Satisficing involves negotiations

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Question

- Satisficing involves negotiations between key stakeholders to arrive at an acceptable compromise.

- Sequential attention is when management focus on stakeholder needs in turn. For example, staff may receive a pay rise with the clear implication that it will not be their 'turn' again for a few years and so they should not expect any further increases.

- Side payments are where a stakeholder's primary objectives cannot be met so they are compensated in some other way. For example, a local community may object to a new factory being built on a site that will cause pollution, noise and extra traffic. The firm concerned may continue to build the factory but try to appease the community by also building local sports facilities.

- Exercise of power is when a deadlock is resolved by a senior figure forcing through a decision simply based on the power they possess.

Reference no: EM133672925

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