Stakeholder Theory, Eco-Efficiency, Cradle-to-cradle Responsibly
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1.7 What is stakeholder theory? Explain.
1.8 Explain the concept of eco-efficiency, biomimicry, and cradle-to-cradle responsibility.
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Solution Summary
* Stakeholder theory defined; reasons for stakeholder approach
* Biomimicry defined and example
* Eco-efficiency defined
* Cradle-to-cradle responsibility defined and contrasted with cradle-to-grave responsibility
* 589 words
* five non-APA references
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A. The "Stakeholder Theory" is now commonly used by professionals and students and in the management literature. It is based on the idea that stakeholders has become a relevant consideration in businesses. Stakeholders include the corporation's employees, customers, communities, competitors, financiers, suppliers, political groups, trade unions, and trade associations.
The main purpose of the business is not only to answer to its shareholders but also to create value for its stakeholders. It is essential that management have to keep the interests of all its stakeholders in the same direction. Management needs to consider all the individuals and groups that are affected or that can affect the objectives of the organization.
R. Edward Freeman, author of Strategic Management: A Stakeholder Approach, has mentioned that the 21st Century is one of 'Managing for ...
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