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GMS802

Chapter 3

QuestionAnswer
4 Major Trends in Business Economic deregulation, Political liberalization, environmental stewardship, Advances in Information Technology
Economic deregulation less government control
Political liberalization fall of communism, market reforms
Environmental stewardship taking better care of the world
Advances in Information Technology brings vast improvements in productivity and innovation
Old Way Managerial View Shareholders are the centre of the business. Change only happens when the shareholders are unhappy.
New Way Stakeholder Approach Business is a set of relationships among groups that have a stake in the activities of the business. Shareholders are only one of many stakeholders.
Integration Thesis I Most business decisions, or statements about business, have some implicit ethical view. Most ethical decisions, or statements about ethics, have some implicit view about business.
Integration Thesis II It makes no sense to talk about business without talking about ethics. It makes no sense to talk about ethics without talking about business. It makes no sense to talk about either
Responsibility Principle Most people, most of the time, want to and do access responsibility for the effects of their actions on others.
Definitional stakeholders customers, suppliers, employees, investors
Instrumental Stakeholders Public, local community, government, media
Stakeholder management is about Making products and services that do what you say they are going to do. Doing business with suppliers who want to make you better. Having employees who are engaged in their work.
Stakeholder Framework 3 Levels Respect Societal Standards, Stakeholder Cooperation, Values/Goals of Firm.
Values/Goal of Firm The purpose driving the firm. Tells stakeholders why your company exists.
Created by: rafi.sultani
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