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Bus&Soc CH3
Bus&Soc 8th ed
| Term | Definition |
|---|---|
| legitimacy (of a stakeholder) | the perceived validity or appropriateness of a stakeholder's claim to a stake |
| managerial view of the firm | view of a firm in which stakeholders include not only supplier and customers, but owners and employees |
| power | a stakeholder's ability or capacity to produce an effect |
| primary social stakeholders | individuals or groups who have a direct stake in the organization and its success and are thus the most influential |
| principles of stakeholder management | also known as "the Clarkson Principles," a set of seven principles intended to provide managers with guiding precepts regarding how stakeholders should be treated |
| process level | the second and intermediate level of stakeholder management capability in which a company develops and implements approaches, procedures, policies, and practices relevant to stakeholders, which are then used to make decisions |
| production view of the firm | view of a firm in which stakeholders are limited to suppliers and customers |
| proximity | the spatial distance between an organization and its stakeholders |
| rational level | the first and simplest level of stakeholder management capability, in which a company identifies who its stakeholders are and what their stakes happen to be |
| secondary social stakeholders | individuals or groups, such as regulators, civic institutions, or commentators, who have an indirect stake in the organization |
| stake | an interest or share in an undertaking |
| stakeholder corporation | the ultimate goal of stakeholder management, in which a company has developed a sense of inclusiveness and symbiosis among its many stakeholders |
| stakeholder culture | a corporate culture that embraces the beliefs, values, and practices that the organization has developed for addressing stakeholder issues and relationships |
| stakeholder management | the approach or strategy by which a company implements the transactional level of stakeholder management capability |
| stakeholder inclusiveness | the degree to which a company has developed relationships with its many stakeholders |
| stakeholder management capability (SMC) | a measure of the sophistication of a business' stakeholder management, comprised of three levels: Rational, Process, and Transactional |
| stakeholder symbiosis | a state in which company's stakeholders depend on each other for their success and financial well-being |
| stakeholder thinking | the process of always reasoning in stakeholder terms throughout the management process |
| stakeholder view of the firm | view of a firm that sees multilateral relationships among various stakeholder groups in the firm's internal and external environments |
| transactional level | the third and highest level of stakeholder management capability, in which a company actively engages in transactions with stakeholders, building relationships, negotiating with them, and attempting to be responsive to their needs |
| urgency | the degree to which a stakeholder's claim on the business calls for the business' immediate attention or response |
Created by:
maclu24
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