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BUS101 Saylor Adcamy

Unit 1; 1.1; Section 5; Terms

QuestionAnswer
Stakeholder A person or organization with a legitimate interest in a situation, action, or enterprise.
Stockholder One who owns stock in a company.
Fiduciary Duty A legal or ethical relationship of confidence or trust where one party manages money or assets for another.
Market Stakeholder A stakeholder that engages in direct economic transactions with the business.
Non-Market Stakeholder A stakeholder that does not engage in direct economic exchange but is affected by or can affect the business.
Stakeholder Theory A theory that organizations should consider the interests of all stakeholders, not just shareholders, in decision-making.
Shareholder An alternative term for stockholder, meaning an owner of shares in a company.
Corporate Responsibility A company's commitment to act ethically and contribute to economic development while improving quality of life for stakeholders.
Input-Output Model A traditional model of a corporation where inputs from investors, employees, and suppliers are converted into outputs customers buy.
Joint Outcomes The simultaneous creation of value for multiple stakeholder groups.
Brand/Image The perception and reputation of a company held by stakeholders and the public.
Primary Stakeholders Another term for market stakeholders who engage in direct transactions with a business.
Secondary Stakeholders Another term for non-market stakeholders who are indirectly affected by a business.
Stanford Research Institute The institution where the stakeholder concept was first formally documented in 1963.
Corporate Governance The system of rules, practices, and processes by which a company is directed and controlled.
Created by: nutrient37
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