Q.3. What do you mean by stakeholders and explain the community of stakeholders inside and outside the Organization
stakeholders is the people whose interests are affected by an
organization's activities.
Managers operate in two organizational environments, both made up of various
stakeholders.
- Internal stakeholders
- External stakeholders
Internal Stakeholders:
Consist of employees, owners, and the board of directors, if any. Let us consider each in turn.
- Employees As a manager, could you run your part of the organization if you and your
employees were constantly in conflict? Labor history, of course, is full of accounts of just that. But such conflict may lower the performance of the organization, thereby hurting everyone's stake.
- Owners The owners of an organization consist of all those who can claim it as their legal property, such as Walmart's stockholders.
Board of Directors In a corporation, it is the board of directors, whose members are elected
by the stockholders to see that the company is being run according to their interests.In nonprofit
organizations, such as universities or hospitals, the board may be called trustees or
board of regents.
External stakeholders:
People or groups in the organization's external environment that are affected by it. This environment
consists of:
- The task environment.
- The general environment.
The Task Environment
The task environment consists of 11 groups that present you with daily tasks to handle: customers, competitors, suppliers, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special-interest groups, and mass media.
I. Customers : Customers are those who pay to use an organization's goods or services.
2. Competitors : People or organizations that compete for customers or resources.
3. Suppliers : A supplier is a person or an organization that provides supplies-that is, raw materials,
services, equipment, labor, or energy to other organizations.
4. Distributors : A distributor is a person or an organization that helps another organization sell its
goods and services to customers.
5. Strategic Allies : The term strategic allies describes the relationship of two organizations who
join forces to achieve advantages neither can perform as well alone.
6. Employee Organizations: Unions & Associations As a rule of thumb, labor unions (such as the
United Auto Workers or the Teamsters Union) tend to represent hourly workers; professional
associations (such as the National Education Association or the Newspaper Guild) tend to represent
salaried workers. Nevertheless, during a labor dispute, salary-earning teachers in the American
Federation of Teachers might well picket in sympathy with the wage-earning janitors in the Service
Employees International Union.
7. Local Communities Local communities are obviously important stakeholders,
as becomes evident not only when a big organization arrives but also when it leaves, sending
government officials scrambling to find new industry to replace it. Clawbacks-rescinding the tax
breaks when firms don't deliver promised jobs.
8. Financial Institutions : Although normally reluctant to make loans to start-ups, financial
institutions-banks, savings and loans, and credit unions-may do so if you have a good credit history
or can secure the loan with property such as a house.
9. Government Regulators government regulators-regulatory agencies that establish ground rules
under which organizations may operate.
10. Special-Interest Groups are groups whose members try to influence specific issues.
II. Mass Media no manager can afford to ignore the power of the mass media-print, radio, TV, and
the Internet-to rapidly and widely disseminate news both bad and good. Thus, most companies,
universities, hospitals, and even government agencies have a public-relations person or department
to communicate effectively with the press.
The General Environment
general environment, or macroenvironment, which includes six forces: economic, technological,
sociocultural, demographic, political-legal, and international.
a manager you need to keep your eye on the far horizon because these forces of the general
environment can affect long-term plans and decisions.
I. Economic Forces consist of the general economic conditions and trends-unemployment, inflation,
interest rates, economic growth-that may affect an organization's performance.
2. Technological Forces are new developments in methods for transforming resources into goods or
services.
3. Sociocultural Forces are influences and trends originating in a country's, a society's, or a culture's
human relationships and values that may affect an organization.
4. Demographic Forces are influences on an organization arising from changes in the characteristics
of a population, such as age, gender, or ethnic origin.
5. Political-Legal Forces are changes in the way politics shape laws and laws shape the
opportunities for and threats to an organization.
6. International Forces International forces are changes in the economic, political, legal, and
technological global system that may affect an organization.
Q.5. Describe the function of planning and its importance in the strategic management process.
Planning helps allocate resources and reduce waste as well.
Organizing They identify activities to be accomplished, classify activities, assign activities to groups or individuals, create responsibility and delegate authority. They then coordinate the relationships of responsibility and authority.
Leading requires managers to motivate employees to achieve business objectives and goals. It requires the use of authority to achieve those ends as well as the ability to communicate effectively. Effective leaders are students of human personalities, motivation and communication. They can influence their personnel to view situations from their perspectives. Leading also involves supervision of employees and their work.
Managers first establish objectives and goals, then measure achievement of them, identify anything that is keeping the company from achieving them, and provide means of correction if necessary. Controlling does not necessarily involve achieving only monetary goals and objectives. It can also relate to nontangible goals and objectives like meeting a production quota or reducing customer complaints by a certain amount.
Q.6. Define Ethics and Values. What are four approaches to deciding ethical dilemmas?
Ethics are the standards of right and wrong that influence behavior.
Values are abstract ideals that guide one's thinking and behavior across all situations.
I. The Utilitarian Approach: For the Greatest Good Ethical behavior in the utilitarian approach is guided by what will result in the greatest good for the greatest number of people. Managers often take the utilitarian approach, using financial performance-such as efficiency and profit-as the best definition of what constitutes "the greatest good for the greatest number."46 Thus, a utilitarian "cost-benefit" analysis might show that in the short run the firing of thousands of employees may improve a company's bottom line and provide immediate benefits for the stockholders. The drawback of this approach, however, is that it may result in damage to workforce morale and the loss of employees with experience and skills-actions not so readily measurable in dollars.
2. The Individual Approach: For Your Greatest Self-Interest Long Term, Which Will Help Others
Ethical behavior in the individual approach is guided by what will result in the individual's best
long-term interests, which ultimately are in everyone's self-interest. The assumption here is that you
will act ethically in the short run to avoid others harming you in the long run. The flaw here,
however, is that one person's short-term self-gain may not, in fact, be good for everyone in the long
term. After all, the manager of an agribusiness that puts chemical fertilizers on the crops every year
will always benefit, but the fishing industries downstream could ultimately suffer if chemical
runoff reduces the number of fish. Indeed, this is one reason why Puget Sound Chinook, or king
salmon, are now threatened with extinction in the Pacific Northwest.
3. The Moral-Rights Approach: Respecting Fundamental Rights Shared by Everyone Ethical
behavior in the moral-rights approach is guided by respect for the fundamental rights of human
beings, such as those expressed in the U.S. Constitution's Bill of Rights. We would all tend to agree
that denying people the right to life, liberty, privacy, health and safety, and due process is unethical.
Thus, most of us would have no difficulty condemning the situation of immigrants illegally brought
into the United States and then effectively enslaved-as when made to work 7 days a week as maids.
The difficulty, however, is when rights are in conflict, such as employer and employee rights.
Should employees on the job have a guarantee of privacy? Actually, it is legal for employers to
listen to business phone calls and monitor all nonspoken personal communications.
4. The Justice Approach: Respecting Impartial Standards of Fairness
Ethical behavior in the justice approach is guided by respect for impartial standards
of fairness and equity. One consideration here is whether an organization's policies-such as those
governing promotions or sexual harassment cases-are administered impartially and fairly regardless
of gender, age, sexual orientation, and the like. Fairness can often be a hot issue. For instance, many
employees are loudly resentful when a corporation's CEO is paid a salary and bonuses worth
hundreds of times more than what they receive ven when the company performs poorly and when
fired is then given a "golden parachute," or extravagant package of separation pay and benefits.
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العرض العادي
