Reference no: EM133992833
Assignment:
Choose a company with which you are familiar. This can either be a place in which you have worked or have access to information via the internet.
Answer the 5 key questions of stakeholder analysis from the perspective of the company. In some cases there can be hundreds of stakeholders so for the sake of brevity, limit your analysis to only major stakeholders.
In order to best manage stakeholder relationships, we need to answer the following questions:
- Who are our stakeholders? What primary and secondary groups impact our firm?
- What are our stakeholders' interests and claims? What does the group want from our organization and what claim do they have to it?
- What opportunities and threats does the stakeholder group present?
- What responsibilities do we have towards these stakeholders?
- How do we manage these concerns?
Regarding question 4, the responsibilities of a corporation to its stakeholders is often depicted as a pyramid (adapted from Caroll, 1991 "The Pyramid of Corporate social responsibility" BELOW ARE THE ORDER FROM BOTTOM TO TOP
BOTTOM PYRAMID Economic responsibilities: The firm has a duty to remain profitable as a condition of its existence. Suppliers need to be paid, customers expect quality products at a reasonable cost and investors expect an adequate return on capital.
Legal responsibilities: The firm has a duty to obey the legal and regulatory requirements imposed upon it by society.
Ethical responsibilities: Often the law has not yet codified to address all societal issues, especially new and emergent ones. Here the firm has the responsibility to go beyond legal requirements and adhere to societal norms.
TOP PYRAMID Philanthropic responsibilities:The firm is expected to give back to society voluntarily.