company, and the firm has a
binding ... Show more content on Helpwriting.net ...
In contrast, Stakeholder theory argues that every legimate person or group participating in the
activities of a firm do so to obtain benefits and that the priority of the interests of all legitimate
stakeholders is not self–evident.
Donaldson and Preston offer four central theses related to stakeholder theory.
1) Stakeholder Theory is descriptive in that it offers a model of the corporation.
2) Stakeholder Theory is instrumental in offering a framework for investigating the links between
conventional firm performance and the practice of stakeholder management.
3) Although Stakeholder Theory is descriptive and instrumental, it is more fundamentally normative.
Stakeholders are identified by their interests and all stakeholder interests are considered to be
intrinsically valuable.
4) Stakeholder Theory is managerial in that it recommends attitudes, structures, and practices and
requires that simultaneous attention be given to the interests of all legitimate stakeholders. |
Diagram/schematic of theory | | Diagram/schematic of theory | | | | | |
At a minimum, stakeholders are those groups from whom the organization has voluntarily accepted
benefits, and to whom the organization has therefore incurred obligations
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24. Stakeholder Engagement Essay
In today's world for any business to be successful it needs to be a sustainable enterprise. There are a
number of ways to achieve sustainability using a number of different methods. A key aspect of
sustainability for any business is Stakeholder Engagement. Only by reaching out to all of their
stakeholders will a business be able to create a competitive advantage while still being sustainable.
Business sustainability is achieved when the business successfully manages the triple bottom line.
This is the process of managing the financial, social and environmental risk that a certain business
will face. The consequences of business sustainability are not only the long–term success of the
company but also that it becomes an appealing opportunity for potential investors as sustainability is
rapidly becoming an increasingly vital component of any business.
The first step in covering stakeholder engagement is to first determine who a stakeholder is. A
common misconception is that ... Show more content on Helpwriting.net ...
Stakeholder Engagement can factor this into a company in a number of ways. For example, if the
company needs a new product supplied, rather than looking at the regular supplier the company can
look at more environmentally friendly options. A 'green' company is normally well supported by the
community as well as by shareholders as an environmentally friendly company is often seen as a
good investment opportunity.
Another imperative principle of Stakeholder Engagement is that those involved in the engagement
must take responsibility. For there to be good governance within a company every relevant person
must engage continuously with the stakeholders.
Stakeholder Engagement is a critical part of any organisation. It is vital to the sustainability and if it
is managed correctly can lead to creating the necessary competitive advantage that a company needs
in order to not only survive in the work force but ultimately
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26. Key Stakeholders Roles
IBuilding alliances with key stakeholders is beneficial for any community project as it bring
together individuals who are adversely affected and individuals who are able to help with the
problem (Robinson, 2005). Through the development of alliances with stakeholders, a working party
will be established; key stakeholders will participate in the development and implementation of the
Making of a Community Project. The development of a coalition will strengthen the bond between
stakeholders to actively engage to achieve the common goals of the project (Yarn, 1999). The
engagement of key stakeholders within the community is important for the development and
planning of services, which will require resources, knowledge and skills to implement a ... Show
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This plan must be sure to take into consideration the needs and desires of the community to ensure
continuing community support and sustainability of the project. The final design of the Youth
Cultural Leadership program must seek to: – Engage and empower the local youth, – Be sustainable
long term, – Have support from key stakeholders involved, – Focus on promoting cultural unity and,
– Meet the needs of the local community. Communicating to and gaining feedback from the
community on the final design is important when using a community participation approach as it
will all the community to see an outcome for their involvement and reinforce their ownership over
the project (Sanders, 2000).
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28. Stakeholders In Asda
Stakeholders and their importance to a business:
At Asda, there are many differences between the stakeholders. The main difference between the
interest of the employees and the shareholders are that the shareholders want Asda to make a profit
making company because they have invested a lot of their money into it. However the employees
only want Asda to succeed as they want to get paid there wage. Therefore there might be a small
conflict between the shareholder and the employee as their views compared to each other are
completely different to each other. Another type of conflict is when the employees at Asda are not
getting paid enough. This conflict can be between the employees and the managers. The employees
might feel they are not getting ... Show more content on Helpwriting.net ...
If Asda grows further and makes greater amount of profit it will increase in its shareholders. This
will lead to more shareholders and this will bring more investment in to Asda. This is good for Asda
as they can now invest the money from the investment into a sector where they can generate and
increase their profits. Another reason why shareholders are important for Asda is because they can
help Asda to increase their profits and also with the extra money they can expand on their business.
Shareholders and employees have a similar interest in the success and growth of Asda. Asda would
consider them both as key stakeholders because both help Asda to improve their profit and increase
annual revenue. However they the shareholders have different tasks to undertake. Shareholders have
to invest their own money while the employees at Asda work within the business and deal with
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30. Stakeholder Analysis
Small Grants for Site Support Groups supported by the DGIS/TMF–BirdLife funding scheme
Guidelines on Stakeholder analysis Contents 1. How to identify the stakeholders
................................................................................................................. 1 2. Stakeholder
analysis.................................................................................................................................... 1 3. The
Stakeholder Analysis Report ................................................................................................................
3 These guidelines are part of a set of five that BirdLife is using to ensure that projects at IBAs have
the participation and ownership of local ... Show more content on Helpwriting.net ...
2. Stakeholder analysis The challenge is to take the viewpoints and actions of these specific groups
into account. The objectives and interests of the people, social groups or institutions participating in
or affected by the project should always be included in planning, through a stakeholder analysis.
This step is generally done during the planning workshop, after a thorough analysis of the situation
in the field. The objectives of the stakeholder analysis are: to list and characterise the major
stakeholders to understand their present and potential roles and responsibilities to understand their
interests, fears, problems and potentials to draw conclusions for the planning of the project. List of
main stakeholders 1 This step is a simple collection of names of relevant groups. There are often a
large number of stakeholders involved. It is therefore highly recommended to cluster stakeholders
into homogeneous groups with similar characteristics, problems and interests. On the other hand,
great care should be taken not to lump different groups together. Even "conservation groups" for
example may not be sufficiently differentiated category – each conservation organisation within
such a grouping may well have its own particular perspective on an issue. Always refer back to the
project idea to check whether a group is really a major stakeholder or not. This will often become an
iterative process –
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32. Stakeholder Theory Vs. Stakeholder Thinking
Stakeholder theory and definition
Stakeholder is defined as "any group or individual who can affect or is affected by the achievement
of the organization's objectives" (Freeman 1984). Stakeholder theory, when introduced in the 1980s,
signify a major change in how relationships within a business might coexist and benefit one another.
The concept of "Stakeholder theory" or "stakeholder thinking" is about identifying groups who are
stakeholder in a corporation and manage them. It states that organizations are collections of several
different parties, each with its own goals and objectives. Stakeholder concept has been used, either
explicitly or implicitly, for descriptive purposes, and also as a framework from which different
theories and ideas can be derived. It offers an proper lens for consideration of more composite
perspective of the value that stakeholders seek as well as new ways to measure it. Stakeholder
thinking has emerged to understand the three interrelated business problems indicating the problem
of how value is created and traded, problem of connecting ethics and capitalism, and the problem of
helping managers think about management. Stakeholder theory can be upstretched with a full
different collection of ethical questions without any context to other theories.
Concept of stakeholder theory
Stakeholder theory was introduced by "R. Edward Freeman" (1984), also known as the "father of
stakeholder theory". His theory states that "the individuals or groups that may
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34. Main Stakeholders Of The Ginsters Company
1.0 Introduction
In this assignment I will be discussing the main topic stakeholder theory, what it means to a
company and how it relates to the Ginsters Company. I will also be writing about the main
stakeholders in the Ginsters Company and carrying out an analysis on the company's main
stakeholders and how the company approaches the corporate social responsibility.
2.0 Stakeholder Theory
John Kew and John Stredwick mention that Jonhson et all 2011 defines a stakeholder as "those
individuals or groups who depend on the organisation to fulfil their own goals and on who in turn
the organisation depends."
An organisation has external stakeholders and internal stakeholders. External stakeholders are
individuals or groups outside the business who are linked to the organisation in some way but not
directly these can be customers, shareholders, society, suppliers and the government. On the other
hand are Internal Stakeholders, these stakeholders are individuals or groups who work directly
inside the business. These are the employees, managers and owners of the company.
Stakeholder theory looks at the relationships between an organization and others in its internal and
external environment. It also looks at how these relationships affect how the organization conducts
its activities. You can think of a stakeholder as a person or organization that can affect or be affected
by your organization. Stakeholders can come from inside or outside of the
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36. Essay On Stakeholders In Healthcare
Stakeholders are define as those objects that are inherently intricate in the healthcare system and
would be significantly affected by improvements to the system. The major stakeholders in the
healthcare system are patients, physicians, employers, insurance companies, pharmaceutical firms
and government. Insurance companies sell health coverage plans directly to patients or indirectly
through employer or governmental intermediaries. Pharmaceutical firms progress and then market
medications which are prearranged by doctors to treat patients. Stereotypically, they receive
compensation through insurance or governmental drug–benefit plans. Pharmaceutical companies
also show a key role in the healthcare system because many patients trust their products. The values
for drugs are increasing, and there are no covers to ... Show more content on Helpwriting.net ...
Physicians are a key role in guaranteeing that their patients receive suitable healthcare, but also in
directing the increasing costs of healthcare. They have to establish a balance between having a
gatekeeper role for the insurance companies and being an advocate for the patient (Saint Joseph
University, 2016). Patients are the recipients as a stakeholders. Patients also have an moral
responsibility towards their own health and towards controlling costs. While it would be unbearable
to implement a program that involuntary people to live healthy lifestyles, it is reasonable to accept
that healthier living would lead to lower healthcare costs (Saint Joseph University, 2016). The
government subsidizes healthcare for the elderly, the disabled and the poor. the government
subsidizes healthcare for the elderly, the disabled and the poor. Healthcare is a human right, and
healthcare is a product. Equalitarianism accentuates the role of government and is more interesting
to democrats; libertarianism highlights the role of free market and is more tempting to republicans
(Saint Joseph University,
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38. Examples Of Stakeholders
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organization 's actions, objectives and policies. Some
examples of key stakeholders are creditors, directors, employees, government (and its agencies),
owners (shareholders), suppliers, unions, and the community from which the business draws its
resources.
Read more: http://www.businessdictionary.com/definition/stakeholder.html#ixzz2PXLmU8iH
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organization 's actions, objectives and policies. Some
examples of key stakeholders are creditors, directors, employees, government (and its agencies), ...
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Wait staff The restaurant has table service, so that means you will need to have waiters and
waitresses or servers. If the concept is more formal, you may have servers and runners. So the
Sultan Of Lancaster has Two wait staff, but depending on the day their job role might change due to
how busy the restaurant is on that day.
RunnersRunners work under the servers, bringing customers the food they ordered directly from the
kitchen. The Sultan of Lancaster has one Runner he is also the Head Waiter, he has been at the
organisation for over 20 years and is very experience.
BussersBussers are the folks who clear tables and re–set them. They bring the dirty dishes to the
kitchen to be washed. The Sultan Of Lancaster don't always have a Busser but they do have them on
busy nights such as Saturday 's they have approximately two. 4 Owners– The Restaurant is owned
by four brothers, but this is also split two of the brothers run the business and are the management of
the restaurant which has also mentioned above. But on the other hand the other two brothers are
responsible for the finance so they are the ones who run the financial side of the business so for
example things such as bills and wages .
Lancaster Community– The Sultan of Lancaster is very well known in the Lancaster Community,
they have been open for the last 22 years and still going on successfully. The reason why they are
well known is because the owners have a very good
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40. Stakeholder Management Plan For A Stakeholder
Table of Contents
1. MANAGING STAKEHOLDER EXPECT ATIONS 2
1.1. DEFINITION OF A STAKEHOLDER 2
1.2. STAKEHOLDER MANAGEMENT PLAN 2
1.2.1. IDENTIFY STAKEHOLDERS 2
1.2.2. ANALYZE STAKEHOLDERS 4
1.2.3. PRIORITIZE STAKEHOLDERS 5
1.2.4. ENGAGE STAKEHOLDERS 6
1.3. TIPS TO MANAGE STAKEHOLDER EXPECT ATION 7
1.4. CONCLUSION 8
1.5. REFERENCES 8
1. MANAGING STAKEHOLDER EXPECT ATIONS
1.1. DEFINITION OF A STAKEHOLDER
Before we go in depth into managing stakeholder expectations, we need to know what exactly a
stakeholder means in terms of project management.
Project stakeholders are individuals and organizations that are actively involved in the project, or
whose interests may be affected as a result of project execution or project completion. They ... Show
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As part of this, a project manager along with his/her team will look for people who are affected by
the project, who have influence or power over it, or have an interest in its successful completion.
They must make sure that they identify the correct individual stakeholders within a stakeholder
organization. [3]
Some of the qualities that one would look for in a stakeholder are:
Ability to impact the project
Ability to enhance the project
Ability to remove impediments
Ability to lead opinions
Example:
I am currently working on a project which deals with variable annuity dynamic hedging for an
insurance firm, and some of the stakeholders whom we have identified are:
1. Underwriters (Drafting business proposals for the insurer)
2. Insurance agents
3. Zonal managers
4. Regional managers

41. 5. Investment analyst
6. Claims analyst
7. Fraud analyst
1.2.2. ANALYZE STAKEHOLDERS Figure 1: Stakeholder Management Matrix [4]
Figure 1 shows a basic framework that can be used to manage stakeholders based on interest and
influence. In the figure, the 'power' on the Y axis can also be referred to as 'Influence' and the
'Interest' on the X axis can be referred to as 'Availability'. [5]
The people who fall in the phase "Manage Closely" are people who have high influence and high
interest. They are business owners and others with significant decision–making authority and
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43. Bp and Stakeholder Mismanagement
Thesis
Poor stakeholder management led to preventable mishaps such as the disasters in Alaska and Texas.
Specifically, BP 's defensive approach towards stakeholder management led to lavish compensation
for upper level management while creating hazardous working conditions for employees and a
burden on all of society in the form of rising oil prices and environmental damage.
Background
British Petroleum was founded in 1908 and since then has rapidly grown to become the eighth
largest company in the world . However, as of late, BP has come under fire for several high profile
disasters, including the Texas City refinery explosion and the Prudhoe Bay oil spill.
In 2005, an explosion occurred at BP 's refinery at Texas City. ... Show more content on
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The US Chemical Safety Board stated that there "is a solid case for citing some fault on cost
cutting" in the Texas City disaster. In fact was BP aggressively cut maintenance investment in their
refinery by 84% between the years 1992–2000 . Additionally BP lacked many company wide safety
standards and left the decision making to plant managers, a position which had a high turnover rate .
Cost cutting was eventually handed down to the employees in the form of a hazardous work place,
with 15 deaths and over 170 others injured in the Texas City explosion.
Stakeholder Snapshot: Society
BP 's negligence and lackluster response to the Prudhoe Bay oil spill caused damage to the
surrounding environment and forced a spike in oil prices, drawing intense criticism and scrutiny
from the Federal government and the American public.
BP 's handling of the cleanup has raised serious questions about the concern the company has for the
environment. Five months following the accident, 17,000 gallons of crude oil remained to be
drained from the surrounding areas of the pipeline . Following the accident, BP has faced pressure
from the Justice Department, the Environmental Protection Agency, and Congress due to the
environmental damage. Prior to the spill, the company was already being investigated by the EPA
for possible violations of the U.S. Clean Water Act due to pipeline corrosion. It now faces a grand
jury investigation which may lead to

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46. Stakeholders
Stakeholders Introduction In this assignment I will be talking about two different businesses, Holly
Lodge Girls' College and McDonalds, and stakeholders involved with them and how they influence
the businesses. Holly Lodge provides education to its customers, and some of their aims and
objectives are being committed to academic progress and supporting students to the best they can
be, and prepare them to be responsible citizens with a shared set of values and sense of community
as well as compassion and responsibility etc. For McDonald's they have many aims and objectives
such as they're committed to providing quality food quickly that their customers can trust with the
best possible service, showing clear career paths to their ... Show more content on Helpwriting.net ...
Employees Employees at Holly Lodge want a few things from the business, things such as; good
working hours and fair pay, a fair workload, and students who are unlikely to act up so it's easier to
provide education to the students. This leads Holly Lodge to aim to give their employees hours and
workloads they can do with pay equal to the hours and effort they put into it, so they're likely to
remain at the business and keep on providing the education the business promises to its customers.
Holly Lodge also tries to aim for a good reputation so is less likely to take in students who have had
a record of misbehaviour in previous schools or the community, which makes the employees happier
to teach as they know certain types of students won't be in the school that they have to teach. If the
employees can't influence the school and their aims and objectives, they're likely to contact their
union and call a strike until situations have changed for them. McDonalds' employees are similar as
they too want good hours, a fair workload, and an equal pay for the amount of time and effort they
put into their work. They also want the chance for a promotion or at least more money for staying
with them, otherwise they will either call their union or quit; this has influenced
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48. Stakeholders Who Are Stakeholders
Who are stakeholders? What and who does this term stakeholder refer to? Are they simply the
internal members of the company? Are they supporters of the company? Yes we understand each
question on your mind regarding stake holder management and we are going to help you get an
answer to these questions. Many people believe that stake holders are only the investors or the profit
makers of the company; however this is not the care in terms of stake holders. Let us get to know
and understand the meaning of stakeholder, stakeholder management and then finally see how you
can effectively manage stakeholders. To get an answer to your questions refer to the notes below as
they will guide you through.
Who is a Stakeholder or What is stakeholder?
Anyone or everyone who is affected by the actions of a business or an organization is a stake holder
for the organization. Stakeholders are people without whom the organization might never ... Show
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Hence it is extremely important to manage stakeholders efficiently at every stage of the company's
life cycle. Management of stakeholders needs to be done very effectively as each stakeholder's
powers differ with their importance and their interest in the business. A few stakeholders have the
power of either blocking your business or letting it roll successfully. You business also depends on
their interest as some may be interested in what the business is doing and how is it performing
however some stakeholders will not even care about your business. For example you are into a
project in which your boss will be extremely interested and so will be your family; however an
outsider not directly related to you will not be as interested. Similarly in a business the owner and
the employees will be very interested however the community and the media will not really be
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50. Stakeholder Management Plan For Managing Stakeholder
1. MANAGING STAKEHOLDER EXPECT ATIONS
1.1. DEFINITION OF A STAKEHOLDER
Before we go in depth into managing stakeholder expectations, we need to know what exactly a
stakeholder means in terms of project management.
Project stakeholders are individuals and organizations that are actively involved in the project, or
whose interests may be affected as a result of project execution or project completion. They may
also exert influence over the project 's objectives and outcomes.
1.2. STAKEHOLDER MANAGEMENT PLAN
In order to manage stakeholder expectations, it is important to follow a well–designed plan that can
tell you who are the most important stakeholders in a project and who should be given the most
priority and so on. A few stakeholders ... Show more content on Helpwriting.net ...
Some of the qualities that one would look for in a stakeholder are:
Ability to impact the project
Ability to enhance the project
Ability to remove impediments
Ability to lead opinions
Example:
I am currently working on a project which deals with variable annuity dynamic hedging for an
insurance firm, and some of the stakeholders whom we have identified are:
1. Underwriters (Drafting business proposals for the insurer)
2. Insurance agents
3. Zonal managers
4. Regional managers
5. Investment analyst
6. Claims analyst
7. Fraud analyst
1.2.2. ANALYZE STAKEHOLDERS Figure 1: Stakeholder Management Matrix
Figure 1 shows a basic framework that can be used to manage stakeholders based on interest and
influence. In the figure, the 'power' on the Y axis can also be referred to as 'Influence' and the
'Interest' on the X axis can be referred to as 'Availability'.
There are 4 phases in the stakeholder management matrix :
Manage Closely
Keep Satisfied
Keep Informed

51. Monitor (minimum effort)
The people who fall in the phase "Manage Closely" are people who have high influence and high
interest. They are business owners and others with significant decision–making authority and power
to kill, sustain or nurture the project.
It is the project manager's responsibility to set up consistent touch points with these stakeholders and
make sure they are happy.
People who have high influence and low
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53. What Is Aldi Stakeholder Relationship
Aldi Limited and their stakeholder relationship
Introduction:
It is extremely important for any organization to manage their stakeholders satisfactorily as they
have a significant impact on the organization's progress, (Madura, 2012, p.25). In this report, the
author will look at Aldi Limited and their stakeholder relationship. Aldi Limited started their initial
operations in 1946 in Germany as the biggest retailers of groceries, (Telegraph, 2013). Aldi Limited
became very familiar among the people because of their low prices and the self service arrangement,
(Aldi, no date).
This report will give a detailed explanation about stakeholders and their role in any organization.
Further, this report will provide information on how Aldi Limited has ... Show more content on
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Furthermore, Aldi maintains a very low price range which satisfies their customers and creates a
better customer relationship.'
2.5.2 Aldi and their employees:
Aldi provides opportunities to their employees which allow them to boost their career through better
salaries. In return, these well satisfied employees work harder with commitment towards their work,
(Business case studies, no date, p.2).
2.5.3 Aldi and their suppliers:
Aldi Suppliers, (no date), Aldi gives priority on maintaining a reasonable relationship with their
suppliers which has helped them experience a long term relationship with suppliers, who support
them to sell high quality products at a cheaper price, (Business case studies, no date, p.3).
2.5.4 Aldi and the community:
(Business case studies, no date, p.6) provides evidence that Aldi uses an eco friendly system which
reduces the emission of harmful gases to the environment. Moreover, Aldi minimizes energy
wastage and recycles the waste produced. Aldi also takes part in many CSR activities for the
betterment of the community.
2.6
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55. The Importance Of Stakeholders In The Classroom Environment
Bron and Veugelers (2014) elucidate a classroom environment encompasses a vast and diverse
student body that should be reflected in the utilized curriculum which will continually adapt to the
ever changing elements and culture surrounding it. Important to realize, is that there is a very
considerable group of stakeholders responsible for the advocacy of the curriculum map, those who
are composed of neighborhood residents, youth involved in the justice system, unemployed,
regulation enforcement agencies, contractors and developers, employers, ordinary community
members, and government officials (Rabinowitz, 2017). Accordingly, whether stakeholders are
directly or indirectly involved with the students, their input ensures successful outcomes in
achievement for those focuses within the learning arena. Stakeholders' Purpose To explain, Hanover
Research (2016) affirms the stakeholder's role in curriculum mapping is vital, due to invested
interest of processes and results, as well as the ability to enhance the review's effectiveness and the
many persons who have an expertise through their individual knowledge and skills. This vested
interest is to help ensure that appropriateness is upheld in the reviews regarding questions, designs,
or methodology. Markedly, Bron and Veugelers (2014) state that by involving the students in the
curriculum process, their input will assist and aid in reducing the gap between how student live and
learn, and bring more relevance to the learning
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57. Temple University Stakeholder Analysis
Temple University initiated to develop 35,000 seat football stadium with an estimated cost of $100
million in the campus area of Philadelphia (Clearing the Way for a Football Stadium. Philly.com).
The objective of this stakeholder analysis paper is to identify the most powerful and influential
stakeholders of Temple University stadium using three attributes – power, legitimacy and urgency.
There are two divisions of stakeholders– Primary and Secondary Stakeholders. According to
Clarkson (1995), Primary stakeholders are the most important groups as there is high level of
dependency between each other and without which the organization/Institute cannot survive. On the
other hand, Secondary stakeholders are those who don't have direct ... Show more content on
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They don't have ownership or legal rights. Their interests are categorized in four different areas
which are career stability, student/school welfare, freedom of choice and the overall quality of
education. If Temple invest on developing a stadium and if it doesn't go well then it might affect on
employees career stability as they may redistribute employees to other departments. It could affect
overall quality of education/academics to Athletics. Also if the stadium moves in the campus,
obviously there would be a change in the culture hence it will affect student welfare. Through
survey result, we found that 66% people are against the building of a new stadium. So, if I think
about the freedom of choice, it looks like most of the employees don't think it would be a good idea
to build a new stadium because it only going to waste money. Temple could provide money to
develop community and invest on their education system. There are two stakeholders who have
strong relationships with each other. I think that the board of trustees and the football program
should work together as the project operation would depend on their decision. TU doesn't have
Legal responsibilities or Philanthropic obligation towards their employees. However, they have
Economic responsibilities. They need to think about the infrastructure and the cost to develop the
stadium. It could affect negatively on
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59. Internal And External Stakeholders
There are two kinds of stakeholders in any organization i.e. internal and external. the internal stake
holders are people within company that can be impacted by the actions of company and in turn
influence the actions of company and the external ones have similar function but they reside outside
the organizational boundaries (Needles, Powers, and Crosson, 2013). in case of Philips one of the
major internal stake holders are its employees, such that the employees give innovative ideas and
feedback to Philips and the company rewards them in return in form of acknowledgement, rewards
and compensation as they believe that employees have paramount role in customer satisfaction.
Employees have interest in the financial statements and the indices of financial operations presented
in the annual report so that they can have an idea of the ability of company to keep them employed
and give them adequate salaries and benefits. In addition other important external stakeholder is the
suppliers of Philips, as the company is concerned with the satiable development of its products and
services, so they make sure that their suppliers also follow the same practice. Philips is in direct
relationship with 8500 ... Show more content on Helpwriting.net ...
These assets are used for producing the services or goods, administrative aims or for the rental
objectives and offer benefit for the time period of more than one financial period. For the non–
current assets there can be two modes i.e. cost or revaluation. In cost model the asset is mentioned at
cost by deducting the amount of accumulated depreciation while in revelation model the asset is
mentioned on fair price. Philips uses the cost model where the depreciation is calculated by straight
line method (Philips.com,
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61. Stakeholder Salience
Stakeholder Salience
Joy R. Kidd
GCU: ORG–807 Stakeholders Role in Organizations
December 24, 2014
Stakeholder Salience
Introduction
Developing a relationship between and across organizations and its stakeholders can be
counterproductive and interdependent to decision making. Globalization effects stakeholder's
coalition building and salience in organizations. It is known as an ongoing process or interrelated
events of increasing movement of services, goods, and capital across national borders (Lawrence &
Weber 2011). Stakeholders across organizations build coalitions as a means of increasing salience.
Globalization has affected stakeholder coalition building as well as stakeholder salience. Finding ...
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Implementing and integrating this action plan could lead to a social and economic benefit with their
mission, while collaborating and working together could potentially and successfully increase and
fulfill intended goals.
For example when a particular stakeholder group demand urgent attention to a specific issue, the
importance of the group creates managerial action and creates high salience, which takes a leading
role in decision making toward corporate goals and social responsibility (Mishra & Suar, 2010).
Furthermore, in order to achieve established corporate goals, best practice mitigation depends on the
understanding and decision making of the demand and supply chain as well as the interests of the
stakeholders. The success of corporate mitigation relies on the balancing of the wants and needs of
the salience groups.
Globalization affected stakeholder coalition building
Globalization can affect stakeholder coalition building either negatively or positively. Caughlin
noted that the level of communication from the overall result of a stakeholder or group of
stakeholder's significantly influence the relative power and conviction for a particular outcome
which will greatly affect the costs of the decision making process as well as time (Caughlan, 2002).
In building a stakeholder coalition one's abilities to attain own
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63. Stakeholder
Stakeholders, Shareholders and Wealth Maximization
V. Sivarama Krishnan, University of Central Oklahoma
ABSTRACT
This paper attempts reconciliation between the two somewhat extreme views espoused by the
shareholder wealth maximization paradigm and the stakeholder theory. The stakeholder theory
challenges the basic premise built into corporate finance theory, teaching and practice. Corporate
finance theory, teaching and the typically recommended practice are all built on the premise that the
primary goal of a corporation should be shareholder wealth value maximization. Extant theoretical
and empirical research in financial economics also generally accept shareholder wealth
maximization as the normative and ideal goal on which all ... Show more content on Helpwriting.net
...
This paper is an attempt at reconciling the two somewhat extreme views espoused by the
shareholder wealth maximization paradigm and the stakeholder theory. It aims to provide a fair and
balanced review of the two approaches to corporate goal setting and their respective implications to
business decision making. We also attempt to address what is felt as a lack of dialogue between the
two camps. The paper is organized as follows. The first part provides a summary view of the
shareholder wealth maximization approach, which we call the traditional finance paradigm. This is
followed by a review of the current research and the salient parts of the stakeholder theory. The
following section presents a summary of the critique of the stakeholder theory by two of the most
eminent and perhaps the strongest critics of the theory, Michael Jensen (2001) and Elaine Sternberg
(1999). This is followed by what we consider as our own insight into the stakeholder theory and our
attempt at reconciliation between the two approaches. The last section provides summary and
concluding comments.
THE FINANCE PARADIGM
The traditional finance paradigm puts the shareholder wealth maximization as the primary goal of
corporate management. This paradigm is built upon the classic competitive markets assumption.
Essentially, it is assumed that all participants who have transactions with a firm employees,
suppliers, customers, lenders, etc. – are
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65. Stakeholder Management
Stakeholder Relationships Brief To produce a set of recommendations in a written document about
how McDonalds PLC, can reduce its carbon footprint through the management of key stakeholder
relationships. Introduction McDonald's PLC, is one of the largest fast food chains in the world, with
32,000 outlets in 117 countries. In the UK the first restaurant opened in 1974 and now in the UK
stores alone, the chain serves 2.5 million customers daily. In the early 2000's McDonalds saw for the
first time some of its outlets closing, and drastically had to rethink the way that it operated. It was
struck with a damaging title of the firm that didn't care with non–eco–friendly practises, (the
ecologist: 2011) and with the negative publicity ... Show more content on Helpwriting.net ...
Stakeholders can be divided into internal and external claimants. Internal claimants include
shareholders and employees including the managers of the firm. External claimants typically
comprise customers, suppliers, bankers, competitors, governments, trade unions, alliance partners,
communities and the general public. Looking further into external stakeholders one could, also
include the environment. All stakeholders expect that the firm will satisfy their particular demands.
Pearce, documented in Hill & Jones (1992) has noted: "Stockholders provide the enterprise
with the capital and expect an appropriate return on their investment in exchange. Employees
provide labour and skills. In exchange they expect commensurate income and job satisfaction.
Customers want value for money. Suppliers seek dependable buyers. Governments insist on
adherence to legislative regulations. Unions demand benefits for their members in proportion to
their contributions to the company. Rivals seek fair competition. Local communities want
companies that are responsible citizens. The general public seeks some assurance that the quality of
life will be improved as a result of the company's existence". nner Managers Customers. Suppliers
Community McDonalds Stakeholder Relationships. External Stakeholders. Internal Stakeholders.
Store
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67. Waitrose Stakeholders
In this essay I will be writing about the stakeholders of both, The IPO and Waitrose. I will also be
evaluating the impact of different types of stakeholders in one particular company, either The IPO or
Waitrose. Stakeholders can be any person or organisation that has an interest in the activities, good
and services of a business. Firstly with Waitrose. Waitrose is a national supermarket chain with over
305 stores across the UK and Channel Islands and 40 John Lewis stores. Waitrose is under the John
Lewis Partnership and the whole company have over 91,000 employees. Waitrose's aims and
objectives is based upon their future expansion. From the about Waitrose webpage, it states that
'Waitrose aims to extend its store presence whilst improving ... Show more content on
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The suppliers are an influential stakeholder for any supermarket chain. With Waitrose they get a vast
amount of their supplies from organic farms and other Fairtrade suppliers. Furthermore they get a
small amount of their produce from the small amount of farms which they own, one example is
Leckford Farm. At this particular farm they would be able to supply a small amount of produce to a
local Waitrose store in the surrounding area. The suppliers are an important stakeholder to any
supermarket because if the supplier delivers stock for the supermarket late then Waitrose would not
be able to continue with selling that particular item until the stock is delivered, furthermore if this
item is bought regularly by customers then there would be a lot of complaints unless there would be
stock reserved in case an issue such as this would occur. The
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69. Stakeholder Support For The New Pharmacy
Change is inevitable and sometimes difficult for some to accept. It is a challenge trying to get
stakeholders to buy into change, because it is impossible to satisfy everyone. Stakeholder support is
important for the new pharmacy to succeed in the healthcare organization. "Involving stakeholders
during all stages ... can lead to early buy–in, successful program design, and establishment of long–
term support for the program" (www.ahrq.gov, 2014). If the stakeholders were not involved in some
of the decisions and planning stages of the new pharmacy, they would be left feeling insecure and
confused about the transition. Approaching the stakeholders with a good business plan will help
alleviate some of the insecurities. According to Carr et, al ... Show more content on Helpwriting.net
...
If the pharmacy would offer discounted drugs, they could expect to see customers who are self–pay
or do not have a prescription plan. Self–paying customers and those on a monthly budget would be
attracted to discounted prices that the pharmacy could offer. Pharmacist could provide detailed
information about the prescription and what drugs may counteract them, continuing the health
management plan provided by the physician. After establishing the need for customer base, they
would have to look at the competition and their buying patterns. One thing this pharmacy has is the
availability to patient's medical health history on hand; this would make the patient at ease knowing
the pharmacist has knowledge of their medical history. According to Williams & Torrens (2008),
"As patients and health care professionals have turned increasingly to medications as cost–effective
alternatives to invasive surgery and hospitalization, spending on prescription medications has
naturally increased" (263). Medicine is providing patients to live longer, healthier lives even though
they might suffer from a chronic illness or disease. Showing stakeholders this information of
increased prescription medications might help influence their decision to support the new pharmacy.
An incentive of more financial income to the
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71. Stakeholder for Staples
Introduction Stakeholders are individuals and constituencies that contribute, either voluntarily or
involuntarily, to its wealth–creating capacity and activities, and who are therefore its potential
beneficiaries and/or risk bearers1. There are several different types of stakeholders associated with a
corporation, and those stakeholders can have different views and opinions on what corporation 's
goals should be and how they should be running. I have interviewed three different stakeholders of
Staples Inc., an employee, a customer and a stock holder, to find their relationship between them
and the firm. Then, I will use this information to suggest how the firm should proceed and continue
to have a better and more beneficial ... Show more content on Helpwriting.net ...
Another question was whether or not they thought that the Staples ' Soul program was a good idea
or not. Again the customer and the employee had agreed that it was a good idea, but it was not
important to them. In fact Ms. Lam had stated that "I don 't really mind. Although I think that they
should work on their customer relations a little more." Mr. Esteves, the stockholder, found this
program important due to the fact that since it was instituted the stocks of Staples Inc. have been
going up. Although all three agree it is not a bad idea, Ms. Lam and Mr. Forgione do not find this
type of program important to them at all. The fact that they do not find this program of no
importance is because it has absolutely no affect on the customer or the employee stakeholders. The
benefits of this program do not directly impact a majority of its employees or its customers. It
appears that the relationship between Staples and its employee and customer stakeholders is a
straight give take relationship, through the perspective of the stakeholders. Ms. Lam, in answering
about what type of relationship she had with Staples said, "I need supplies, they need money. They
take my money, I take their supplies." While Mr. Forgione stated, "The only thing Staples has done
for me is provide me with a paycheck every week and some benefits." Next, I asked all three
stakeholders to order which
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73. What Are Gm's Key Stakeholders
General motors is the foucus company i have chossen to represent. GMs key stakeholders are
owners, employees, customers, competitors, and suppliers. General Motors has around 212,000
employees world wide, which is more then apple and Microsoft combined. customers are also big
key stakeholders in GM, GM provides products that satisfy car buyers, the reason they are a big key
stakeholder is becuase if GM doesnt provide good products they will lose profit. Competitors are
also a big key stakeholder, because they force GM to come up with new ideas to keep customers
interested in their product. Another big key stakholder is stockholders, GM has over 1,012
stockholers, so GM must put up good numbers to keep people buying their stock. Some ways GM
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75. Hyundai Stakeholders And Responsibility
Measuring and Managing Reputation
The author have worked on each stakeholders level of authority and influence, by prioritizing
who and how to engage them is important building a good working relationship based on trust. It
is Hyundai's responsibility to gain trust from stakeholders and community for the sake of their
reputation.
Lewicki et al (1998) define trust as "confident positive expectations regarding another's
conduct". Usually, Hyundai stakeholders experience informs their insight of the Hyundai as a
company.
It is Hyundai's responsibility to understand gaps they have with their stakeholders affect their
relationship. Having the DTI, DEA and SABS has been identified as the key stakeholders; a gap
analysis has been ... Show more content on Helpwriting.net ...
This will
strengthen the relations with its stakeholders.
5.1.3. Lateral Impacts
Hyundai should focus on stakeholders they need for the company to meet their requirements.
Their stakeholders must not be ignored such as the media, pressure groups, and government as
they will also have assigned interest in the issue and how the company is managing it.
These stakeholders have the power to influence the three identified key stakeholders. Therefore,

76. strategy to deal with them should also be devised.
As a result of Hyundai initiatives, stakeholders should begin to display some level of trust
towards the service/brand, and would want to continue with the relationship by cooperating with
the service and sharing information required.
These mitigating initiatives against Hyundai reputational damage, it is vital for Hyundai to
demonstrate commitment to good corporate citizens through boarding on corporate responsibility
initiatives.
These strategic options as part of Hyundai corporate responsibility, should also demonstrate how
committed Hyundai is to its own values such as People first, Collaboration and to be Customer
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78. Disadvantages Of The Stakeholder Approach
The stakeholder approach concentrates on surrounding environment of a business, however, there
are several drawbacks in the concept of stakeholder approach. The very first negative attribute is
that an organization has obligations and duties to all stakeholders (). However, it is not clear that
whether every stakeholder will be benefited equally and fairly or not (Mainardes et al. 2011). That
means, although the concept of stakeholder approach is ideal, however, it is not easy for an
organization to satisfy all stakeholders at the same time, or at least, maintain a good relationship
with each stakeholder. The problem is, sometimes, when an organization tries to gain benefit from
one stakeholder, it may, at some stages, unintentionally damage other stakeholders' relationships.
The balance scales between stakeholders are not an easy task to maintain. The second negative
attribute of the stakeholder approach is that an organization cannot maximize its shareholders profit,
especially those for–profit business organizations. The aim of business, at the end, is to make a
profit, gain money for its shareholders. However, in order to satisfy all stakeholders, an organization
has to spend a lot of money on creating its own image value and maintaining it. And to spend a lot
of money means that an organization ... Show more content on Helpwriting.net ...
In this case, in order to gain more profit for the shareholders, the organization has ignored its
customers. Furthermore, not only customers are affected, but also the shareholders as well. When
the customers gain distrust toward Petrolimex, they will likely to find other competitors of
Petrolimex, such as Dainam. This will create a lose–lose situation for Petrolimex because the
organization not only lose the customers, but it will also lose a lot of potential profit as well, and
therefore, will damage the benefits of the
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80. Stakeholders Of Stakeholders
Question 1:
Stakeholders are people or groups who are interest on the organization. Their interest is differing
from one group to another depending on their various sources. The first section is going to discuss
stakeholder's definition, types of stakeholders and their influence in strategic decisions. The
following section will highlight different source of stakeholder power that could affect the relation
between organizations and their stakeholders. Also, discussion of the stakeholder analysis in
managing stakeholder power which may support or hinder the organization's strategic decisions.
Finally, the conclusion will sum up some of the recommendations that may followed when planning
for new strategy for any organization.
Part A
Stakeholder play important role in the success of any strategy in any organization. Therefore,
organization should be concerned of the stakeholders. The stakeholder approach is required to
consider in ... Show more content on Helpwriting.net ...
In Quadrant A, arm's length power, the power of stakeholders is less in operational details but more
power to affect the organization from outside. For instance, community action could prevent
dangerous project that may affect the environment such as nuclear power plant. In Quadrant B,
stakeholders have comprehensive power such as major shareholder in for profit organization and
government in non for profit organization. In Quadrant C, stakeholders are defined as operational
power and it is empowered to influence operational decisions. For example, employees and
suppliers of materials and services that are critical to the operation in organization have more power
in organization decisions. Finally, in Quadrant D, stakeholders are disempowered because they have
low power on both dimensions. For instance, customers or staff who has less chance to provide new
sources of supply and market in their skills and products (Viney,
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82. Capstone On Stakeholders
Stakeholders can be a person, groups or organizations that are affected by organization's interest,
concerns or actions. An example of stakeholders are the patients, employees, managers, physicians,
or clinical nurse leaders. When it comes to implementing a new change or proposal to make a better
change in an organization, challenges and trials are unavoidable. Therefore, stakeholders support
and engagement are very crucial and important for a successful change in the organization. My
capstone project is to implement the utilization of bedside reporting versus the traditional hand off
reporting. Safety and highest quality of care are the top priorities of changes in any organization due
to the high demands of patients care. Efforts to transform
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