Ethics Week 6 Notes
Ethics Week 6 Notes BUSM 390
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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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