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Ethics Week 6 Notes

by: Kalli Wyatt

Ethics Week 6 Notes BUSM 390

Marketplace > Brigham Young University > BUSM 390 > Ethics Week 6 Notes
Kalli Wyatt

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About this Document

Stakeholder Theory
Ethics for Management
Aaron Miller
Class Notes
25 ?




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This 4 page Class Notes was uploaded by Kalli Wyatt on Friday October 7, 2016. The Class Notes belongs to BUSM 390 at Brigham Young University taught by Aaron Miller in Fall 2016. Since its upload, it has received 6 views.


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Date Created: 10/07/16
they must proses 1 or more: power legitimacy urgency 1. who/or what are the stakeholder of the firm? 2. to whom/or what do managers pay attention? power—> influence the firm legitimacy —> relationship with the firm urgency—>based on stakeholder’s claim on the firm *which stakeholders are deserving/requiring management attention? DEFINE STAKEHOLDER Broad: who can affect the achievement of an organization’s objective/ who is affect by the achievement of an organization’s objectives Narrow: groups on which the organization is dependent for its continued survival BASIC STAKEHOLDER CONCEPTS boards & officers shareholders employees customers suppliers creditors (legally speaking they come first) retailers competitors —> i.e. Ikea, & RC willed being right by each other formal/contractual relationships bounded powers enforceable duties informal/implicit relationship unbounded power of control enforceable duties primary vs. secondary stakeholder categories doesn’t help us prioritize who we should focus on power —> influence the firm legitimacy —> socially acceptable relationship urgency —> immediate attention needed 1. dormant stakeholder 2. discretionary stakeholder 3. demanding stakeholder 4. dominant stakeholder 5. dangerous stakeholder 6. dependent stakeholder 7. definitive stakeholder 8. nonstake holder definitive stakeholder is our preferred stakeholder. you work your way out of the diagram “in order to reward a shareholder in the longterm, you have to please your customers & workers” — costco CEO Jim Senegal not a rock solid argument how much more do you have to pay to please shareholders? you can’t turn down the dial of how much they pay. -Costco annual turn over 24% vs. Walmart 50% -Costco annual store 115 MILLION -Costco’s advertising budget = $0


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