How do stakeholders influence management decisions? Can you provide some - along with specific examples to illustrate your explanation? What would you say are the degrees of power in analyzing stakeholders and which stakeholder usually holds the greatest amount of power and the least amount and why?
How do stakeholders influence management decisions? Can you provide some or a specific examples to illustrate your explanation?
When we talk about stakeholders, we're referring to the groups that influence the business, entity, or organization. Stakeholders influence management through their priorities. If the general consensus is that my primary stakeholders have become environmentally conscious, and are questioning green initiatives, then as management, I need to ensure that I address this priority. I would want to establish policies that set forth our sustainability programs, green initiatives, and other types of similar programs. If my stakeholders are concerned with the longevity of my organization before making substantial monetary donations, management would want to focus on that aspect. I would want to show healthy financial statements and capital investments that prove the goods/services by the non-profit (or for-profit, for that matter), are worthwhile for sustainable growth and development. Basically, stakeholders influence management decisions by exactly that -- their influence. The ...
This solution discusses stakeholders and how stakeholders influence management decisions. This solution also explains the degrees of power in analyzing stakeholders. A comprehensive solution is provided.