Management Strategies to Improve Stakeholder's Relationships
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I need some help in answering these questions:
1. Select a business and identify who it's stakeholders might be and what the stakes might be for those stakeholders. Identify production, managerial, and stakeholder views of the business you selected.
2. Explain the difference between the production, managerial, and stakeholder views of the firm.
3. Is the stakeholder corporation a realistic model for business firms? Will stakeholder corporations become more prevalent in the 21st century? Why?
4. Explain the evolution of corporate governance. What problems developed? What are the current trends?
5. Outline the major suggestions that have been set fourth for improving corporate governance. In your opinion which suggestions are the most important? Why?
6. In what ways have companies taken the initiative in becoming more responsive to owners/stakeholders? Where would you like to see more improvement?
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Solution Summary
The solution provides an in-depth review into creating a strategy that hones on serving stakeholders and monitoring corporate governance.
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Solution:
1. The company is key to determining the types of stakeholders associated with the business organization, in which, the strategic approach can foster a lasting positive response. In the main objective, the company is essential to outline the services being rendered or products sold that can either negatively or positively impact stakeholders. With a case study example, such as, the electric company in providing 24/7 service of electricity the core stakeholders reflect customers (households and businesses) within the immediate area. Further, the stakes can entail significant impact if power outages continue to the degree that any days without resulted in loss of productive of work. Some key stakes to consider on a service product company entail the following:
Production
> The vendors or internal manufacturing of raw products utilized for maintaining business continuity of electricity 24/7 for consumers. Thus, the pricing matrix is vital to ensure the outlier costs refrain from going over than certain amounts that could impact production or consumer out-of-pocket costs.
Managerial
> Additional staffing for the oversight of plant production site, in which, the management team is essential for background knowledge of the product to ensure effective decisions made accordingly.
Stakeholder
> Loss of product (electricity) to homes or businesses that cause havoc to daily lives routine of functioning in a proper manner. The medical industry that depends on power for sustaining the patient's medical electronic needs.
Keep in mind, the business product or service is ...
Education
- BA, American Intercontinental University
- MBA, American Intercontinental University
- PhD (IP), Grand Canyon University
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