Reference no: EM131216446
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Thanks for sharing the different levels of influence that may occur within an organization. I'm wondering why environmental lobby and legislators should assert low influence. What might there influence look like in practice?
One of the best ways for-profit organizations are able to manage conflicts with stakeholders is through the concept of stakeholder management. Boatright (2006) argues that any type of organization that is not in tune an neglects its stakeholder needs or chooses to alienate them is setting up the organization for failure. The concept of stakeholder management asks managers to distinguish that an organization should seek to benefit all stakeholders and to understand that if it fails to do so and take accountability for correcting the problem that might have led to the failure (Boatright, 2006). Another concept that could be utilized to manage conflict better amongst stakeholders is stakeholder analysis. According to Boutelle (2004) one of the main goals of stakeholder analysis is to anticipate reactions to a project and by building reactions managers are better able to manage the interest of stakeholders. Stakeholder analysis is a very effective mechanism in bringing together perspectives of those that could and will be affected and making things happen with a greater consensus (Boatright, 2006).
Boatright, J. R. (2006). What's wrong-and what's right- with stakeholder management. Journal of Private Enterprise, 21(2), 1-25.
Gazzola (2015) conducted a recent study in relation to managing stakeholder conflict in for-profit companies. Using the theoretical framework of Fombrun (1996) that outlined reputation and value through distinctiveness, focus, consistency, identity, and transparency, Gozzola (2015 conducted a quantitative research method and found a substantially positive relationship between corporate reputation and value. Thus indicating that through the management of conflict through this theatrical framework can assist for-profit organization in the positive relationship development in managing conflict within and external to its organization. Jones and Felps (2013) argued that Stake Holder Happiness can serve as alternative to Shareholder Wealth Maximization. Through this process, managers have the capability to manage policy where conflict between stakeholders exists.
Gazzola, P., &Mella, P. (2015). Reputation in the Creation of Value for Stakeholders. Annals of The University of Oradea, Economic Science Series, 24(2), 27-36.
Jones, T. M., &Felps, W. (2013). Stakeholder Happiness Enhancement: A Neo-Utilitarian Objective for the Modern Corporation. Business Ethics Quarterly, 23(3), 349-379. doi:10.5840/beq201323325.